WASHINGTON, Oct. 11, 2016 /PRNewswire/ -- Fannie Mae (OTC Bulletin Board: FNMA) today announced its latest sale of non-performing loans. The five pools of approximately 7,300 loans totaling $1.39 billion in unpaid principal balance (UPB), are available for purchase by qualified bidders. This sale of non-performing loans is being marketed in collaboration with Wells Fargo Securities, LLC as an advisor.
"As we work to reduce the number of seriously delinquent loans in Fannie Mae's portfolio, we are pleased to continue to offer borrowers additional options to avoid foreclosure and help stabilize neighborhoods," said Joy Cianci, Fannie Mae's senior vice president, Single-Family Credit Portfolio Management.
Bids are due on the five pools on November 3rd.
Among other elements, terms of Fannie Mae's non-performing loan transactions require the buyer to pursue loss mitigation options that are sustainable for borrowers. In the event a foreclosure cannot be prevented, the owner of the loan must market the property to owner-occupants and non-profits exclusively before offering it to investors, similar to Fannie Mae's FirstLook® program.
Interested bidders can register for future announcements, training and other information at http://www.fanniemae.com/portal/funding-the-market/npl/index.html. Fannie Mae will also post information about specific pools available for purchase on that page.
Fannie Mae helps make the 30-year fixed-rate mortgage and affordable rental housing possible for millions of Americans. We partner with lenders to create housing opportunities for families across the country. We are driving positive changes in housing finance to make the home buying process easier, while reducing costs and risk. To learn more, visit fanniemae.com and follow us on twitter.com/fanniemae.
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SOURCE Fannie Mae