Upb of first and second notes1/28/2024 ![]() The sales of nonperforming mortgages are intended to reduce the number of seriously delinquent loans owned by Fannie Mae with the goal of helping to stabilize neighborhoods and to also meet the portfolio-reduction targets established under Fannie’s senior preferred stock purchase agreement with the U.S. In this case, the CIP is composed of loans made in the New York area. “CIPs are typically smaller pools of loans that are geographically focused and marketed to encourage participation by nonprofit organizations, minority- and women-owned businesses and smaller investors,” Fannie Mae state in its original announcement of the nonperforming loan sale. That pool, dubbed the Community Impact Pool (CIP) includes 120 loans with a UPB of $36.3 million. The cover bids, which represent the second highest bid per pool, however, were 94.59% of the unpaid principal balance (UPB) for Pool 1 and 101.59% of UPB for Pool 2.Ī third nonperforming loan pool that is part of the package is still scheduled to be auctioned off, with bids due on June 21. ![]() The deal is the nineteenth sale of nonperforming loans since the inaugural sale in 2015. The transaction, which represents Fannie Mae’s first nonperforming loans sale this year, is slated to close July 27. Pool 2 includes 1,588 loans valued at $226.9 million, with an average loan size of $142,888 and an average note rate of $4.86%.īofA Securities Inc. Pool 1 consisted of 1,635 loans valued at $250.3 million, with an average loan size of $153,097 and an average mortgage note rate of 4.62%. The nonperforming loans involved in the deal, dubbed FNMA 2022-NPL1, were divided into two pools, with MCLP the winning bidder for both pools. ![]() Fannie Mae identifies MCLP as being affiliated with Goldman Sachs in its announcement of the deal. The top bidder is MCLP Asset Co., which is registered as a debt-collection agency with the city of New York’s Department of Consumer Affairs and lists its address as being a Manhattan property that also is home to Goldman Sachs’ headquarters - 200 West Street in Manhattan. Fannie Mae has chosen the winning bidder for its inaugural nonperforming loan sale of 2022, a deal involving 3,223 loans with an unpaid principal balance of $477.2 million that was divided into two separate pools.
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