For the fifth time, Fannie Mae announced plans to sell a pool of non-performing loans through its “Community Impact Pool” program, reports HousingWire staffer Ben Lane. This time, the Community Loan Fund of New Jersey, an affiliate of New Jersey Community Capital, will make the purchase.
This sale includes 120 deeply delinquent loans secured by properties located in the Miami, Fla. area that carry an unpaid principal balance of approximately $20.3 million. The loans in sale carry an aggregate unpaid principal balance of $20,280,326.61, an average loan size of $169,003, and carry a weighted average note rate of 5.23%.
The loans also have a weighted average delinquency of 42 months, and a weighted average broker's price opinion loan-to-value ratio of 111%.