Fannie Mae Announces Sales of Non-Performing Loans
WASHINGTON, DC – Fannie Mae (FNMA/OTC) today announced that it will begin offering pools of non-performing single-family mortgages for sale to interested buyers. An initial transaction is expected to be marketed in the near future. Fannie Mae hopes in the future to enter into similar transactions, some of which will be targeted for purchase by non-profit organizations, smaller investors and minority- and women-owned businesses.
“These transactions are intended to reduce the number of seriously delinquent loans that Fannie Mae owns, to help stabilize neighborhoods, and to offer borrowers access to additional foreclosure prevention options,” said Joy Cianci, Fannie Mae’s Senior Vice President for Credit Portfolio Management. “Our goal is to market these loans to a diverse range of buyers. We look forward to building these sales into a regular, programmatic offering to the market.”
Interested buyers can register for ongoing announcements, training and other information at https://www.fanniemae.com/portal/funding-the-market/npl/index.html. Fannie Mae will also post information about specific pools of loans at that page.
Recently, the Federal Housing Finance Agency (FHFA) announced guidelines that must be followed when Fannie Mae or Freddie Mac sells non-performing loans. These guidelines require, among other elements, that the new owner of the loans offer mortgage modifications to borrowers. When a foreclosure cannot be prevented, the FHFA guidelines require the loan owner to market the property to owner-occupants and non-profits exclusively before offering it to investors, similar to Fannie Mae’s FirstLook® program.Fannie Mae enables people to buy, refinance, or rent homes.
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