WASHINGTON, May 10, 2017 /PRNewswire/ -- Fannie Mae (OTC Bulletin Board: FNMA) today announced its latest sale of non-performing loans, including the company's seventh and eighth Community Impact Pools. Community Impact Pools are smaller pools of loans that are geographically-focused, high occupancy, and marketed to encourage participation by non-profit organizations, minority- and women-owned businesses (MWOBs), and smaller investors.
The three larger pools of approximately 3,600 loans totaling $613 million in unpaid principal balance (UPB) and the Community Impact Pools of approximately 135 loans, focused in the New York and New Jersey areas, totaling $34.47 million in UPB, are available for purchase by qualified bidders. This sale of non-performing loans is being marketed in collaboration with Wells Fargo Securities, LLC and The Williams Capital Group, L.P., as advisors.
Bids are due on the three larger pools on June 1 and on the Community Impact Pools on June 14.
Among other elements, terms of Fannie Mae's non-performing loan transactions require the buyer of the non-performing loans 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 are invited to 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