Certified Forensic Loan Auditors, LLC

 
  Upcoming Classes

Search CFLA's Article Archive:

Freddie Mac to Sell $1 Billion Worth of Non-Performing Mortgage Loans

dsnews.com | March 23, 2015

Freddie Mac is selling three pools of non-performing residential home loans with an unpaid principal balance of $1 billion, according to a report from Bloomberg.

The loans will reportedly be sold in three pools totaling $660 million, $249 million, and $125 million. According to the report, the homes sold in the smallest pool are all in New York while the homes related to the two larger pools are dispersed nationwide. Offers are due for the loans on March 24, according to Mission Capital Advisors.

"The loans involved in this transaction are deeply delinquent, including a large share that are more than two years delinquent," said Thomas Fitzgerald, a spokesman for Freddie Mac, in an email to DS News. "The sales process is a one round competitive auction."

Freddie Mac's conservator, the Federal Housing Finance Agency (FHFA), is requiring Freddie Mac and its fellow GSE, Fannie Mae, to reduce the number of non-performing residential loans in their portfolios. This will be Freddie Mac's third sale of nonperforming loans since last summer; the latest $1 billion offering is Freddie Mac's largest of the three. In August, the Enterprise sold a bundle of NPLs totaling $596 million and one in February that covered $392 in UPB. Sales of NPLs by the two Enterprises generally include loans that are seriously delinquent, which are those that are 90 days or more past due. In many cases, the seriously delinquent loans in the GSE portfolios are more than a year overdue. The 1,975 NPLs sold in the February sale were an average of three years delinquent on mortgage payments, meaning that most of them were likely in some stage of mitigation, according to Freddie Mac.

In early March, the FHFA enacted enhanced requirements for the buyers and servicrers of Agency non-performing loans. Among other requirements, bidders must identify servicing partners at the time of qualification and complete a questionnaire to demonstrate a record of successful loan resolution through foreclosure alternatives. Servicers who purchase non-performing Agency loans must apply a "waterfall of resolution tactics" before resorting to foreclosure and report loan resolution results and borrower outcomes to Fannie Mae and Freddie Mac for four years after the NPL sale.

 

 

Back to March 2015 Archive

 

CFLA was founded by the Nation's Leading Foreclosure Defense Attorneys back in 2007 to serve the Foreclosure Defense Industry and fight pervasive Bank Fraud. Since opening our virtual doors, CFLA has rapidly expanded to become the premier online legal destination for small businesses and consumers. But as the company continues to grow, we're careful to hold true to our original vision. For us, putting the law within reach of millions of people is more than just a novel idea—it's the founding principle, just ask Andrew P. Lehman, J.D.. With convenient locations in Houston and Los Angeles, you can contact Our National Account Specialist and General Manager / Member Damion W. Emholtz at 888-758-2352 for a free Mortgage Fraud Analysis or to obtain samples of work product, including cutting edge Bloomberg Securitization Audits, Litigation Support, Quiet Title Packages, and for more information about our Nationally Accredited and U.S. Department of Education Approved "Mortgage Securitization Analyst Training Certification" Classes (3 days) 24 hours for approved CLE & MCLE Credit (Now Available Online).

SEE BELOW- http://www.certifiedforensicloanauditors.com

Call us toll free at 888-758-2352

Bookmark and Share
spacer
Facebook Like us on Facebook
Twitter Follow us on Twitter
YouTube View our YouTube Videos
LinkedIn Connect to us on Linkedin
 
BBB Logo

 

spacer

Contact us or view our Sample Documents & Audits by completing the form below.

  • Reload
  • Should be Empty:



 

DVD Sets Only $99

 

FREE Mortgage Fraud Analysis

 

Order Cutting-Edge Services Now

 

Quiet Title Packages from Licensed Attorneys

 

Affiliate Services

 

CFLA Sponsored Attorney Links

 

Take-Home Education Package