Federal National Mortgage Assctn Fnni Me : News Release - Fannie Mae Announces Winners of its Latest ...
May 13, 2016 at 09:36 pm IST
Share
May 13, 2016
Fannie Mae Announces Winners of its Latest Non-Performing Loan Sale
Andrew Wilson
202-752-5168
WASHINGTON, DC - Fannie Mae (FNMA/OTC) today announced the winning bidders for its fifth non-performing loan sale. The sale included approximately 7,900 loans totaling $1.48 billion in unpaid principal balance, divided amongst four pools. The winning bidder for the transaction, expected to close June 27, 2016, is Goldman Sachs (MTGLQ Investors, L.P.) for all four pools.
'We continue to strive to help struggling borrowers avoid foreclosure, but many loans remain non-performing despite our many attempts to pursue loss mitigation alternatives. With this sale, we continue to reduce our holdings of non-performing loans which creates additional opportunities for borrowers to avoid foreclosure, and limits the potential impact of these loans on Fannie Mae and taxpayers,' said Joy Cianci, Senior Vice President, Credit Portfolio Management, Fannie Mae.
In collaboration with Bank of America Merrill Lynch, First Financial Network, Inc. and CastleOak Securities, L.P., Fannie Mae began marketing these loans to potential bidders on April 12, 2016. Separately, bids are due on Fannie Mae's third Community Impact Pool on May 19, 2016.
The loan pools awarded in this most recent transaction include:
Pool #1: 3,571 loans with an aggregate unpaid principal balance of $669,357,511; average loan size $187,443; weighted average note rate 5.33%; weighted average delinquency 48 months; weighted average broker's price opinion loan-to-value ratio of 81%
Pool #2: 2,374 loans with an aggregate unpaid principal balance of $445,425,048; average loan size $187,626; weighted average note rate 5.34%; average delinquency 48 months; weighted average broker's price opinion loan-to-value ratio of 79%
Pool #3: 1,177 loans with an aggregate unpaid principal balance of $222,059,021; average loan size $188,665; weighted average note rate 5.41%; average delinquency 50 months; weighted average broker's price opinion loan-to-value ratio of 81%
Pool #4: 805 loans with an aggregate unpaid principal balance of $146,797,937; average loan size $182,358; weighted average note rate 5.45%; average delinquency 50 months; weighted average broker's price opinion loan-to-value ratio of 85%
The weighted average sale price of the combined pools was approximately in the mid-70s as a percentage of unpaid principal balance.
Potential buyers can register for ongoing announcements or training, and find more information on Fannie Mae's sales of non-performing loans and on the Federal Housing Finance Agency's guidelines for these sales at http://www.fanniemae.com/portal/funding-the-market/npl/index.html.
Fannie Mae - Federal National Mortgage Association published this content on 13 May 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 13 May 2016 16:03:10 UTC.
Original documenthttp://www.fanniemae.com/portal/about-us/media/financial-news/2016/6390.html
Public permalinkhttp://www.publicnow.com/view/277E3DA132F2CD4710F4441965B3DE75560AC514
Federal National Mortgage Association is engaged in providing a source of financing for residential mortgages in the United States. The Company is a government-sponsored, stockholder-owned corporation, chartered by Congress to provide liquidity and stability to the United States housing market. Its segments include Single-Family and Multifamily. The Single-Family business operates in the secondary mortgage market relating to loans secured by properties containing four or fewer residential dwelling units. The Multifamily business operates in the secondary mortgage market relating to loans secured by properties containing five or more residential units. It engages in three categories of mortgage securitization transactions: lender swap transactions, portfolio securitization transactions, and structured securitization transactions. It funds its business through the issuance of short-term and long-term debt securities in the domestic and international capital markets.