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Freddie Mac announces nonperforming loan sale

Freddie Mac announced a nonperforming loan transaction of about $655 million, which is an auction of seasoned nonperforming residential whole loans held in Freddie Mac's mortgage-related investments portfolio.

The nonperforming loans are currently serviced by Specialized Loan Servicing LLC. Nonperforming loans are being marketed through four pools, including three standard pool offerings and one extended timeline pool offering, which targets participation by smaller investors, including nonprofits and minority or businesses owned by women.

Bids from bidders are due by Sept. 28 for the standard pool offerings, and Oct. 16 for the extended timeline pool. The sales are anticipated to settle in December.

Wells Fargo Securities LLC and the Williams Capital Group LP are serving as advisers to Freddie Mac.