WASHINGTON (dpa-AFX) - Fannie Mae (FNMA) on Tuesday announced the sale of a new package of non-performing loans as part of its continuing initiative to shrink its retained mortgage portfolio.
This latest offering includes the company's twenty-sixth Community Impact Pool or CIP. The sale comprises two larger pools containing approximately 1,119 deeply delinquent loans with a combined unpaid principal balance or UPB of $198.6 million.
Additionally, the CIP features around 40 loans totaling $7.2 million in UPB, primarily located in Florida. All pools are open to bids from qualified purchasers. The transaction is being marketed in partnership with BofA Securities, Inc., and First Financial Network, Inc.
Bids for the larger pools must be submitted by May 15, 2025, while bids for the CIP are due by May 27, 2025.
Buyers of these non-performing loans must adhere to Fannie Mae's guidelines, which include providing sustainable loss mitigation solutions to borrowers. They are required to uphold any active or approved loan modifications at the time of sale. Furthermore, before starting foreclosure proceedings on loans not secured by vacant or condemned properties, buyers must extend a range of loss mitigation options, potentially including principal forgiveness.
In cases where foreclosure cannot be avoided, the loan owner must prioritize marketing the property to owner-occupants and non-profits before making it available to investors, following a process similar to Fannie Mae's FirstLook program.
Prospective bidders are encouraged to register for updates, training, and detailed pool information via Fannie Mae's designated portal.
FNMA is currently trading at $6.27, or 2.28% higher, on the OTC Markets OTCQB.
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