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Freddie Mac to sell off $1.2 billion in non-performing loans

Loans currently serviced by Wells Fargo

Freddie Mac announced Monday that it intends to sell off $1.2 billion in non-performing loans, marking its eighth sale of non-performing loans since the Federal Housing Finance Agency announced the new requirements for sales of NPLs by Freddie Mac and Fannie Mae to make sure the loans go to capable mortgage servicers.

The loans are all “deeply delinquent,” according to Freddie Mac, and will be sold in seven pools.

The entire portfolio of loans are currently being serviced by Wells Fargo (WFC).

According to Freddie Mac, the sale will be conducted via auction, with all eligible bidders, including private investors, minority and women-owned businesses, non-profits and neighborhood advocacy funds encouraged to bid on the seven pools of loans.

The loans are being marketed in five geographically diversified Standard Pool Offerings and two geographically concentrated Extended Timeline Pool Offerings, which target participation by smaller investors, including non-profits and minority and women-owned businesses.

The winning bidder will be determined on the basis of economics, subject to meeting Freddie Mac's internal reserve levels.

To participate, all potential bidders are required to be approved by Freddie Mac to access the secure data room containing information about the NPLs and to bid on the NPL pool.

Bids are due from qualified bidders on December 2, 2015 for the SPO offerings and December 16, 2015 for the EXPO offerings.

The sales are expected to settle in the first quarter of 2016.

Advisors to Freddie Mac on the transaction are Wells Fargo Securities, JPMorgan Securities and First Financial Network.

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