Freddie Mac Announces Sale Of $ 185 Million Loan

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McLean, VA, Aug 6, 2021 (GLOBE NEWSWIRE) – Freddie Mac (OTCQB: FMCC) today announced that it has auctioned 1,139 overdue mortgages secured from its mortgage portfolio. On average, it has been 105 months since loans in the pool first became 4 months overdue. Loans with balances of approximately $ 185 million are currently serviced by either Select Portfolio Servicing, Inc. or Community Loan Servicing, LLC, f / k / a Bayview Loan Servicing, LLC. The deal is expected to close in September 2021. Freddie Mac, through his advisor, began selling the deal on July 16, 2021, to potential bidders, including non-profit organizations and members of minorities, women, people with disabilities, LGBT people, veterans or veterans with disabilities. Own enterprises (MWDOB) and private investors active in the market.

Mortgages that were previously modified and subsequently defaulted account for approximately 87 percent of the total pool balance. The buyer must (i) comply with the terms of existing mitigation agreements, seek assistance from problem borrowers, except in limited cases, and ensure that any outstanding mitigation actions are followed; and (ii) comply with any future foreclosure and eviction moratoriums announced by the FHA or other federal moratoriums applicable to Freddie Mac single family loans.

Below is a summary of the pool and winning applicant:

Description Pool
Unpaid principal balance $ 185 million
Number of loans 1.139
CLTV range (in%) Everything
Weighted by BPO * CLTV (in%) fifty
Average number of overdue payments in months five
Average loan balance (in thousands of dollars) 162
Geographic distribution National
Bid winner MCLP Asset Company, Inc
Application coverage price (% of UPB)
(second highest bid price)
100 area

* Broker Price Opinion (BPO)

Wells Fargo Securities, LLC is advising Freddie Mac on the deal.

Freddie Mac’s urgent loan offers are aimed at reducing the less liquid assets in the company’s portfolio of mortgage-related investments in an economically viable manner. This includes the sale of non-performing loans (NPL), securitization of recurring loans (RPL) and structured RPL transactions.

To date, Freddie Mac has sold $ 9 billion in problem loans and securitized approximately $ 74 billion, including $ 30 billion through fully guaranteed PCs, $ 32 billion through senior / sub-securitizations with credit risk transfer (SCRT) and nearly $ 12 billion through structured seasonal loans. Transactional Proposals (SLST). Requirements managing the servicing of these transactions is focused on improving borrower outcomes and stabilizing communities. Additional information on Freddie Mac loan offers is available at: http://www.freddiemac.com/seasonedloanofferings/

Freddie Mac makes home construction possible for millions of families and individuals by providing mortgage capital to lenders. Since our inception by Congress in 1970, we have made housing more affordable and affordable for home buyers and renters in communities across the country. We create the best home finance system for home buyers, tenants, lenders and taxpayers. Find out more at FreddieMac.com, Twitter @FreddieMacand Freddie Mac’s blog FreddieMac.com/blog

MEDIA CONTACT: Fred Solomon
703-903-3861
Frederick_Solomon@freddiemac.com



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