Investments Lending Servicing

Fannie Mae selling another $1.68 billion in NPLs to Goldman Sachs subsidiary, private equity

9,400 non-performing loans sold out of Fannie Mae’s portfolio

Past due foreclosure home

In what is now a common occurrence, Fannie Mae announced Tuesday that it sold a large portfolio of non-performing loans to private equity funds, one of which is a subsidiary of Goldman Sachs.

The sale, which was originally announced last month, consisted of 9,400 non-performing loans that carry an unpaid principal balance of $1.68 billion.

According to the government-sponsored enterprise, the portfolio was split into four pools of loans and auctioned off.

The winning bidder of the smallest of the four pools is Igloo Series II Trust (Balbec Capital). That pool contained 1,465 loans that carry an aggregate unpaid principal balance of $246,748,844.

The pool has an average loan size of $168,429; a weighted average note rate of 4.51%; a weighted average delinquency of 29 months; and a weighted average broker's price opinion loan-to-value ratio of 78.75%.

The remaining $1.43 billion in unpaid principal balance went to MTGLQ Investors, a "significant subsidiary" of Goldman Sachs. 

MTGLQ Investors is now a fixture among the NPL sales from both Fannie Mae and Freddie Mac.

Last year, MTGLQ Investors bought billion-dollar pools of NPLs from Fannie and Freddie in several different sales.

In this latest sale, MTGLQ Investors bought the remaining three pools of NPLs.

The first pool contained 3,062 loans that carry an aggregate unpaid principal balance of $496,205,215.

The average loan size of this pool is $162,053. The loans carry a weighted average note rate 5.05%; a weighted average delinquency of 38 months; and a weighted average broker's price opinion loan-to-value ratio of 64.81%.

The second pool that went to MTGLQ Investors contained 2,457 loans with an aggregate unpaid principal balance of $429,254,601.

The average loan size of the second pool is $174,707. The loans carry a weighted average note rate 4.90%; a weighted average delinquency of 39 months; and a weighted average broker's price opinion loan-to-value ratio of 79.61%.

And the third pool that went to MTGLQ Investors contained 2,427 loans with an aggregate unpaid principal balance of $512,628,430.

The average loan size in the third pool is $211,219. The loans carry a weighted average note rate of 4.68%; a weighted average delinquency 42 months; and a weighted average broker's price opinion loan-to-value ratio of 129.55%.

When Fannie Mae announced this NPL sale, the GSE said that the sale will also include a Community Impact Pool, which is a smaller pool of loans that is geographically focused, high occupancy, and marketed to encourage participation by non-profit organizations, minority- and women-owned businesses and smaller investors.

Fannie Mae said Tuesday that bids on that pool are due on March 21, 2017.

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