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Fannie Mae announces winning bidder for nonperforming loans sale

The Community Loan Fund of New Jersey Inc. is the winningbidder of Fannie Mae'sfifth community impact pool of nonperforming loans.

The transaction is expected to close Nov. 22.

The pool consists of 120 loans secured by properties in theMiami area with an aggregate unpaid principal balance of about $20.3 million,an average loan size of $169,003 and a weighted average note rate of 5.23%. Theaverage delinquency of the loans is 42 months, with a weighted average broker'sprice opinion loan-to-value ratio of 111%.

The cover bid price for the pool is 56.6% of unpaidprincipal balance or 52.4% of broker price opinion.

Fannie Mae began marketing the loan pool to potentialbidders on Aug. 10, in collaboration with Wells Fargo Securities LLC and TheWilliams Capital Group LP.