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Freddie Mac Sells Third Non-Performing Loan Bundle of 2015

Freddie Mac has sold its third bundle of seriously delinquent single-family mortgage loans of 2015 via auction.

The winning bidder was LSF9 Mortgage Holdings, LLC. The sale included 1,052 non-performing loans serviced by Ocwen Financial with an aggregate unpaid principal balance of $201 million. The loans were offered for sale in a single pool.

The winning bid was in the mid-70s percent of the Unpaid Principal Balance for the pool of loans. The weighted average BPO was 93 percent, average loan size was $191,177, and the note rate was 5.28 percent.

The deeply delinquent status of the loans, which are three years delinquent on average, indicates that the borrowers have already been evaluated for or are in some stage of loss mitigation, or are in some stage of foreclosure. Twenty-nine percent of the loans in the pool were loans that were modified that later became delinquent.