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Freddie Mac starting $420M nonperforming loan transaction

Freddie Mac announced a $420 million nonperforming loan transaction, an auction of seasoned nonperforming residential whole loans.

The loans are held in the government-sponsored enterprise's mortgage investment portfolio and are serviced by Shellpoint Mortgage Servicing. They are being marketed via four pools: three standard pool offerings and one extended timeline pool offering.

Bids for the standard pool offerings are due March 13, while qualified bidders have until March 27 to make bids on the extended timeline pool offering. The sales are expected to settle in May.

Advisers to Freddie Mac on the transaction are J.P. Morgan Securities LLC and The Williams Capital Group LP.