Fannie Mae Announces Sale of Non-Performing Loans
Fannie Mae has announced the sale of non-performing loans, including its twenty-eighth Community Impact Pool (CIP). The larger pool consists of 943 deeply delinquent loans with an unpaid principal balance totaling $207.4 million, while the CIP includes approximately 26 loans valued at $6.7 million in UPB and located in the Dallas-Ft. Worth area. The sale is being facilitated by BofA Securities, Inc., with bids due on September 15 for the larger pool and September 23 for the CIP. Terms require buyers to offer sustainable loss mitigation options such as loan modifications or principal forgiveness before initiating foreclosure proceedings. Additionally, if a foreclosure cannot be avoided, properties must first be marketed to owner-occupants and non-profits. Fannie Mae is encouraging interested bidders to register on its website for updates and training related to the sale process.
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Topics: Community Impact Pool (CIP) Fannie Mae loan sales non-performing loans