Fannie Mae announced earlier this week that it plans to sell more than $1 billion in non-performing loans as it continues its effort to rid its portfolio of deeply delinquent loans.
The sale will be conducted with five different pools of non-performing loans. One of the pools is a Community Impact Pool, which are smaller pools of loans that are marketed to encourage participation by smaller investors, non-profit organizations, and minority- and women-owned businesses.
The smaller pool of loans is also geographically focused and high occupancy, Fannie Mae said. According to Fannie Mae, the smaller pool consists of 120 loans, focused in the Miami, Florida area, totaling $20.7 million in unpaid principal balance.
The four of larger pools total approximately 6,900 loans and carry a total unpaid principal balance of $1.08 billion.