Fannie Mae (OTC Bulletin Board: FNMA) today announced its latest sale of non-performing loans, including the company's ninth and tenth Community Impact Pools. Community Impact Pools are typically smaller pools of loans that are geographically-focused, and marketed to encourage participation by non-profit organizations, minority- and women-owned businesses (MWOBs), and smaller investors.
The four larger pools include approximately 7,900 loans totaling $1.29 billion in unpaid principal balance (UPB) and the Community Impact Pools of approximately 700 loans totaling $129.58 millionin UPB. The Community Impact Pools will consist of a larger geographically disperse pool, as well as a smaller pool focused in the New York City area. All pools are available for purchase by qualified bidders. This sale of non-performing loans is being marketed in collaboration with Bank of America Merrill Lynch and First Financial Network, Inc., as advisors.
Bids are due on the four larger pools on November 2 and on the Community Impact Pools on November 15.
Among other elements, terms of Fannie Mae's non-performing loan transactions require the buyer of the non-performing loans to pursue loss mitigation options that are sustainable for borrowers. In the event a foreclosure cannot be prevented, the owner of the loan must market the property to owner-occupants and non-profits exclusively before offering it to investors, similar to Fannie Mae's FirstLook®program.
Interested bidders are invited to register for future announcements, training and other information at http://www.fanniemae.com/portal/funding-the-market/npl/index.html. Fannie Mae will also post information about specific pools available for purchase on that page.
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 fanniemae.com and follow us on twitter.com/fanniemae.