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Fannie Mae discloses winning bidder of nonperforming loans sale

Fannie Mae said New Jersey Community Capital, a nonprofit community development financial institution, is the winning bidder of its pool of nonperforming loans.

The sale includes 158 loans with an unpaid principal balance of about $26 million that are secured by properties located in New York and New Jersey. The transaction is expected to close May 23.

The pool's cover bid price is 50.2% of unpaid principal balance. The average loan size is $164,360, the weighted average note rate is 5.29%, the weighted average delinquency is 46 months, and the weighted average broker's price opinion loan-to-value ratio is 93.46%.