Seeking to reduce risk in its portfolio, Freddie Mac is auctioning four pools of nonperforming mortgage loans (NPLs) with a combined value of $624.1 million.
Three of the pools are standard offerings and have a total value of about $600.2 million, while the fourth is an extended timeline pool worth about $23.9 million. The extended timeline pool comprises NPLs that are 100% concentrated in Cook County, Ill.
All of the loans are currently serviced by CitiMortgage Inc.
Bids for the standard pools are due July 28; bids for the extended timeline pool are due Aug. 18.
Bidders must be approved by Freddie Mac to access the secure data room containing information about the NPLs and to bid on the NPL pool.