Fannie Mae has sold a pool of about $13.2 million of nonperforming loans to New Jersey Community Capital.
The transaction includes 53 loans, which are secured by properties in the Miami area, according to a Thursday news release. New Jersey Community Capital will acquire the loans through an affiliate, Community Loan Fund of New Jersey. The transaction is expected to close on April 21.
"This sale was designed to give homeowners as many options as possible to avoid foreclosure," Joy Cianci, senior vice president of credit portfolio management at Fannie, said in the release.
Bank of America Merrill Lynch and First Financial Network were financial advisers to Fannie Mae on the auction.