New Jersey Community Capital (NJCC) Buys Pool Of Delinquent Miami Mortgages From Fannie Mae

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New Jersey Community Capital (NJCC) Buys Pool Of Delinquent Miami Mortgages From Fannie Mae

The winner of Fannie Mae’s latest auction of nonperforming loans is a familiar face.

New Jersey Community Capital, a nonprofit community development financial institution, made the winning bid for Fannie Mae’s third “community impact pool” of nonperforming loans. NJCC had won the auctions for Fannie Mae’s first and second pools in this series, which are aimed at nonprofits, smaller investors and minority- and women-owned businesses.

The latest pool won by the nonprofit contains 83 loans backed by properties in the Miami metro area. The unpaid principal balances totaled $19.7 million.

The sale price for the pool “was in the high 60s as a percentage of unpaid principal balance,” Fannie Mae said in a news release Thursday. The average loan size for the pool was $237,672, and the average note rate is 5.07%. On average, the loans are 51 months behind on payments.

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