WASHINGTON, Oct. 11, 2018 /PRNewswire/ -- Fannie Mae (OTC
Bulletin Board: FNMA) today announced the winning bidder for its fourteenth non-performing loan sale. The sale includes
approximately 10,300 loans totaling $1.88 billion in unpaid principal balance (UPB), divided among
five pools. The winning bidder for the transaction is MTGLQ Investors, L.P. (Goldman Sachs). The transaction is expected to close
on November 21, 2018.
In collaboration with Bank of America Merrill Lynch and Williams Capital Group, Fannie Mae began marketing these loans to
potential bidders on September 13, 2018.
The loan pools awarded in this most recent transaction include:
- Group 1 Pool: 2,020 loans with an aggregate unpaid principal balance of $338,754,417; average
loan size $167,700; weighted average note rate 4.56%; weighted average delinquency 21 months; and
weighted average broker's price opinion (BPO) loan-to-value ratio of 83%.
- Group 2 Pool: 4,623 loans with an aggregate unpaid principal balance of $749,945,556; average
loan size $162,221; weighted average note rate 5.09%; weighted average delinquency 35 months; and
weighted average BPO loan-to-value ratio of 62%.
- Group 3 Pool: 2,243 loans with an aggregate unpaid principal balance of $505,483,611; average
loan size $225,361; weighted average note rate 4.36%; weighted average delinquency 30 months; and
weighted average BPO loan-to-value ratio of 120%.
- Group 4 Pool: 1,201 loans with an aggregate unpaid principal balance of $235,254,033; average
loan size $195,882; weighted average note rate 4.59%; weighted average delinquency 37 months; and
weighted average BPO loan-to-value ratio of 108%.
- Group 5 Pool: 219 loans with an aggregate unpaid principal balance of $49,235,938; average
loan size $224,822; weighted average note rate 5.39%; weighted average delinquency 72 months; and
weighted average BPO loan-to-value ratio of 77%.
The cover bids, which are the second highest bids per pool, were 88.2% of UPB (58.1% of BPO) for pool
1, 98.4% of UPB (52.6% of BPO) for pool 2, 60.5% of UPB (68.4% of BPO) for pool 3, 82.0% of UPB (77.9% of BPO) for pool 4
and 78.0% of UPB (45.8% of BPO) for pool 5.
Bids are due on Fannie Mae's fourteenth Community Impact Pools on October 23, 2018.
Potential buyers can register for ongoing announcements or training, and find more information on Fannie Mae's sales of
non-performing loans and on the Federal Housing Finance Agency's guidelines for these sales, at http://www.fanniemae.com/portal/funding-the-market/npl/index.html.
On April 14, 2016, the Federal Housing Finance Agency announced additional
enhancements to its requirements for sales of non-performing loans by Fannie Mae and Freddie Mac that build on the
requirements originally announced in March 2015. The additional requirements, which apply to this
Fannie Mae non-performing loan sale, encourage sustainable modifications that have the potential to provide more borrowers the
opportunity for home retention by requiring evaluation of underwater borrowers for modifications that may include principal
and/or arrearage forgiveness; forbidding "walking away" from vacant homes; and establishing more specific proprietary loan
modification standards.
Fannie Mae helps make the 30-year fixed-rate mortgage and affordable rental housing possible for millions of Americans. We
partner with lenders to create housing opportunities for families across the country. We are driving positive changes in housing
finance to make the home buying process easier, while reducing costs and risk. To learn more, visit fanniemae.com and follow us on twitter.com/fanniemae.
View original content:http://www.prnewswire.com/news-releases/fannie-mae-announces-winner-of-its-latest-non-performing-loan-sale-300729694.html
SOURCE Fannie Mae