WASHINGTON, DC – Fannie Mae (FNMA/OTC) today announced its latest sale of non-performing loans, including the second Community Impact Pool that the company has offered. The Community Impact Pool is a geographically-focused, high occupancy pool and is being marketed to encourage participation by smaller investors, non-profit organizations and minority- and women-owned businesses (MWOBs).
The four larger pools of approximately 6,700 loans totaling $1.35 billion in unpaid principal balance (UPB) and the Community Impact Pool of approximately sixty loans, focused in the Miami-area, totaling $14.5 million in UPB, are available for purchase by qualified bidders. This sale of non-performing loans is being marketed in collaboration with Bank of America Merrill Lynch and First Financial Network, Inc.
“We are pleased to be offering our second Community Impact Pool sale, which will provide these borrowers with additional options to avoid foreclosure, while reducing the number of seriously delinquent loans that we own,” said Joy Cianci, Fannie Mae’s Senior Vice President for Credit Portfolio Management. “We will continue to structure pool sales to encourage participation by non-profits and minority- and women-owned businesses.”
Fannie Mae offered its first Community Impact Pool in 2015, which was purchasedby New Jersey Community Capital, a non-profit organization.
Bids are due on February 3 for the four larger pools and on February 18 for the Community Impact Pool.
Among other elements, terms of Fannie Mae’s non-performing loan transactions require that when a foreclosure cannot be prevented, the loan owner must market the property to owner-occupants and non-profits exclusively before offering it to investors, similar to Fannie Mae’s FirstLook® program.
Interested bidders can register for future announcements, training and other information at http://www.fanniemae.com/portal/funding-the-market/npl/index.html. Fannie Mae will also post information about specific pools available for purchase on that page.