Fannie Mae Announces Winners of Most Recent NPL Auction

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Igloo Series IV Trust (Balbec Capital, LP), LSRMF Mortgage Holdings II (Lone Star) and MTGLQ Investors LP (Goldman Sachs) are the winning bidders on four pools of non-performing loans (NPLs) recently auctioned by Fannie Mae.

The sale included approximately 5,200 loans totaling $948.7 million in unpaid principal balance (UPB), divided among four pools.

Igloo Series IV Trust is the winning bidder on Pool 1, which has an aggregate UPB of $193,822,192. The average loan size is $180,804; the weighted average note rate 4.32%; the weighted average delinquency 24 months; and the weighted average broker’s price opinion (BPO) loan-to-value ratio is 82%.

MTGLQ Investors is the winning bidder for Pool 2, which includes 543 loans with an aggregate unpaid principal balance of $101,698,003. The average loan size is $187,289; the weighted average note rate is 4.47%; the weighted average delinquency is 34 months; and the weighted average BPO loan-to-value ratio is 103%.

LSRMF Mortgage Holdings II is the winning bidder for Pool 3, which includes 2,467 loans with an aggregate UPB of $408,962,974. The average loan size is $165,773; the weighted average note rate is 4.95%; the weighted average delinquency is 35 months; and weighted average BPO loan-to-value ratio is 62%.

MTGLQ Investors is the winning bidder for Pool 4, which includes 1,091 loans with an aggregate UPB of $244,200,487. The average loan size is $223,832; the weighted average note rate is 4.25%; the weighted average delinquency is 31 months; and the weighted average BPO loan-to-value ratio is 121%.

The cover bids, which are the second highest bids per pool, were 88.0% of UPB (60.5% of BPO) for Pool 1, 82.1% of UPB (75.7% of BPO) for Pool 2, 98.1% of UPB (53.2% of BPO) for Pool 3 and 58.6% of UPB (66.7% of BPO) for Pool 4.

The transaction is expected to close on November 20.

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