Fannie Mae Announces Winner of Twenty-Fifth Community Impact Pool of Non-Performing Loans

Rhea-AI Summary

Fannie Mae (FNMA) has announced RCG Strategic Acquisitions, as the winning bidder for its twenty-fifth Community Impact Pool (CIP) of non-performing loans. The transaction, set to close on December 20, 2024, comprises 29 deeply delinquent loans focused in the New York area, totaling $7.2 million in unpaid principal balance (UPB). The pool has an average loan size of $247,419 and a weighted average note rate of 4.93%.

The cover bid was 90.85% of UPB. Purchasers must honor existing loss mitigation efforts and offer delinquent borrowers various options, including loan modifications with possible principal forgiveness, before initiating foreclosure.

News Market Reaction – FNMA

-8.43%

-8.43% Session move

In the trading session that priced this news, FNMA declined 8.43%, reflecting a notable negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

WASHINGTON, Oct. 24, 2024 /PRNewswire/ -- Fannie Mae (OTCQB: FNMA) today announced the winning bidder for its twenty-fifth Community Impact Pool (CIP) of non-performing loans. The transaction is expected to close on December 20, 2024, and includes 29 deeply delinquent loans totaling $7.2 million in unpaid principal balance (UPB). The loans are geographically focused in the New York area, and the winning bidder was RCG Strategic Acquisitions, LLC. The pool was marketed with BofA Securities, Inc. and First Financial Network, Inc. as advisors.

The CIP awarded in this most recent transaction includes 29 loans with an aggregate UPB of $7,175,159; average loan size of $247,419; and weighted average note rate of 4.93%.

The cover bid, which was the second highest bid, for the CIP was 90.85% of UPB (27.56% of BPO).

All purchasers are required to honor any approved or in-process loss mitigation efforts at the time of sale, including forbearance arrangements and loan modifications. In addition, purchasers must offer delinquent borrowers a waterfall of loss mitigation options, including loan modifications, which may include principal forgiveness, prior to initiating foreclosure on any loan.

Interested bidders can register for ongoing announcements, training, and other information here. Fannie Mae will also post information about specific pools available for purchase on that page.

About Fannie Mae
Fannie Mae advances equitable and sustainable access to homeownership and quality, affordable rental housing for millions of people across America. We enable the 30-year fixed-rate mortgage and drive responsible innovation to make homebuying and renting easier, fairer, and more accessible. To learn more, visit:
fanniemae.com | X (formerly Twitter) | Facebook | LinkedIn | Instagram | YouTube | Blog

Fannie Mae Newsroom
https://www.fanniemae.com/news

Photo of Fannie Mae
https://www.fanniemae.com/resources/img/about-fm/fm-building.tif

Fannie Mae Resource Center
1-800-2FANNIE

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/fannie-mae-announces-winner-of-twenty-fifth-community-impact-pool-of-non-performing-loans-302285998.html

SOURCE Fannie Mae

FAQ

What is the total value of Fannie Mae's (FNMA) 25th Community Impact Pool of non-performing loans?

The 25th Community Impact Pool includes 29 loans with a total unpaid principal balance of $7.2 million.

Who won the bid for Fannie Mae's (FNMA) latest Community Impact Pool in October 2024?

RCG Strategic Acquisitions, won the bid for Fannie Mae's twenty-fifth Community Impact Pool.

What is the average loan size in Fannie Mae's (FNMA) latest Community Impact Pool?

The average loan size in the pool is $247,419, with a weighted average note rate of 4.93%.

What obligations do purchasers of Fannie Mae's (FNMA) non-performing loans have?

Purchasers must honor existing loss mitigation efforts, including forbearance arrangements and loan modifications, and must offer delinquent borrowers loss mitigation options before initiating foreclosure.