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

BY PR Newswire | AGENCY | 03/26/24 10:00 AM EDT

WASHINGTON, March 26, 2024 /PRNewswire/ --?Fannie Mae ?today announced the winning bidder for its twenty-third Community Impact Pool (CIP) of non-performing loans. The transaction is expected to close on May 22, 2024, and includes 37 loans totaling $10.4 million in unpaid principal balance (UPB). The loans are geographically focused in the New York/New Jersey area, and the winning bidder was GITSIT Solutions, LLC (Tourmalet).?The pool was marketed with BofA Securities, Inc. and First Financial Network, Inc. as advisors.

(PRNewsfoto/Fannie Mae)

The CIP awarded in this most recent transaction includes 37 deeply delinquent loans with an aggregate UPB of $10,367,995; average loan size of $280,216; and weighted average note rate of 4.51%.

The cover bid, which was the second highest bid, for the CIP was 86.56% of UPB (36.61% 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 | 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

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/fannie-mae-announces-winner-of-twenty-third-community-impact-pool-of-non-performing-loans-302099218.html

SOURCE Fannie Mae

In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.

Lower-quality debt securities generally offer higher yields, but also involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. Any fixed income security sold or redeemed prior to maturity may be subject to loss.

Before investing, consider the funds' investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.

fir_news_article