Inventory
info icon
Single family homes on the market. Updated weekly.Powered by Altos Research
735,718-296
30-yr Fixed Rate30-yr Fixed
info icon
30-Yr. Fixed Conforming. Updated hourly during market hours.
6.94%0.01
Mortgage

Fannie Mae begins marketing fourth re-performing loan sale

Prepares to sell pool of 11,000 loans

Fannie Mae began marketing its fourth sale of re-performing loans Thursday as it seeks to reduce the size of its retained mortgage portfolio.

Back in April, the Federal Housing Finance Agency announced that Fannie Mae and Freddie Mac will be reducing the principal on as many as 33,000 delinquent or underwater borrowers. Less than two weeks later, Fannie Mae announced that it planned to begin securitizing once-delinquent loans.

Now, the GSE is preparing to pass off a pool of about 11,000 loans totaling near $2.5 billion in unpaid principle balance. The pool is now available for purchase by qualified bidders.

Fannie Mae is marketing this sale of re-performing loans in collaboration with Citigroup Global Markets. Bids are due on September 6, 2017.

Re-performing loans are mortgages that were previously delinquent, but are performing again because payments on the mortgages have become current with or without the use of a loan modification.

As always, the terms of Fannie Mae's re-performing loan sale require the buyer to offer loss mitigation options designed to be sustainable to any borrower who may re-default within five years following the re-performing loan sale. In addition, buyers must report on loss mitigation outcomes. Any reporting requirements cease once a loan has been current for six consecutive months after the closing of the re-performing loan sale.

Most Popular Articles

Latest Articles

Lower mortgage rates attracting more homebuyers 

An often misguided premise I see on social media is that lower mortgage rates are doing nothing for housing demand. That’s ok — very few people are looking at the data without an agenda. However, the point of this tracker is to show you evidence that lower rates have already changed housing data. So, let’s […]

3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please