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Fannie Mae, the government-sponsored enterprise, announced it began marketing for the seventh sale of re-performing loans, as part of the company's effort to reduce the size of its retained mortgage portfolio.
The seventh re-performing loan sale is being marketed with Citigroup Global Markets, Inc, and consists approximately 27,000 loans with an unpaid principal balance of approximately $6.17 billion, according to Fannie.
Re-performing loans are previously delinquent mortgages that are now performing because payments on the mortgage became current. This can occur with or without the use of a loan modification plan.
Earlier this month, Fannie Mae announced Goldman Sachs as the winner of its thirteenth non-performing sale. The transaction is expected to close in July, and includes about 9,800 loans with about $1.64 billion in unpaid principle balance, divided among four pools.
In April, Fannie sold nearly $2 billion in reperforming loans to a fund controlled by Fortress Investment Group, and $2.11 billion in re-performing loans to DLJ Mortgage Capital, also known as Credit Susie, in late November.
