Fannie Mae Announces Sixteenth Sale of Reperforming Loans
28 Jul, 2020, 09:00 ET
WASHINGTON, July 28, 2020 /PRNewswire/ -- Fannie Mae (OTCQB: FNMA) today began marketing its sixteenth sale of reperforming loans as part of the company's ongoing effort to reduce the size of its retained mortgage portfolio.
The sale consists of approximately 18,300 loans with an unpaid principal balance of approximately $3.4 billion and is available for purchase by qualified bidders. Interested bidders can register here, on the Whole Loans Sales page. This sale of reperforming loans is being marketed in collaboration with Citigroup Global Markets, Inc. Bids are due on August 18, 2020.
Reperforming loans are loans that were previously delinquent but have reperformed for a period of time. Some of the loans may be up to 90 days delinquent. The terms of Fannie Mae's reperforming loan sale require the buyer to offer loss mitigation options designed to be sustainable to any borrower who may re-default within five years following the closing of the reperforming loan sale. In addition, buyers must report on loss mitigation outcomes. Any reporting requirements cease once a loan has been current for twelve consecutive months after the closing of the reperforming loan sale.
Interested bidders can register for ongoing announcements, training, and other information here. Fannie Mae will also post information about specific pools available for purchase on that page.
About Fannie Mae:
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:
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