Servicers Navigate the Post-Pandemic World 2 days ago Deeply Delinquent Loans Fannie Mae Freddie Mac Non-Performing Loans 2015-11-10 Brian Honea Demand Propels Home Prices Upward 2 days ago in Daily Dose, Featured, News, Secondary Market About Author: Brian Honea Related Articles Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save November 10, 2015 1,419 Views Servicers Navigate the Post-Pandemic World 2 days ago Print This Post Subscribe Fannie Mae, Freddie Mac Continue Aggressive Campaign to Sell Non-Performing Loans Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Home / Daily Dose / Fannie Mae, Freddie Mac Continue Aggressive Campaign to Sell Non-Performing Loans Sign up for DS News Daily Previous: Foreclosure Completions Skyrocket While Inventory Plummets Next: FHFA Expands Neighborhood Stabilization Initiative to 18 Metros It is not yet midway through the week, and the GSEs have already had a busy week with their aggressive campaign to excise deeply delinquent, non-performing loans (NPLs) from their respective single-family residential mortgage investment portfolios.Fannie Mae announced the winners in its third NPL sale on Tuesday, and on Monday Freddie Mac announced its eighth NPL transaction of 2015. Both transactions total approximately $1.2 billion in unpaid principal balance (UPB).The Fannie Mae transaction totaled approximately 7,000 loans with about $1.24 billion in UPB, divided amongst three pools. Fannie Mae began marketing the loans to potential bidders on October 9 in collaboration with Credit Suisse Securities (USA) LLC, Bank of America Merrill Lynch, J.P. Morgan Securities LLC and the Williams Capital Group L.P. The breakdown of the three pools is as follows:Pool #1 consists of 1,963 loans with an aggregate UPB of $418.8 million; the average loan size is $213,366, and the loans are delinquent an average of 52 months. The weighted average note rate is 5.21 percent and the weighted average Broker Price Opinion (BPO) LTV is 108 percent. The winning bidder on this pool was Fortress (New Residential Investment Corp.).Pool #2 consists of 3,823 loans with an aggregate UPB of $588.3 million with an average loan size $153,902. The weighted average note rate is 5.32 percent and the weighted average BPO LTV is 70 percent. The loans are delinquent an average of 34 months. The winning bidder on this pool was Goldman Sachs (MTGLQ Investors, L.P.).Pool #3 consists of 1,224 loans with an aggregate UPB of $235.3 million and an average loan size of $192,256. The loans have a weighted average note rate of 4.90 percent and a weighted average BPO LTV of 135 percent. The loans are an average of 34 months delinquent. The winning bidder for this pool was Fortress (New Residential Investment Corp.).The three pools together included an average loan size of $177,251, a weighted average note rate of 5.20 percent, and a weighted average BPO LTV of 95 percent. The average delinquency of the loans in the three pools was 41 months. The transaction is expected to close on December 17.“The non-performing loans included in this sale are severely delinquent and despite our ongoing efforts to offer loss mitigation on these loans, they remain non-performing,” said Joy Cianci, Fannie Mae’s SVP for Credit Portfolio Management. “We are offering non-performing loan sales to investors and their servicers who can help borrowers avoid foreclosure wherever possible by applying a wider range of loss mitigation options than we have available.”Fannie Mae completed its first-ever bulk NPL transaction in April. That sale included approximately 3,200 deeply delinquent residential mortgage loans totaling $786 million in UPB. In July, Fannie Mae completed its second NPL sale, which included about 3,000 NPLs totaling $777 million in UPB and a smaller community pool consisting of 75 loans totaling $11 million in UPB.Meanwhile, Freddie Mac announced an NPL transaction which includes deeply delinquent loans serviced by Wells Fargo totaling $1.2 billion in UPB. It is Freddie Mac’s eighth NPL transaction of 2015. This bundle of NPLs is being marketed in seven pools: five geographically Standard Pool Offerings (SPOs) and two geographically concentrated Extended Timeline Pool Offerings (EXPOs), which target participation by non-profits, minority and women-owned businesses (MWOB), and smaller investors.Bids are due from qualified bidders on the SPO offerings on December 2 and on the EXPO offerings on December 16, and the transactions are expected to settle sometime in the first quarter of 2016.Freddie Mac’s previous NPL sales total approximately $4.26 billion in UPB.For more information on Fannie Mae’s NPL sales, click here.For more information on Freddie Mac’s NPL sales, click here. The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Tagged with: Deeply Delinquent Loans Fannie Mae Freddie Mac Non-Performing Loans Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland.
On Monday, October 31st, Greensky Bluegrass got the Halloween festivities going with a matinee performance at Brooklyn Bowl Las Vegas, playing an afternoon set before Phish’s at the MGM Grand. With many fans in town with the sole purpose to see Phish, Greensky opted to don their own musical costume for the phans in the audience. Though playing Phish’s music is certainly in their wheelhouse, Greensky instead played a full set of songs that Phish covers to keep their crowd dancing for a wild performance.Whether it was the regular Phish covers like “Funky Bitch” or “Rock And Roll,” or the more obscure selections like Pink Floyd’s “Time” or Grank Funk Railroad’s “We’re An American Band,” there was no denying the sheer fun and energy from the set. Fortunately, taper ToddHodulik has offered up a full stream of the performance for our listening pleasure.Check out the full audio from the GSBG’s Phish cover show below![Photo taken by On The DL Photography, via Greensky Bluegrass’s Facebook Page]