Fannie Mae today announced its second sale of non-performing loans, including a smaller Community Impact Pool, a geographically-focused, high occupancy pool being marketed to encourage participation by nonprofits and minority- and women-owned businesses.
The two larger pools of approximately 3,900 loans totaling $777 million in unpaid principal balance (UPB) and the Community Impact Pool of approximately 75 loans, focused in the Tampa, Florida-area, totaling $11 million in UPB are available for purchase by qualified bidders.
This sale of NPLs is being marketed in collaboration with Credit Suisse Securities, Wells Fargo Securities and the Williams Capital Group.
“The goal of our non-performing loan sales is to be able to offer borrowers additional options to avoid foreclosure, while also reducing the number of seriously delinquent loans in Fannie Mae’s portfolio,” said Joy Cianci, Fannie Mae’s Senior Vice President for Credit Portfolio Management. “We hope to inspire opportunities for nonprofit organizations, smaller investors, minority- and women-owned businesses and community groups to work together to help more borrowers avoid foreclosure and collaborate on neighborhood stabilization efforts.
“We recently held a training forum to bring diverse stakeholders together to explore ways to participate in upcoming NPL sales. We’ll learn and evolve our strategy over time to ensure we meet our goals,” Cianci said.