MCLEAN, VA--(Marketwired - Jul 8, 2015) - Freddie Mac (OTCQB: FMCC) today announced a $632.2 million non-performing loan (NPLs) transaction, an auction of deeply delinquent loans from its mortgage investment portfolio.
These are being offered as four pools, including three Standard Pool Offering offerings (SPO(SM)) for a total of $608.2 million and a single Extended Timeline Pool Offering (EXPO(SM)) for $23.9 million. The EXPO pool is comprised of NPLs that are 100% concentrated in Cook County, Illinois. The NPLs are currently serviced by CitiMortgage Inc.
Bids are due from qualified bidders on July 28, 2015 on the SPO pools and August 18, 2015 on the EXPO pool.
All eligible bidders, including private investors, minority and women owned businesses (MWOBs), non-profits and neighborhood advocacy funds are encouraged to bid. The winning bidder will be determined on the basis of economics, subject to meeting Freddie Mac's internal reserve levels. To participate, all potential bidders are required to be approved by Freddie Mac to access the secure data room containing information about the NPLs and to bid on the NPL pool.
Advisors to Freddie Mac on the transaction are Citigroup Global Markets Inc., Credit Suisse Securities and The Williams Capital Group, L.P., an MWOB.
Additional information about the company's NPL sales is at http://www.freddiemac.com/npl/.
Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation's residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Today Freddie Mac is making home possible for one in four home borrowers and is one of the largest sources of financing for multifamily housing. Additional information is available at FreddieMac.com, Twitter @FreddieMac and Freddie Mac's blog FreddieMac.com/blog.
The financial and other information contained in the documents that may be accessed on this page speaks only as of the date of those documents. The information could be out of date and no longer accurate. Freddie Mac does not undertake an obligation, and disclaims any duty, to update any of the information in those documents. Freddie Mac's future performance, including financial performance, is subject to various risks and uncertainties that could cause actual results to differ materially from expectations. The factors that could affect the company's future results are discussed more fully in our reports filed with the SEC.