Fannie Mae to Wrap Up Latest Reperforming Loan Sale

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Fannie Mae has announced the winning bidders of its recent reperforming loan sale transaction, which included the sale of approximately 6,300 loans totaling $729.6 million in unpaid principal balance, divided into three pools.

The winning bidders of the three pools for the transaction were DLJ Mortgage Capital Inc. for Pools 1 and 3 and JP Morgan Mortgage Acquisition Corp. for Pool 2. The transaction is expected to close on December 18. The pools were marketed with Citigroup Global Markets Inc. as advisor.

The loan pools awarded in this most recent transaction include:

Pool 1: 1,503 loans with an aggregate UPB of $243,302,241; average loan size of $161,878; weighted average note rate of 4.25%; and weighted average broker’s price opinion (BPO) loan-to-value ratio of 56%.

Pool 2: 3,266 loans with an aggregate UPB of $243,402,785; average loan size of $74,526; weighted average note rate of 5.17%; and weighted BPO loan-to-value ratio of 51%.

Pool 3: 1,537 loans with an aggregate UPB of $242,942,311; average loan size of $158,063; weighted average note rate of 4.25%; and weighted BPO loan-to-value ratio of 65%.

The cover bids, which are the second highest bids per pool, were 104.13% of UPB (39.33% of BPO) for Pool 1, 104.77% of UPB (27.58% of BPO) for Pool 2, and 99.53% of UPB (50.92% of BPO) for Pool 3.

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