Freddie Mac (FMCC) sold via auction 2,201 deeply delinquent non-performing residential first lien loans from its mortgage-related investments portfolio. The loans, with a balance of approximately $438M, are currently serviced by Select Portfolio Servicing, NewRez, d/b/a Shellpoint Mortgage Servicing, Selene Finance, and Nationstar Mortgage, d/b/a Rushmore Servicing. The transaction is expected to settle in December. The sale is part of Freddie Mac’s Standard Pool Offerings. Freddie Mac, through its advisors, began marketing the transaction on September 25, to potential bidders active in the NPL market. Bids for the upcoming Extended Timeline Pool Offering, which is a smaller sized pool of loans, are due from qualified bidders by October 30. The loans in the SPO offerings were offered as four pools of mortgage loans. The pools consist of mortgage loans secured by geographically diverse properties.
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