FMCC - Freddie Mac Sells $19.1 Million of NPLs in Extended Timeline Pool | Benzinga

MCLEAN, Va., Oct. 24, 2023 (GLOBE NEWSWIRE) -- Freddie Mac (OTCQB:FMCC) today announced it sold via auction 88 non-performing residential first lien loans (NPLs) from its mortgage-related investments portfolio to GITSIT Solutions, LLC and VRMTG ACQ, LLC, a woman-owned business. The loans are currently serviced by Specialized Loan Servicing LLC. The sale is part of Freddie Mac's Extended Timeline Pool Offering (EXPO^®) and the transaction is expected to settle in December 2023. Freddie Mac, through its advisors, began marketing the transaction on August 28, 2023 to potential bidders, including non-profit organizations and Minority, Women, Disabled, LGBT, Veteran or Service-Disabled Veteran-Owned Businesses (MWDOBs), neighborhood advocacy organizations and private investors active in the NPL market.

Given the delinquency status of the loans, the borrowers have likely been evaluated previously for loss mitigation, including modification or other alternatives to foreclosure, or are in foreclosure. Mortgages that were previously modified and subsequently became delinquent comprise approximately 33 percent of the pool balance. Also, purchasers are required to honor the terms of existing loss mitigation agreements and solicit distressed borrowers for additional assistance except in limited cases and ensure all pending loss mitigation actions are completed.

The EXPO pools and winning bidder are summarized below:

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