Fannie Mae Announces Winner of Fifteenth Community Impact Pool of Non-Performing Loans
WASHINGTON, June 25, 2019 /PRNewswire/ -- Fannie Mae (OTCQB: FNMA) today announced the winning bidder for its fifteenth Community Impact Pool of non-performing loans. The transaction is expected to close on August 22, 2019 and includes approximately 71 loans totaling $16.1 million in unpaid principal balance (UPB); the loans are geographically focused in the Miami, Florida area. The winning bidder was VRMTG ACQ, LLC (VWH Capital Management, LP), a minority woman owned business.
In collaboration with Bank of America Merrill Lynch and First Financial Network, Inc., Fannie Mae began marketing these loans to potential bidders on May 14, 2019.
The loan pool awarded in this most recent transaction includes:
The cover bid, which is the second highest bid, for the Community Impact Pool was 73.6% of UPB (58.11% of broker's price opinion).
Potential buyers can register for ongoing announcements or training, and find more information on Fannie Mae's sales of Community Impact Pools of non-performing loans and on the Federal Housing Finance Agency's guidelines for these sales, at http://www.fanniemae.com/portal/funding-the-market/npl/index.html.
On September 27, 2017, the Federal Housing Finance Agency announced additional enhancements to its requirements for sales of non-performing loans by Fannie Mae and Freddie Mac that build on requirements originally announced in March 2015 and apply to this Fannie Mae non-performing loan sale. These added enhancements encourage sustainable modifications that have the potential to give more borrowers the opportunity for home retention by requiring evaluation of underwater borrowers for modifications that may include principal and/or arrearage forgiveness; forbidding "walking away" from vacant homes; and establishing more specific proprietary loan modification standards.
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.
SOURCE Fannie Mae