Fannie Mae is selling four large pools of nonperforming loans which have a total balance of $1.5 billion. Plus it is offering a Community Impact Pool consisting of approximately 80 loans totaling $420 million in unpaid principal balance.
The sale of the four nonperforming loans is being marketed in collaboration with Bank of America Merrill Lynch, First Financial Network and Castle Oak Securities as advisors, according to a Tuesday news release. Bids on these pools are due May 5.
The Community Impact Pool consists of loans that are concentrated in the Miami area and marketed to encourage participation by qualified bidders among smaller investors, nonprofit organizations and minority- and women-owned businesses. Bids are due May 19.
This is Fannie Mae's third offering of the Community Impact Pool. Previously, the agency offered sales in 2015 and early 2016, both of which were
Joy Cianci, senior vice president of credit portfolio management at Fannie, said the nonperforming loans for sale had been solicited for loss mitigation opportunities by Fannie Mae servicers but remain seriously delinquent.
"We believe other investors will offer additional opportunities for these borrowers to avoid foreclosure," Cianci said in the release.
