Nonprofit Buys Pool Of Delinquent Mortgages From Fannie Mae

Posted by Patrick Barnard on May 27, 2016 No Comments
Categories : Mortgage Servicing

New Jersey Community Capital (NJCC), a nonprofit community development financial institution, is the winning bidder on Fannie Mae’s third Community Impact Pool of nonperforming loans (NPLs).

Fannie Mae’s Community Impact pools are structured to attract diverse participation from non-profits, smaller investors and minority- and women-owned businesses.

The transaction, which is expected to close on July 25, includes 83 loans secured by properties located in the Miami area with an unpaid principal balance of approximately $19.7 million.

NJCC also previously purchased Fannie Mae’s first and second Community Impact pools.

NJCC purchased the loans through its affiliate, the Community Loan Fund of New Jersey, Inc.

“We continue to seek buyers for our NPLs that will take actionable steps to help struggling homeowners avoid foreclosure and help stabilize neighborhoods,” says Joy Cianci, senior vice president of single-family credit portfolio management for Fannie Mae, in a release. “We actively work with non-profit organizations across the country to address the needs of borrowers in hard hit communities, and we are happy to award our Community Impact Pool to NJCC.”

Fannie Mae also announced that Goldman Sachs is the buyer of an additional NPL pool in conjunction with the company’s fifth NPL sale. That sale is expected to close on July 26.

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