Fannie Mae seeks to offload 29,600 re-performing loans (RPLs) from its portfolio – part of the company’s ongoing effort to shed riskier assets in order to protect taxpayers.
The loans, which will be auctioned to the highest qualified bidders, have a total unpaid principal balance (UPB) of approximately $5.1 billion.
Buyers of these RPLs are required to offer loss mitigation options to borrowers who re-default within five years following the closing of the sale.
The company’s 13th RPL sale to date is being marketed in collaboration with Citigroup Global Markets.
Bids are due on September 5.