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Freddie Mac Launches Another $1B-Plus NPL Auction; Plenty

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navycmdr Member Level  Tuesday, 11/10/15 02:53:49 PM
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Freddie Mac Launches Another $1B-Plus NPL Auction; Plenty of Product Left in the Well

By Paul Muolo pmuolo@imfpubs.com

Freddie Mac late Monday unveiled another large auction of nonperforming mortgages, this one involving $1.2 billion of what it called deeply delinquent loans that are currently being serviced by Wells Fargo.

The offering marks the GSEs largest NPL auction to date, a tie with a $1.2 billion standard pool deal that went to market in August.

Freddie sells NPLs in two different forms: standard pool deals involving collateral that is large in dollar size and geographically diverse, and ?extended timeline pool offerings or EXPOs, which are smaller and usually concentrated when it comes to geography.

On the new auction, there are seven pools in total, five of which are standard and two of which are considered EXPO deals. Bids on the standard NPL pools are due Dec. 2. The deadline for the others is Dec. 16.

According to Freddies recent 10-Q filing with the Securities and Exchange Commission, the GSE has plenty of NPLs left to sell. At Sept. 30, $24.58 billion of Freddie-backed loans were on nonaccrual status, a 27 percent decline from the same period a year earlier.

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