Freddie Mac Announces First Seriously Delinquent Loan Sale of 2015

first_img March 3, 2015 1,033 Views  Print This Post The Week Ahead: Nearing the Forbearance Exit 2 days ago in Daily Dose, Featured, News, Secondary Market The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Freddie Mac Announces First Seriously Delinquent Loan Sale of 2015 Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Subscribe About Author: Brian Honea Tagged with: FHFA Freddie Mac Seriously Delinquent Loans Related Articles Demand Propels Home Prices Upward 2 days agocenter_img In the first bulk sale of seriously delinquent mortgage loans from its portfolio in 2015, Freddie Mac announced on Tuesday it has auctioned off 1,975 deeply delinquent non-performing loans with an aggregate unpaid balance of approximately $392 million.The loans that were sold in the auction were an average of three years delinquent on mortgage payments, according to Freddie Mac, meaning that the borrowers for all the loans are all likely in some stage of mitigation – either loan modification, a foreclosure alternative such as a short sale or deed-in-lieu of foreclosure, or actually in foreclosure. Loans that were modified and later became delinquent made up about 24 percent of the aggregate pool, according to Freddie Mac.The loans were offered as three separate pools. The winning bidder for both Pool No. 1 and Pool No. 2 was Pretium Mortgage Credit Partners/Loan Acquisition, LP. The winning bidder on Pool No. 3 was Bayview Acquisition, LLC.Pool No. 1 included 752 non-performing loans with an aggregate unpaid balance of $136.2 million and a broker price opinion loan-to-value of 74 percent; Pool No. 2 included 468 non-performing loans with an aggregate UPB of $102.4 million and a BPO LTV of 100 percent; and Pool No. 3 included 755 non-performing loans with an aggregate UPB of $153.1 million and a BPO LTV of 135 percent. According to Freddie Mac, the average loan size on the aggregate of the three loan pools was $198,400, and the average note rate was 5.39 percent. The aggregate weighted average LTF was 96.1 percent of the property value based on BPOs, according to Freddie Mac. The winning bidders must meet certain servicer qualification requirements.Freddie Mac first announced the auction for these three pools of deeply delinquent loans on January 21, with Bank of America Merrill Lynch, Credit Suisse and The Williams Capital Group acting as advisors for the transaction. The conservator for both Freddie Mac and its fellow GSE, Fannie Mae, is requiring the two Enterprises to reduce the number of delinquent loans in their portfolios. Fannie Mae has yet to sell any of its delinquent loans in bulk quantity; Freddie Mac sold its first bundle of delinquent loans for $659 million in July 2014. Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Share Save Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland. Sign up for DS News Daily FHFA Freddie Mac Seriously Delinquent Loans 2015-03-03 Brian Honea Home / Daily Dose / Freddie Mac Announces First Seriously Delinquent Loan Sale of 2015 Previous: Distressed Home Sales, Foreclosure Inventory Decline Substantially Next: Mortgage Contracting Services Welcomes New Assistant VP of Compliancelast_img read more

Egg industry calls for mandatory labelling

first_imgThe British Egg Industry Council (BEIC) is calling for the mandatory introduction of labelling, detailing the production method and country of origin of egg products.The BEIC has written to the European Commission asking for more stringent labelling regulation, in order to ensure consumers are able to make informed decisions about the food they purchase.The call comes in advance of the submission of a report by the European Commission (EC) to the European Parliament, ahead of the new EC Food Information for Consumer rules, which come into force on 13 December 2014. The report will cover mandatory indication of the country of origin for unprocessed foods, single ingredient products and ingredients that represent more than 50% of a food, according to the Commission.Ian Jones, chairman, British Lion egg processors, said: “We hope the Commission will take the BEIC’s call for mandatory labelling seriously and, once it is in place, we would then like to extend this to products containing eggs.”He said that since the horsemeat scandal last January, consumers have never been more interested in the provenance of the food they buy.He continued: “We know consumers want to know whether the eggs in food products, such as quiche and egg sandwiches, are British and this will be the first stage to making this happen.”Country of origin and production method labelling has already been introduced for shell eggs produced in the egg, “to great effect”, however the BEIC is keen to extend this to food containing egg products.last_img read more