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July 25, 2021
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Freddie Mac Auctioning $534 Mil of Seasoned Non-Performing Residential First Lien Loans


Freddie Mac is auctioning $534 mil of seasoned non-performing residential first lien loans held in Freddie Macís mortgage-related investments portfolio. The NPLs are currently serviced by Specialized Loan Servicing LLC.

The NPLs are being marketed via five pools: four Standard Pool Offerings (SPOģ) and one Extended Timeline Pool Offering (EXPOģ), which targets participation by smaller investors, including non-profits and Minority, Women, Disabled, LGBT, Veteran or Service-Disabled Veteran-Owned Businesses (MWDOBs).

Bids are due from qualified bidders by October 1, 2020 for the SPO pools, and October 15, 2020 for the EXPO pool. The SPO and EXPO pools are expected to settle in December 2020.

All eligible bidders, including private investors, MWDOBs, non-profits and neighborhood advocacy organizations are encouraged to bid. To participate, all potential bidders must be approved by Freddie Mac and successfully complete a qualification package to access the secure data room containing information about the NPLs and to bid on the NPL pool(s). The bids are to be made on an all-or-none basis for any pool separately or for any combination of SPO pools together. The winning bidder will be determined on the basis of the economics of the bids, subject to meeting Freddie Macís internal reserve levels, at Freddie Macís sole discretion.

Advisors to Freddie Mac on the transaction are Wells Fargo Securities LLC, and First Financial Network Inc, a woman-owned business.

Freddie Macís seasoned loan offerings are focused on reducing less-liquid assets in the companyís mortgage-related investments portfolio in an economically sensible way. This includes sales of NPLs, securitizations of re-performing loans (RPLs) and structured RPL transactions. To date, Freddie Mac has sold $8.4 bil of NPLs and securitized approximately $64.8 bil of RPLs consisting of $28.7 bil via fully guaranteed PCs, $28.3 bil via Seasoned Credit Risk Transfer (SCRT) senior/sub securitizations, and $7.8 bil via Seasoned Loans Structured Transaction (SLST) offerings.

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