Freddie Mac will sell nearly $44 million in non-performing loans to Community Loan Fund of New Jersey, reports HousingWire staffer Ben Lane.

Community Loan Fund of New Jersey, a non-profit group, agreed to purchase two pools of 189 non-performing loans that total $43.7 million in unpaid principal balance. Both pools are geographically concentrated in Florida and have loans that have been delinquent for almost five years, on average, according to Freddie Mac.

Pool #1 contains 110 loans that carry an unpaid principal balance of $26.1 million. The loans are an average of 59 months delinquent, and have an average loan balance of $237,100. The loans also have a varied collateralized loan-to-value ratio range. The loans have a broker price opinion CLTV of 93%.

Pool #2 contains 79 loans that carry an unpaid principal balance of $17.6 million. The loans are an average of 55 months delinquent, and have an average loan balance of $222,500. The loans also have a varied CLTV range. The loans have a broker price opinion CLTV of 92%.

The sale is part of Freddie Mac's ongoing efforts to sell off some of the deeply delinquent mortgages held in its portfolio.

Read more >