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Fannie Mae selling $1.88 billion in non-performing loans to Goldman Sachs subsidiary

MTGLQ Investors is back

Over the last few years, Goldman Sachs’ subsidiary MTGLQ Investors has been one of the top buyers of non-performing loans from both Fannie Mae and Freddie Mac.

In just the last few years, Goldman Sachs used MTGLQ Investors to buy billions and billions in loans from both of the government-sponsored enterprises.

And now, MTGLQ is preparing to buy another $1.88 billion in non-performing loans from Fannie Mae.

Fannie announced Thursday that MTGLQ is the winning bidder for all five pools in its 14th NPL sale.

In total, the sale includes 10,300 loans that carry $1.88 billion in unpaid principal balance. And MTGLQ is buying them all.

As stated above, this is hardly the first time that Goldman Sachs has used MTGLQ to buy mortgages.  Back in June, MTGLQ bought 9,800 loans with approximately $1.64 billion in unpaid principle balance from Fannie Mae.

Now, MTGLQ is buying even more.

According to Fannie Mae, the sale is broken down into five pools.

Pool #1 includes 2,020 loans that carry an aggregate unpaid principal balance of $338,754,417. The average loan size is $167,700; the weighted average note rate is 4.56%; the weighted average delinquency is 21 months; and the weighted average broker's price opinion loan-to-value ratio is 83%.

Pool #2 includes 4,623 loans with an aggregate unpaid principal balance of $749,945,556. The average loan size is $162,221; with a weighted average note rate of 5.09%; a weighted average delinquency of 35 months; and a weighted average BPO loan-to-value ratio of 62%.

Pool #3 has 2,243 loans with an aggregate unpaid principal balance of $505,483,611. The average loan size is $225,361; with a weighted average note rate of 4.36%; a weighted average delinquency of 30 months; and a weighted average BPO loan-to-value ratio of 120%.

Pool #4 has 1,201 loans with an aggregate unpaid principal balance of $235,254,033. The average loan size is $195,882; with a weighted average note rate of 4.59%; a weighted average delinquency of 37 months; and a weighted average BPO loan-to-value ratio of 108%.

And Pool #5 has 219 loans with an aggregate unpaid principal balance of $49,235,938. The average loan size is $224,822; with a weighted average note rate 5.39%; a weighted average delinquency of 72 months; and a weighted average BPO loan-to-value ratio of 77%.

Fannie Mae expects the sale to close on Nov. 21, 2018.

3d rendering of a row of luxury townhouses along a street

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