Fannie Mae announced plans to jettison $1.84 billion in non-performing loans, a small portion of which are from its thirteenth Community Impact Pool, a small pool for marginalized or small investors.
According to a release from Fannie, there are 11,000 non-performing loans up for sale, and of those, 700 are from its Community Impact Pools.
Community Impact Pools are smaller loan pools that are geographically-focused and marketed toward non-profits, minority and women-owned businesses, and smaller investors. These Community Impact Pool loans are located in New Jersey, New York, Cook County Illinois, Baltimore and Miami.
Incumbent in the sale of Fannie Mae’s non-performing loans are requirements that buyers of these loans pursue loss mitigation that is sustainable for the borrowers.
Fannie Mae is partnering with Bank of America Merill Lynch and The Williams Capital Group to market the non-performing loans. The two pools will be marketed separately. Bids for the 10,300 loans from larger pools are due June 5, and bids on the Community Impact Pool are due on June 19.
