Fannie Mae Offloads $214 Million in Delinquent Mortgage Debt

The offering comprises two distinct segments: a primary pool of 943 deeply delinquent loans valued at $207.4 million, and a smaller Community Impact Pool (CIP) of 26 loans worth $6.7 million. Qualified bidders have until September 15 to submit offers for the larger portfolio, while the deadline for the Dallas-centric CIP is September 23.

Buyers must adhere to strict loss mitigation requirements mandated by Fannie Mae. Before initiating foreclosure on occupied properties, purchasers are contractually obligated to offer borrowers a waterfall of sustainable alternatives, including loan modifications and potential principal forgiveness. Should foreclosure become unavoidable, the new owners must prioritize selling the properties to owner-occupants and non-profits before considering investor bids, mirroring the company’s internal FirstLook program.