first_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Deeply Delinquent Loans Freddie Mac Non-Performing Loans NPL Auctions 2015-08-13 Brian Honea The Week Ahead: Nearing the Forbearance Exit 2 days ago in Daily Dose, Featured, News, Secondary Market Data Provider Black Knight to Acquire Top of Mind 2 days ago Sign up for DS News Daily About Author: Brian Honea Share Save Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland. The Best Markets For Residential Property Investors 2 days ago Related Articles Freddie Mac announced Thursday it will be auctioning a Standard Pool Offering (SPO) of non-performing loans (NPLs) from its mortgage investment portfolio with $1.2 billion in aggregate unpaid principal balance (UPB).The NPLs in this transaction are being serviced by Ocwen Financial, according to Freddie Mac. The loans are deeply delinquent, which means in many cases they are delinquent by two years or more and are likely either in foreclosure or some stage of loss mitigation.The loans for this transaction are being marketed as five geographically diverse pools and offered for sale via auction, according to Freddie Mac. All eligible bidders are encouraged to bid, including private investors, minority and women-owned businesses (MWOBs), non-profits, and neighborhood advocacy funds. Bidders must be approved by Freddie Mac in order to access the data room containing secure information about the NPLs and in order to bid in the auction. Winners will be determined on the basis of economics, subject to meeting Freddie Mac’s internal reserve levels, according to Freddie Mac.All bidders must comply with the Federal Housing Finance Agency (FHFA)’s enhanced requirements for NPL sales announced on March 2, which include approval by and good standing with government housing agencies (Freddie Mac, Fannie Mae, Ginnie Mae, and the Federal Housing Administration); evaluating borrowers for eligibility in the government’s Home Affordable Modification Program (HAMP); and applying a “waterfall” of resolution tactics before resorting to foreclosure.Bids are due from qualified bidders on September 9, and the sale is expected to settle in October. According to Freddie Mac, advisors for the transaction will be Credit Suisse Securities, Wells Fargo Securities, and First Financial Network, a woman-owned business.The NPLs are being marketed as five geographically diversified pools and are offered via an auction process. Bids are due from qualified bidders on September 9, 2015. The sale is expected to settle in October 2015.This transaction is Freddie Mac’s sixth NPL transaction of 2015 and seventh overall since July 2014; six of those have been Standard Pool Offerings and the other was an Extended Pool Offering. The previous five SPO NPL transactions totaled approximately $2.76 billion in UPB. The last one, which was completed on July 28, was comprised of 3,577 deeply delinquent loans with $591 million in UPB.For more information about Freddie Mac’s NPL sales, click here. Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days agocenter_img The Best Markets For Residential Property Investors 2 days ago Subscribe August 13, 2015 1,021 Views Data Provider Black Knight to Acquire Top of Mind 2 days ago Freddie Mac to Auction $1.2 Billion Worth of Deeply Delinquent NPLs Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Home / Daily Dose / Freddie Mac to Auction $1.2 Billion Worth of Deeply Delinquent NPLs Previous: Foreclosures Hit 16-Year Low While Overall Household Debt is Little Changed Next: Mortgage Payments are More Affordable Than Ever With Rents at an All-Time High  Print This Post Tagged with: Deeply Delinquent Loans Freddie Mac Non-Performing Loans NPL Auctions Demand Propels Home Prices Upward 2 days agolast_img