Fannie Mae continues to sell more pools of non-performing loans, announcing its latest sale that includes three different pool offerings.
Keeping up with its more specifically targeted Community Impact Pools, the first, smaller pool is being marketed to encourage participation by smaller investors, non-profit organizations and minority- and women-owned businesses.
The Community Impact Pool is made up of approximately 90 loans, focused in the Miami, Florida area, totaling $20.1 million in UPB,
Meanwhile, the other two larger pools consist of approximately 3,300 loans totaling $526.1 million in unpaid principal balance.
Bank of America Merrill Lynch and CastleOak Securities are collaborating with Fannie Mae as advisors in this sale of non-performing loans.
“We continue to strive to help struggling homeowners and neighborhoods recover,” said Joy Cianci, Fannie Mae’s senior vice president, Single-Family Credit Portfolio Management. “Today’s announcement of our non-performing loan sale furthers this commitment by expanding the opportunities available for borrowers to avoid foreclosure.”