Fannie Mae Announces Winning Bidders on Three Pools of Nonperforming Loans

Bungalow Series III Trust (Balbec Capital LP) and Elkhorn Depositor LLC (Roosevelt Management Company LLC) are the winning bidders on three pools of nonperforming loans (NPLs) recently auctioned by Fannie Mae.

The three pools included a total of approximately 5,700 loans totaling $1.002 billion in unpaid principal balance (UPB).

Bungalow Series III Trust was the purchaser of the “Group 1 Pool” in the offering – a portfolio consisting of 1,061 loans with an aggregate UPB of $178,269,824.

The average loan size in this pool was $168,021. The weighted average note rate was 4.48%. The weighted average delinquency was 19 months. The portfolio had a weighted average broker’s price opinion (BPO) loan-to-value ratio of 91%.

Elkhorn Depositor LLC was the winning bidder of the “Group 2” and “Group 3” pools in the offering.

Group 2 included 2,793 loans with an aggregate UPB of $441,703,102. The average loan size was $158,146. The weighted average note rate was 5.04%. The weighted average delinquency rate was 34 months. The portfolio had a weighted average BPO loan-to-value ratio of 65%.

Group 3 included 1,822 loans with an aggregate unpaid principal balance of $382,833,067. The average loan size was $210,117. The weighted average note rate was 4.38%. The weighted average delinquency rate was 35 months. The portfolio had a weighted average BPO loan-to-value ratio of 130%.

The cover bid, which is the second highest bid, for Pool 1 was 75.13% of UPB (56.80% of BPO) and for Pools 2 and Pool 3 combined was 77.69% of UPB (58.05% of BPO), Fannie Mae reports.

LEAVE A REPLY

Please enter your comment!
Please enter your name here