Fannie Mae Announces Sale of Non-Performing Loans

Alicia Jones

202-752-5716

WASHINGTON, DC – Fannie Mae (FNMA/OTC) today announced its latest sale of non-performing loans, including the company's fourteenth Community Impact Pool. Community Impact Pools are typically smaller pools of loans that are geographically-focused, and marketed to encourage participation by non-profit organizations, minority- and women-owned businesses (MWOBs), and smaller investors.

The five larger pools include approximately 10,700 loans totaling $1.95 billion in unpaid principal balance (UPB) and the Community Impact Pool of approximately 80 loans totaling $28.7 million in UPB. The Community Impact Pool consists of loans geographically located in New York City. All pools 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. as advisors.

Bids are due on the five larger pools on October 4 and on the Community Impact Pool on October 23.

Among other elements, terms of Fannie Mae's non-performing loan transactions require the buyer of the non-performing loans to pursue loss mitigation options that are sustainable for borrowers. In the event 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 are invited to register for future announcements, training and other information at https://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.