MCLEAN, VA--(Marketwired - Mar 17, 2017) - Freddie Mac (
The loans were offered as four separate pools of geographically diverse mortgage loans. Investors had the flexibility to bid on each pool individually and/or a combination of pools.
The loans have been delinquent for over two 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 50 percent of the aggregate pool balance. The aggregate pool is geographically diverse and has a loan-to-value ratio of approximately 89 percent, based on Broker Price Opinion (BPO).
The pools and winning bidders are summarized below:
| Description | Pool #1 | Pool #2 | Pool #3 | Pool #4 | ||||
| Unpaid Principal Balance | $203.0 million | $111.4 million | $171.2 million | $181.4 million | ||||
| Loan Count | 1,171 | 700 | 830 | 920 | ||||
| CLTV Range | Less than 90 | Less than 90 | Greater than or equal to 90 and less than 110 | Greater than or equal 110 | ||||
| BPO CLTV | 71 | 69 | 99 | 136 | ||||
| Average Months Delinquent | 31 | 20 | 26 | 26 | ||||
| Average Loan Balance ($000) | 173.3 | 159.1 | 206.3 | 197.2 | ||||
| Geographical Distribution | National | National | National | National | ||||
| Winning Bidder | Pretium Mortgage Credit Partners I Loan Acquisition, LP | Pretium Mortgage Credit Partners I Loan Acquisition, LP | Upland Mortgage Acquisition Company II, LLC | Rushmore Loan Management Services LLC | ||||
| Cover Bid Price (second-highest bid price) | Mid $80s | High $80s | High $60s | High $40s | ||||
Advisors to Freddie Mac on the transaction are Wells Fargo Securities, LLC and First Financial Network, Inc., a woman-owned business.
Freddie Mac's Seasoned Loan Offerings are focused on reducing less liquid assets in an economically sensible way from the company's mortgage investments portfolio. This includes sales of NPLs, securitizations of re-performing loans (RPL) and structured RPL transactions. Prior to this trade, Freddie Mac has sold more than $6.6 billion in NPLs, securitized $26 billion in RPLs and transacted $1 billion in structured offerings. Requirements guiding the servicing of these transactions are focused on improving borrower outcomes and stabilizing communities. Additional information about the company's seasoned loan offerings is at http://www.freddiemac.com/seasonedloanofferings/index.html .
Freddie Mac makes home possible for millions of families and individuals by providing mortgage capital to lenders. Since our creation by Congress in 1970, we've made housing more accessible and affordable for homebuyers and renters in communities nationwide. We are building a better housing finance system for homebuyers, renters, lenders and taxpayers. Learn more at FreddieMac.com , Twitter @FreddieMac and Freddie Mac's blog FreddieMac.com/blog .
