Freddie Mac

June 8, 2016 Comments Off on Freddie Mac Sells $130M of “Seriously Delinquent” Loans Views: 977 California News, National News, Northeast

Freddie Mac Sells $130M of “Seriously Delinquent” Loans

The Federal Home Loan Mortgage Corporation (Freddie Mac) has sold, via auction, 487 “deeply delinquent” non-performing loans. The loans were serviced by JPMorgan Chase Bank. The transaction is anticipated to close in August 2016 with servicing transferred, post-settlement. The winning bidder was MTGLQ Investors LP.

The loans were delinquent for approximately 3 ½ years, on average. The aggregate pool is geographically diverse, with an average loan-to-value ratio of approximately 91%.

Through the first quarter of 2016, Freddie Mac sold $4.3 billion in non-performing loans as part of its strategy to reduce the less liquid assets in its mortgage investment portfolio.

Read More at Freddie Mac

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