Fannie Mae hopes to shed more than $1 billion of delinquent loans

Sale includes three large loan pools and two Community Impact Pools

Feb.February 13, 2018 06:00 PM

Single family homes

Fannie Mae is planning to sell off more than $1 billion worth of loans that are not performing.

The sale includes three larger pools of loans and two Community Impact Pools, which are generally smaller, focused on geography and geared toward smaller investors, according to HousingWire.

The three larger pools include about 5,900 loans worth roughly $1 billion, and the Community Impact Pools include about 190 loans worth roughly $36 million.

Fannie Mae has said the terms of the sale will require buyers to pursue strategies for loss mitigation, and in the case of foreclosures, the loan owners have to market the properties to nonprofits and owner-occupants before investors.

Bids on the Community Impact Pools are due on March 20, and bids on the larger pools are due on March 6.

Hedge funds in Fannie and Freddie Mac are awaiting Congress’ decision on a draft bill that would put the mortgage companies into receivership and force them to sell their assets, which has led to questions as to how the firms’ shareholders would get compensated. [HousingWire] – Eddie Small

Related Articles

TRD Talks Live

Watch tonight: Turning to tech on TRD Talks Live

(Credit: iStock)

Strong quarter for Manhattan home sales belies current struggle

Manhattan resi listings continue nosedive: report

Manhattan resi listings continue nosedive: report

252 East 57th Street and 196 Orchard Street with Samantha Sheeber and Tal Alexander

Closing in the time of Covid-19: “We’re pulling out all the stops”

Kuwait’s consul general in New York, Hamad Al-Hazeem and 50 United Nations Plaza (Credit: Google Maps)

Kuwait’s consul general buys 50 UN Plaza pad for $16M

Web searches for terms including “homes for sale” are way down up north. (Credit: Pixabay)

Fewer Canadians are searching for homes online amid pandemic

Massive stimulus package has limited upside for real estate

Massive stimulus package has limited upside for real estate

About 450 sellers pulled their listings last week (Credit: iStock)

As New York shut down, so did its resi market