Fannie Mae has announced the start of its 19th sale of reperforming loans, which are loans that were once delinquent but have reperformed for a time period.
According to a press release, the sale comprises almost 25,000 loans with an unpaid principal balance of roughly $3.5 billion.
Fannie’s reperforming loan sale terms require the buyer to give loss mitigation options meant to be sustainable for borrowers who might re-default within five years of the reperforming loan sale closing.
Read the full press release.
Source: themortgageleader.com