Fannie Mae Announces Winning Bidder on $6.14B Pool of RPLs

DLJ Mortgage Capital Inc. (Credit Suisse) is the winning bidder on a pool of approximately 26,900 reperforming loans totaling $6.14 billion in unpaid principal balance (UPB) recently auctioned by Fannie Mae.

The loans, which were marketed with Citigroup Global Markets Inc. as advisor, were divided into four pools.

The Group 1 Pool included 2,557 loans with an aggregate UPB of $557 million; an average loan size of $217,903; a weighted average effective rate 3.56%; and a weighted average broker’s price opinion loan-to-value (LTV) ratio of 93%.

The Group 2 Pool included 6,231 loans with an aggregate UPB of $930 million; an average loan size $149,336; a weighted average effective rate of 4.23%; and a weighted average LTV of 74%.

The Group 3 Pool consisted of 4,662 loans with a UPB of $1.196 billion. It had an average loan size of $256,579; a weighted average effective rate 3.35%; and a weighted average LTV of 90%.

The Group 4 Pool had 13,492 loans with a UPB of $3.459 billion. The average loan size was $256,423; the weighted average effective rate was 3.33%; and the weighted average LTV was 91%.

The cover bid, which is the second highest bid, was 86.13% of UPB (67.19% of BPO) for the total of the four pools, which were purchased on an all-or-none basis.

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