Freddie takin' out the GARBAGE loans ...
improved profitability !
Freddie Unveils First NPL Auction of 2016: $1.6B of Loans
Serviced by NSM; At Least $7.1B Queued Up ?
By Paul Muolo email@example.com
Freddie Mac is in the market with its first nonperforming loan auction of 2016
a $1.6 billion package of seasoned whole loans
held in its investment portfolio.
The mortgages are currently being serviced by Nationstar Mortgage.
Freddie has stratified the NPLs into seven pools: five geographically diversified
standard pool offerings and two geographically concentrated extended timeline
packages, the latter of which targets small investors, including non-profits and
minority- and women-owned businesses.
Bids are due from qualified investors Feb. 23 on the standard pools and
March 8 on the other. The sales are expected to settle in the second quarter
According to Freddie's last 10-Q filing with the SEC, it sold $1.9 billion of
seriously delinquent NPLs during the first nine months of 2015. It reported
holding an additional $7.1 billion of NPLs in its available-for-sale account
. We believe the sale of these mortgage loans provides better economic
returns than continuing to hold them, the GSE noted.