Freddie Mac to Sell $1.1B of Ocwen-Serviced NPLs

Freddie Mac has agreed to sell $1.1 billion of seriously delinquent nonperforming loans that had been serviced by Ocwen Financial.

The loans sold have been delinquent an average of three-and-a-half years and the aggregate pool is geographically diverse. The borrowers have likely been evaluated for loss mitigation or are already in a loss-mitigation program.

LSF9 Mortgage Holdings was the winning bidder on three of the pools totaling $822 million of unpaid principal balance. Pretium Mortgage Credit Partners I won one pool totaling $158 million and n $128 million pool was won by OSAT Sponsor II.

The sale is expected to close next month and servicing rights will be transferred after closing.

Credit Suisse, Wells Fargo Securities and First Financial Network advised Freddie Mac on the sale.