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Freddie Mac auctions $341M of nonperforming loans

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Freddie Mac auctions $341M of nonperforming loans

Freddie Mac has sold via auction 2,150 deeply delinquent nonperforming loans worth $341 million currently serviced by New Penn Financial LLC, which does business as Shellpoint Mortgage Servicing.

The sale is part of Freddie Mac's standard pool offerings. Two of the three pools consist of mortgage loans secured by geographically diverse properties. The remaining pool consists solely of mortgage loans secured by properties in Chicago, Cook County.

The transaction is expected to settle in May. Bids for the upcoming extended timeline pool offering, which is a smaller-sized pool of loans, are due by March 27.

Advisers to Freddie Mac on the transaction are JPMorgan Chase LLC and The Williams Capital Group LP.