An affiliate of Cerberus Capital Management was the winning bidder for two pools of reperforming mortgages with a balance of $789.2 million auctioned by Fannie Mae.
The cover bid price for the two pools made by Towd Point Master Funding was 88.15% of the unpaid principal balance or 84.92% of the properties' total value as determined by a broker price opinion.
This was Fannie Mae's
There were a total of 3,508 loans in both pools with an average loan size of $224,975, a weighted average note rate of 4.07% and a weighted average loan-to-value ratio of 104%.
The portfolios were marketed in collaboration with Citigroup Global Markets Inc.
The transaction is expected to close on Dec. 15.
