04/08/2021 | Press release | Distributed by Public on 04/08/2021 08:00
WASHINGTON, DC - Fannie Mae (FNMA/OTCQB) today began marketing its twentieth sale of reperforming loans as part of the company's ongoing effort to reduce the size of its retained mortgage portfolio.
The sale consists of approximately 24,900 loans, having an unpaid principal balance of approximately $4.3 billion, and is available for purchase by qualified bidders. Interested bidders can register here.
This sale of reperforming loans is being marketed in collaboration with Citigroup Global Markets, Inc. Bids are due on May 4, 2021.
Reperforming loans are loans that were previously delinquent but have reperformed for a period of time. The terms of Fannie Mae's reperforming loan sale require the buyer to offer loss mitigation options designed to be sustainable to any borrower who may re-default within five years following the closing of the reperforming loan sale. In addition, buyers must report on loss mitigation outcomes. Any reporting requirements cease once a loan has been current for twelve consecutive months after the closing of the reperforming loan sale.
Interested bidders can register for ongoing announcements, training, and other information here. Fannie Mae will also post information about specific pools available for purchase on that page.