Fannie Mae began marketing its fourth sale of re-performing loans Thursday as it seeks to reduce the size of its retained mortgage portfolio.
Back in April, the Federal Housing Finance Agency announced that Fannie Mae and Freddie Mac will be reducing the principal on as many as 33,000 delinquent or underwater borrowers. Less than two weeks later, Fannie Mae announced that it planned to begin securitizing once-delinquent loans.
Now, the GSE is preparing to pass off a pool of about 11,000 loans totaling near $2.5 billion in unpaid principle balance. The pool is now available for purchase by qualified bidders.
Fannie Mae is marketing this sale of re-performing loans in collaboration with Citigroup Global Markets. Bids are due on September 6, 2017.
Re-performing loans are mortgages that were previously delinquent, but are performing again because payments on the mortgages have become current with or without the use of a loan modification.
As always, the terms of Fannie Mae’s
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