Freddie Mac Auctions $1.4 Billion In Nonperforming Loans

Posted by Patrick Barnard on March 29, 2016 No Comments
Categories : Mortgage Servicing

Freddie Mac recently auctioned about $1.4 billion in seriously delinquent loans, separated into seven pools.

Community Loan Fund of New Jersey Inc. is the winning bidder on two of the pools, valued at $27 million and $37.6 million. These two pools were auctioned via the company’s Extended Timeline Pool Offering (EXPO) program, which targets participation by smaller investors, including nonprofits and minority- and women-owned businesses.

In addition, LSF9 Mortgage Holdings was the winning bidder on three pools of nonperforming loans valued at $132.8 million, $335.7 million and $354.1 million that were auctioned as Standard Pool Offerings (SPO). Also, Rushmore Loan Management Services was the winning bidder on two SPO pools valued at $373.9 million and $165 million.

All of the 6,816 loans contained in the seven pools are serviced by Nationstar Mortgage, Freddie Mac says in a press release.

The sale consisted of two transactions: the EXPO loans sold on March 10 and the SPO loans sold on Feb. 25. The transactions are expected to settle in April and May.

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