Fannie Mae (FNMA/OTCQB) today announced its latest sale of non-performing loans, including the company’s fifteenth Community Impact Pool. Community Impact Pools are typically smaller pools of loans that are geographically-focused, and marketed to encourage participation by non-profit organizations, minority- and women-owned businesses (MWOBs), and smaller investors.
The six larger pools include approximately 4,660 loans totaling $822.3 million in unpaid principal balance (UPB) and the Community Impact Pool of approximately 80 loans totaling $17.7 million in UPB. The Community Impact Pool consists of loans geographically located in Miami-Dade area. All pools are available for purchase by qualified bidders. This sale of non-performing loans is being marketed in collaboration with Bank of America Merrill Lynch and First Financial Network, Inc. as advisors.
Bids are due on the six larger pools on June 4 and on the Community Impact Pool on June 18.
Among other elements, terms of Fannie Mae’s non-performing loan transactions require the buyer of the non-performing loans to pursue loss mitigation options that are sustainable for borrowers. In the event a foreclosure cannot be prevented, the owner of the loan must market the property to owner-occupants and non-profits exclusively before offering it to investors, similar to Fannie Mae’s FirstLook® program.
Interested bidders are invited to register for future announcements, training and other information at http://www.fanniemae.com/portal/funding-the-market/npl/index.html. Fannie Mae will also post information about specific pools available for purchase on that page.
Fannie Mae helps make the 30-year fixed-rate mortgage and affordable rental housing possible for millions of Americans. We partner with lenders to create housing opportunities for families across the country. We are driving positive changes in housing finance to make the home buying process easier, while reducing costs and risk. To learn more, visit fanniemae.com and follow us on twitter.com/FannieMae.