The results of Fannie Mae’s twenty-sixth reperforming loan sale transaction include the sale of approximately 4,390 loans totaling $889.75 million in unpaid principal balance (UPB), divided into two pools.
The winning bidders of Pool 1 and Pool 3, respectively, were Pacific Investment Management Co. LLC (PIMCO) and Kah Capital Mortgage Credit Master Fund II LP, each awarded individually. (Pool 2 was not awarded.) The transaction is expected to close on August 19. The pools were marketed with Citigroup Global Markets Inc. as advisor.
Pool 1 includes 1,981 loans with an aggregate UPB of $523,518,876; average loan size of $264,270; weighted average note rate of 3.56%; and weighted average broker’s price opinion (BPO) loan-to-value ratio of 54%.
Pool 3 includes 2,411 loans with an aggregate UPB of $366,227,099; average loan size of $151,898; weighted average note rate of 4.11%; and weighted BPO loan-to-value ratio of 53%.
The cover bids, which are the second highest bids per pool, were 83.14% of UPB (38.39% of BPO) for Pool 1 and 86.55% of UPB (34.53% of BPO) for Pool 3.