Mortgage

Fannie Mae selling Florida non-performing loans to private investment firm

VWH Capital Management owned by former Goldman Sachs exec

Fannie Mae is selling more than $34 million in non-performing loans to a private investment firm owned by a former executive at Goldman Sachs.

The government-sponsored enterprise announced Tuesday that it selected the winning bidder in its 11th and 12th sales of Community Impact Pools, which are typically smaller pools of non-performing loans that are geographically-focused, and marketed to encourage participation by nonprofit organizations, minority- and women-owned businesses, and smaller investors.

The winning bidder for those pools is a firm called VWH Capital Management, which is buying the loans through a fund called VRMTG ACQ.

VWH Capital Management is, as Fannie Mae puts it, a “minority woman owned business.”

The company was founded by Vivien Huang, who, according to the company’s website, served a managing director at Goldman Sachs and JPMorgan Chase. Huang also worked at Lehman Brothers, Credit Suisse and Freddie Mac.

According to the firm’s website, the company “seeks to generate long-term returns in securitized products, distressed credit and whole loans.” The firm’s current investment focus is “distressed U.S. residential non-performing loans.”

And VWH Capital is doing just that by agreeing to buy $34.25 million in non-performing loans from Fannie Mae.

The purchase is broken up into two pools that are focused in the Orlando and Tampa areas of Florida. 

Pool No. 1 contains 89 loans that carry an aggregate unpaid principal balance of $18,139,143; an average loan size of $203,811; a weighted average note rate of 4.49%; a weighted average delinquency of 29 months; and a weighted average broker's price opinion loan-to-value ratio of 104% weighted by UPB.

Pool No. 2 contains 93 loans that carry an aggregate unpaid principal balance of $16,112,178; an average loan size of $173,249; a weighted average note rate of 4.56%; a weighted average delinquency of 42 months; and a weighted average broker's price opinion loan-to-value ratio of 98% weighted by UPB.

The loans are part of a larger NPL sale that was announced by Fannie Mae last month.

The winning bidders for the larger pieces of the NPL sale were announced earlier this month.

Fannie Mae expects these latest Community Impact Pool sales to close in May.

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