Fannie Mae has released the details of its next nonperforming loan sale.
The government-sponsored enterprise said Tuesday that it will sell 7,300 loans with a total of $1.39 billion in unpaid principal balance. The loans will be split across five pools.
Buyers of the loans are required to pursue loss mitigation options with borrowers, and in the event that a foreclosure cannot be avoided they must market the property to owner-occupants and nonprofits before selling to investors.
Bids on the five pools are due Nov. 3.
Fannie Mae
