Freddie Mac auctioned off 1,052 delinquent nonperforming loans serviced by Ocwen on May 21 as part of its Standard Pool Offerings.
The loans’ aggregate unpaid principal balance is $201 million. LSF9 Mortgage Holdings was the winning bidder.
The sale is expected to close in July, subject to the Federal Housing Finance Agency NPL sale requirements. It is Freddie’s third sale of deeply delinquent loans from its mortgage investment portfolio this year.
These loans have been delinquent for three years on average. Those auctioned were offered as a single pool of mortgage loans. Previously modified mortgages that later became delinquent comprise 29% of the aggregate pool balance.