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Fannie Mae commences sale of nonperforming loans

Fannie Mae is selling five pools of nonperforming loans totaling about $1.84 billion in unpaid principal balance.

The four larger pools include approximately 10,300 loans totaling $1.71 billion in unpaid principal balance. Bids on these pools are due June 5.

The fifth is a community impact pool consisting of loans in the metro areas of New Jersey; New York; Baltimore; Miami; and Cook County, Ill. The pool holds approximately 700 loans totaling about $134.5 million in unpaid principal balance. The deadline for bids is June 19.

The sale is being marketed in collaboration with Bank of America Merrill Lynch and The Williams Capital Group as advisers.