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Bank of America Offering Five Pools of Delinquent Loans For Sale Worth $1.2 Billion

dsnews.com | August 9, 2015

Bank of America is offering five pools of residential mortgage loans for sale totaling $1.2 billion that range in status from current to modified to non-performing, according to multiple media reports on Friday.

Citing a "person with knowledge of the matter," Bloomberg reported that although some of the loans being offered are current, most are in some stage of delinquency. According to the report, Bank of America is servicing four of the pools and Ocwen is servicing the other.

Bank of America spokesman Dan Frahm would not confirm or deny that the bank was offering the loans for sale, stating that the bank didn't comment on "market rumor or speculation." A spokesman from Ocwen did not immediately respond to a request for comment.

The loans being offered for sale by Bank of America are the latest in a series of sales lenders have offered this year in an attempt to remove non-performing loans from their portfolios and at the same time meet investor demand for distressed real estate as foreclosure inventory continues to shrink. According to Mission Capital Advisors, banks that are trying to build more capital and that are facing stricter regulations have sold or offered $18 billion worth of defaulted residential mortgage loans in 2015 alone. That number is slightly ahead of last year's pace, when banks sold $32 billion worth of defaulted residential mortgage loans, according to Mission.

The private market is not the only place where NPL sales are taking place. In the secondary market, Fannie Mae and Freddie Mac have executed several NPL sales in the last year. Freddie Mac, in five of its Standard Pool offerings combined, has sold about $2.76 billion worth of deeply delinquent single-family residential mortgage loans since July 2014. Fannie Mae sold its first-ever bundle of non-performing loans in May 2015, worth $762 million, and announced its second such sale in late July on a bundle of NPLs worth $788 million.


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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).

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