- Fannie Mae (OTCQB: FNMA) announces sale of $205.8 million in non-performing loans.
- Bids for larger pools due by May 15, 2025, and for Community Impact Pool by May 27, 2025.
- Buyers must adhere to strict loss mitigation terms before proceeding with foreclosure.
Fannie Mae (OTCQB: FNMA) has initiated a new sale of non-performing loans totaling $205.8 million in unpaid principal balance (UPB). The sale includes two larger pools with approximately 1,119 deeply delinquent loans valued at $198.6 million UPB and a Community Impact Pool (CIP) comprising about 40 loans worth $7.2 million UPB located in Florida.
This strategic move is part of Fannie Mae's ongoing efforts to reduce its retained mortgage portfolio and is conducted in partnership with BofA Securities, Inc. and First Financial Network, Inc. Prospective buyers are required to submit their bids by May 15, 2025, for the two larger pools and by May 27, 2025, for the CIP.
As part of the sale conditions, buyers must offer sustainable loss mitigation options to borrowers, which include honoring existing loan modifications. Should foreclosure be unavoidable, properties must initially be marketed to owner-occupants and non-profit organizations before being offered to investors, in line with the FirstLook® program.
