Freddie Mac Announces Winning Bidders On $1.1 Billion Of NPLs

Posted by Patrick Barnard on December 09, 2015 No Comments
Categories : Residential Mortgage

Pretium Mortgage Credit Partners, Rushmore Loan Management Services and 21st Mortgage Corp. are the winning bidders on five separate pools of nonperforming loans (NPLs) auctioned by government-sponsored enterprise Freddie Mac on Dec. 4.

The five geographically diverse pools include a total of about 5,311 deeply delinquent loans and have a combined value of about $1.1 billion.

The loans have been delinquent for three years, on average. All of the loans are currently serviced by Wells Fargo.

About 32% were previously modified and subsequently became delinquent.

Pool 1, consisting of 1,777 loans with a value of about $330.5 million, Pool 2, consisting of 954 loans with a value of about $211.3 million, and Pool 5, consisting of 645 loans with a combined value of about $116.0 million, were purchased by Pretium Mortgage Credit Partners.

Pool 3, consisting of 942 loans with a value of about $184.1 million was acquired by Rushmore Loan Management Services, while Pool 4, consisting of 993 loans with a value of about $214.2 million, was acquired by 21st Mortgage Corp.

The transactions are expected to settle in February.

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