Fannie Mae Announces Winners of its Latest Non-Performing Loan Sale – Goldman Sachs

WASHINGTON, DC – Fannie Mae (FNMA/OTC) today announced the winning bidders for its fifth non-performing loan sale. The sale included approximately 7,900 loans totaling $1.48 billion in unpaid principal balance, divided amongst four pools. The winning bidder for the transaction, expected to close June 27, 2016, is Goldman Sachs (MTGLQ Investors, L.P.) for all four pools.

“We continue to strive to help struggling borrowers avoid foreclosure, but many loans remain non-performing despite our many attempts to pursue loss mitigation alternatives. With this sale, we continue to reduce our holdings of non-performing loans which creates additional opportunities for borrowers to avoid foreclosure, and limits the potential impact of these loans on Fannie Mae and taxpayers,” said Joy Cianci, Senior Vice President, Credit Portfolio Management, Fannie Mae.

In collaboration with Bank of America Merrill Lynch, First Financial Network, Inc. and CastleOak Securities, L.P., Fannie Mae began marketing these loans to potential bidders on April 12, 2016. Separately, bids are due on Fannie Mae’s third Community Impact Pool on May 19, 2016.

More here…