Fannie Mae announces sale of non-performing loans
Fannie Mae announced its latest sale of non-performing loans, including the company's eleventh and twelfth Community Impact Pools. Community Impact Pools are typically smaller pools of loans that are geographically-focused, and marketed to encourage participation by non-profit organizations, minority- and women-owned businesses, and smaller investors. The three larger pools include approximately 5,900 loans totaling $1.04B in unpaid principal balance and the Community Impact Pools of approximately 190 loans totaling $35.68M in UPB. The Community Impact Pools consist of one pool geographically located in the metro area of Orlando, Florida, as well as one in the Tampa, Florida area. All pools are available for purchase by qualified bidders. This sale of non-performing loans is being marketed in collaboration with Bank of America Merrill Lynch and First Financial Network, Inc., as advisors. Bids are due on the three larger pools on March 6 and on the Community Impact Pools on March 20.