Freddie Mac is auctioning off $135 million in nonperforming residential whole loans.
The seasoned loans are being offered in a single pool. JPMorgan Chase currently services the loans in the transaction.
Bids for the pool are due May 25. The winner will be selected based on economics including meeting Freddie Mac's internal reserve levels, with the transaction expected to close in the third quarter.
JPMorgan Securities, Credit Suisse Securities and First Financial Network are advising Freddie Mac on the transaction.
