WASHINGTON, DC – Fannie Mae (FNMA/OTC) today announced its latest sale of non-performing loans, including the fourth Community Impact Pool that the company has offered. This smaller pool of loans is geographically-focused, high occupancy and is being marketed to encourage participation by smaller investors, non-profit organizations and minority- and women-owned businesses (MWOBs).
The two larger pools of approximately 3,300 loans totaling $526.1 million in unpaid principal balance (UPB) and the Community Impact Pool of approximately 90 loans, focused in the Miami, Florida area, totaling $20.1 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 CastleOak Securities, L.P. as advisors.
“We continue to strive to help struggling homeowners and neighborhoods recover,” said Joy Cianci, Fannie Mae’s Senior Vice President, Single-Family Credit Portfolio Management. “Today’s announcement of our non-performing loan sale furthers this commitment by expanding the opportunities available for borrowers to avoid foreclosure.”
Fannie Mae previously offered Community Impact Pool sales in 2015 and early 2016.
Bids are due on the two larger pools on July 7th and on the Community Impact Pool on July 21st.
Among other elements, terms of Fannie Mae’s non-performing loan transactions require that when a foreclosure cannot be prevented, the owner of the loan 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.