The Federal Housing Administration has scheduled its sixth nonperforming loan sale for Sept. 30, to consist of 15,000 single-family loans with an unpaid principal balance of $2.3 billion.
It has been divided into eight pools ranging from $94.5 million to $804.5 million, according to DebtX, a Boston-based company which is selling the portfolio along with Seba Professional Services.
The FHA has sold over 100,000 nonperforming loans since 2012. Agency officials claim the sales have increased FHA's recoveries on its defaulted loans.
In a recent transaction, the FHA sold 22,550 defaulted loans with an unpaid principal balance of $3.9 billion on June 11.
Lone Star Funds submitted the highest bid on each of the 16 loan pools. The investor group paid $2.6 billion or 65.8% of the unpaid principal balance and walked away with all the loans. It was the "most competitive sale to date," one FHA official said.
