Skip to main content

Freddie Mac Auctions Extended Timeline Pool Offering of NPLs. Team Thayer Real Estate News

seal-on-moneyFreddie Mac announced Thursday that it sold 157 deeply delinquent non-performing loans (NPLs) totaling about $31 million in aggregate unpaid principal balance (UPB) in its first-ever Extended Timeline Pool Offering (EXPO) sale on June 3.
EXPOs differ from Freddie Mac's Standard Pool Offerings in that the loans include smaller pool sizes and a longer marketing period. Freddie Mac is targeting smaller investors with its EXPO auctions, which are intended to give these investors extra time to secure funding to participate in the NPL sales.
Freddie Mac began marketing the pool of loans on April 21 and encouraged private investors, minority- and women-owned businesses, non-profits, and neighborhood advocacy funds to bid in the auction, subject to meeting bidder qualification requirements. Those requirements include: the bidding servicer must be approved by and in good standing with GSEs; the servicers must prioritize loan modifications over non-home retention solutions and encourage sales to owner occupants and non-profits; servicers must comply with the Treasury Department's Making Home Affordable Programs, including the Home Affordable Modification Program (HAMP), and must evaluate eligible borrowers for those programs; servicers must evaluate borrowers for proprietary modifications when they are deemed non-HAMP eligible; and servicers must honor all completed modifications.
The winning bidder for the single pool of loans was Corona Asset Management XII, LLC. The cover bid price, the second highest bid, was in the high 80s percent of UPB. The weighted average of broker price opinion, loan-to-value was 80 percent; the average loan size of the 157 loans was $199,079; and the note rate was 5.6 percent.
The loans in the pool were an average of four years delinquent, meaning the loans have either been previously evaluated or are in various stages of loss mitigation or are in foreclosure. Approximately 22 percent of the aggregate pool balance was made up of loans that were previously modified and later became delinquent, according to Freddie Mac.
Wells Fargo Securities and the Williams Capital Group acted as advisors to Freddie Mac for the transaction. The transaction is expected to settle in late July 2015.

Justin Lee Thayer is Lane counties expert in market analysis for real estate investors. Call Justin @ 541-543-7287
Sharing is caring use the social b buttons below to share this post

Popular posts from this blog

UFC 227 play-by-play and live results #UFC #MMA #UFC227

LOS ANGELES – MMAjunkie is on scene and reporting live from today’s UFC 227 event, and you can join us for live play-by-play and official results beginning at 6:30 p.m. ET (3:30 p.m. PT). The event takes place at Staples Center in Los Angeles. The main card airs on pay-per-view following preliminary-card bouts on FX and UFC Fight Pass. In the main event, bantamweight champion T.J. Dillashaw (15-3 MMA, 11-3 UFC) rematches former champ and ex-teammate Cody Garbrandt (11-1 MMA, 6-1 UFC) for the title. In the co-feature, flyweight champion Demetrious Johnson (27-2-1 MMA, 15-1-1 UFC) has a rematch with Olympic gold medalist and former title challenger Henry Cejudo (12-2 MMA, 6-2 UFC). Follow along with our round-by-round updates and official results beginning at approximately 6:30 p.m. ET for the UFC Fight Pass prelims, 8 p.m. ET for the prelims on FX, and 10 p.m. ET for the main card on pay-per-view. To discuss the show, be sure to check out our  UFC 227 discussion thread...

First-Time Home Buyer Mortgage Risk Edge Up Team Thayer Real Estate news.

The first-time buyer share in April, May, and June was launched to new highs, supported by improvements in the labor market, riskier mortgage lending, and continuing low mortgage rates. The  American Enterprise Institute (AEI)  International Center on Housing Risk  recently released a  report , finding that first-time buyers account for 58.8 percent of primary owner-occupied home purchase mortgages with a government guarantee, up from 57.2 percent the prior June, according to the Agency First-Time Buyer Mortgage Share Index (FBMSI). The Combined FBMSI, which measures the share of first-time buyers for both government-guaranteed and private-sector mortgages reached an estimated 52.9 percent, up from 51.6 percent the prior June, according to the report. In addition, AEI determined that the Agency First-Time Buyer Mortgage Risk Index (FBMRI) stood at a series record of 15.83 percent, and increase of half of a percentage point from the average over the prio...

Team Thayer Real Estate House Flipping Traps! #flippinghouses #eugeneoregon #oregon #housing #market #realestate

If you’ve got several leads waiting to turn into potential deals, you can’t wait for one to suddenly come knocking at your door. Successful real estate house flippers have one trait in common: they place an emphasis on proper planning. Once you’ve secured a deal, you must decide what kind of rehab you will perform. Will you conduct a few simple cosmetic upgrades (like these  10 rehab projects you finish in one weekend )? Or, is the home nice enough to sell after  an easy prehab ? Are there structural damages that will require you to carry out more major renovations? Will you focus on implementing environmentally friendly renovations  – also known as “greenhabbing” – so that you  qualify for certain tax benefits ? Once you’ve determined your strategy, it is important to ask yourself these specific questions before diving into the construction action: What are the current market conditions in my area? What does my ideal buyer look like? Does my marketing cam...