Fannie Mae has selected affiliates of Lone Star Funds and Neuberger Berman as the winner of six pools of nonperforming loans.
LSF9 Mortgage Holdings, Lone Star's affiliate, won the first group of loan pools. The group featured 4,537 loans with an unpaid principal balance of $746.4 million and an average loan size of $162,964. The loans carried an average weighted rate of 4.51% and were 34 months delinquent on average.
Neuberger Berman's affiliate, PRMF Acquisition, received the second group of pools, which held 4,721 loans with an aggregate unpaid principal balance of $760 million. For this group, the average loan size was $160,148 and the weighted average rate was 5.24%. The loans were on average 27 months delinquent.
The Lone Star affiliate paid a cover bid price of 78.2% of unpaid principal balance, while the Neuberger German affiliate bid 71% of unpaid principal balance.
The loans were marketed in collaboration with Bank of America Merrill Lynch and CastleOak Securities. Fannie Mae is still marketing a Community Impact pool of nonperforming loans, with bids on that pool due July 21.
