Fannie Mae is selling its first batches of nonperforming loans (NPLs) in 2016.
Specifically, the government-sponsored enterprise is selling four pools of loans with about $1.35 billion in unpaid principal balance (UPB), as well as a Community Impact Pool of approximately 60 loans, focused in the Miami area, totaling about $14.5 million in UPB.
The Community Impact Pool is a geographically focused, high occupancy pool and is being marketed to encourage participation by smaller investors, non-profit organizations and minority- and women-owned businesses (MWOBs).
This sale of NPLs is being marketed in collaboration with Bank of America Merrill Lynch and First Financial Network, Inc.
‘We are pleased to be offering our second Community Impact Pool sale, which will provide these borrowers with additional options to avoid foreclosure, while reducing the number of seriously delinquent loans that we own,’ says Joy Cianci, senior vice president for credit portfolio management for Fannie Mae, in a release. ‘We will continue to structure pool sales to encourage participation by non-profits and minority- and women-owned businesses.’
Fannie Mae offered its first Community Impact Pool in 2015, which was purchased by New Jersey Community Capital, a non-profit organization.
Bids for the four larger pools are due on Feb. 3 while bids for the Community Impact Pool are due on Feb. 18.
For more, click here.