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Freddie Mac to offer $400M of nonperforming loans

Freddie Mac is auctioning off about $400 million of seasoned, nonperforming residential first-lien loans held in the company's mortgage-related investments portfolio.

The nonperforming loans are currently serviced by Specialized Loan Servicing LLC. They are being marketed via five pools: four standard pool offerings and one extended timeline pool offering, which targets participation by smaller investors, including nonprofits and minority-, women-, disabled-, LGBT-, veteran- or service-disabled veteran-owned businesses.

Bids are due from qualified bidders by Oct. 31 for the SPO pools and Nov. 14 for the EXPO pool. The SPO pools are expected to settle in January 2020 and February 2020 for the EXPO pools.

Advisers to Freddie Mac on the transaction are J.P. Morgan Securities LLC and First Financial Network Inc.