Fannie Mae has released details of its first bulk sale of nonperforming loans, just one day after announcing its plans to go ahead with these transactions.
The pool that Fannie Mae began marketing Wednesday includes around 3,200 loans with $786 million in unpaid principal balance. The government-sponsored entity has collaborated with Bank of America Merrill Lynch, Credit Suisse and The Williams Capital Group in spreading the word about the NPLs.
Registration is open on Fannie Mae's website for interested bidders for them to receive announcements, training and other information pertaining to the sale. Specific information about the pools will also be posted to the site.
With the sale of these loans, Fannie Mae aims to reduce the number of delinquent loans it owns and provide additional foreclosure prevention opportunities, Fannie Mae's senior vice president for credit portfolio management, Joy Cianci, said in a news release announcing the sale.
"We plan to build these sales into a programmatic offering, and look forward to working with a diverse range of potential buyers over time, including smaller investors, nonprofit organizations and minority- and women-owned businesses," Cianci said.
