The Prestwick Mortgage Group of Virginia is offering a $966 million package of Fannie Mae and Freddie Mac servicing rights, setting a bid deadline of Nov. 19. The receivables are backed by loans in Michigan with an average unpaid principal balance of $113,319. The seller is a Michigan bank, which originated the product through its retail branches. Prestwick declined to identify the firm. Just under 5% of the portfolio is delinquent, including foreclosures. In other servicing deals, investment bankers still hope to sell a $12 billion package of jumbo servicing rights belonging to the now-defunct Thornburg Mortgage of Santa Fe. A final decision on the proposed auction — which hinges on bankruptcy court approval — could come in the next week.
Processing Content
