Nearly $1 Billion in Distressed GSE Mortgages Sold

A deal has been reached to transfer ownership on nearly $1 billion in severely distressed government-sponsored enterprise residential loans.

The transaction, which was facilitated through the auction process, involves 5,364 mortgages that are deeply delinquent and non-performing.

Four pools that had a collective unpaid principal balance of $962.7 billion were sold at a weighted average price that wound up in the mid-70s.

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From:: Financing