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Freddie Mac sells $22M of nonperforming loans

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Freddie Mac sells $22M of nonperforming loans

Freddie Mac sold via auction 118 nonperforming residential first-lien loans with unpaid principal balance of $22.0 million to Matawin Ventures XXVII LLC.

The sale of the loans is part of Freddie Mac's Extended Timeline Pool Offering, which targets participation by smaller investors, including nonprofits and minority-, women-, veteran-, disabled- and LGBT-owned businesses. The loans were serviced by NewRez LLC doing business as Shellpoint Mortgage Servicing.

BofA Securities Inc. and First Financial Network Inc. advised Freddie Mac on the transaction, which is expected to settle in July.