Freddie Mac is selling $1 billion in non-performing loans to a group of private investors reports HousingWire staffer Ben Lane.
The winning bidders in the NPL auction include Pretium Mortgage Credit Partners I Loan Acquisition, Upland Mortgage Acquisition Company II, and Rushmore Loan Management Services, each of which have previously purchased NPL pools from either Fannie Mae or Freddie Mac,
According to Freddie Mac, the loans in this sale have been delinquent for over two years, on average.
“Given the deep delinquency status of the loans, the borrowers have likely been evaluated previously for or are already in various stages of loss mitigation, including modification or other alternatives to foreclosure, or are in foreclosure,” Freddie Mac said.
Mortgages that were previously modified and subsequently became delinquent make up nearly half (47.5%) of the total pool balance.