WASHINGTON, May 13, 2021 /PRNewswire/ -- Fannie Mae (OTCQB: FNMA) today announced its latest sale of non-performing loans as part of the company's ongoing effort to reduce the size of its retained mortgage portfolio, including the company's seventeenth Community Impact Pool (CIP). CIPs are typically smaller pools of loans that are geographically focused and marketed to encourage participation by non-profit organizations, minority- and women-owned businesses (MWOBs), and smaller investors.
The four larger pools include approximately 8,090 loans totaling $1.6 billion in unpaid principal balance (UPB) and the CIP of approximately 400 loans totaling $98.1 million in UPB. The CIP consists of loans geographically located in the Miami-Dade area. All pools are available for purchase by qualified bidders. This sale of non-performing loans is being marketed in collaboration with Bank of America Merrill Lynch and First Financial Network, Inc. as advisors.
Bids are due on the four larger pools on June 8, 2021 and on the CIP on June 22, 2021.
Among other elements, terms of Fannie Mae's non-performing loan transactions require the buyer of the non-performing loans to pursue loss mitigation options designed to be sustainable for borrowers. In the event a foreclosure cannot be prevented, the owner of the loan must market the property to owner-occupants and non-profits before offering it to investors, similar to Fannie Mae's FirstLook® program.
Interested bidders are invited to register for future announcements, training and other information here. Fannie Mae will also post information about specific pools available for purchase on that page.
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