October 09, 2015Fannie Mae Announces Sale of Non-Performing Loans
Non-performing loan sales are an ongoing effort meant to offer alternative options to foreclosure
WASHINGTON, DC – Fannie Mae (FNMA/OTC) today announced its next sale of non-performing loans. The three pools of approximately seven thousand loans totaling $1.2 billion in unpaid principal balance (UPB) are available for purchase by qualified bidders. This sale of non-performing loans is being marketed in collaboration with Credit Suisse Securities (USA) LLC, J.P. Morgan Securities, Bank of America Merrill Lynch and the Williams Capital Group L.P.
"This is our third sale of non-performing loans, meant to reduce the number of severely delinquent loans we hold and provide borrowers with additional options to avoid foreclosure," said Joy Cianci, Senior Vice President for Credit Portfolio Management at Fannie Mae. "As with previous loan sales, servicers are required to apply a range of options to help borrowers avoid foreclosure whenever possible. These actions help in stabilizing neighborhoods and reducing severely delinquent loans on our books."
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.Fannie Mae enables people to buy, refinance, or rent homes.
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