Freddie Mac announced Wednesday that it is selling $1 billion in non-performing loans off its books to a familiar group of private investors.
Among the winning bidders in the NPL auction are Pretium Mortgage Credit Partners I Loan Acquisition, Upland Mortgage Acquisition Company II, and Rushmore Loan Management Services, all of which previously purchased NPL pools from either Fannie Mae or Freddie Mac.
The sale, which Freddie Mac initially announced in September, is the first multi-servicer NPL sale for Freddie Mac. Either Wells Fargo or Ditech Financial is currently servicing the loans in the four pools that make up this NPL sale.
Previously, Freddie Mac’s NPL sales were on pools of loans from the same servicer.
According to Freddie Mac, the loans in this sale have been delinquent for over...