MCLEAN, VA--(Marketwired - Dec 21, 2015) - Freddie Mac (
These loans have been delinquent for approximately three years, on average. Given the deep delinquency status of the loans, the borrowers have likely been evaluated previously for, or are already in various stages of, loss mitigation, including modification or other alternatives to foreclosure, or are in foreclosure. Mortgages that were previously modified and subsequently became delinquent comprise approximately 43 percent of the aggregate pool balance. The aggregate pool is geographically concentrated in Miami-Dade and Tampa, FL, and has a loan-to-value ratio of approximately 88 percent, based on BPO (Broker Price Opinion).
The pool and cover bid price (second highest bids) are summarized below:
| Description | Pool #1 | |
| Unpaid Principal Balance | $18.4 million | |
| Loan Count | 103 | |
| BPO CLTV | 88 | |
| Average Months Delinquent | 33 | |
| Average Loan Balance ($000) | 178.3 | |
| Geographical Concentration | Florida | |
| Winning Bidder | Community Loan Fund of New Jersey, Inc. | |
| Cover Bid Price | Low $70s |
Freddie Mac, through its advisors, began marketing the transaction on November 9, 2015, to potential bidders, including MWOBs, non-profits, neighborhood advocacy funds and private investors active in the NPL market.
A second pool that is 100 percent concentrated in New Jersey was put out for bid but was not traded based on economics.
Advisors to Freddie Mac on the transaction were Wells Fargo Securities, JPMorgan Securities and First Financial Network, a woman-owned business.
Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation's residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Today Freddie Mac is making home possible for approximately one in four home borrowers and is one of the largest sources of financing for multifamily housing. Additional information is available at FreddieMac.com, Twitter @FreddieMac and Freddie Mac's blog at FreddieMac.com/blog.
