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Fannie Mae seeks sale of nonperforming loans

FannieMae on April 12 announced its sale of nonperforming loans,including the third community impact pool.

The community impact pool is a geographically-focused, highoccupancy pool and is being offered to invite participation by smallerinvestors, nonprofit organizations and minority- and women-owned businesses.

Fannie Mae is looking to sell four larger pools of about8,200 loans totaling $1.53 billion in unpaid principal balance and thecommunity impact pool of about 80 loans, focused in the Miami area, totaling$20 million in unpaid principal balance.

Bids are due on May 5 for the four larger pools and on May19 for the community impact pool.

Bank of America Merrill Lynch, First Financial Network Inc.and Castle Oak Securities LP are the advisers for the transaction.