For the SPO® offerings, the loans were offered as two separate pools of mortgage loans. The two pools consist of mortgage loans secured by geographically diverse properties. Investors had the flexibility to bid on each pool individually and/or any combination of pools.
Given the delinquency status of the loans, the borrowers have likely been evaluated previously for loss mitigation, including modification or other alternatives to foreclosure, or are in foreclosure. Mortgages that were previously modified and subsequently became delinquent comprise approximately 53 percent of the aggregate pool balance. Additionally, purchasers are required to honor the terms of existing loss mitigation agreements and solicit distressed borrowers for additional assistance except in limited cases and ensure all pending loss mitigation actions are completed.
The SPO pools and winning bidders are summarized below:
Description | Pool #1 | Pool #2 |
Unpaid Principal Balance | ||
Loan Count | 1434 | 2130 |
BPO-weighted* CLTV (in %) | 44 | 43 |
Average Months Delinquent | 37 | 42 |
Average Loan Balance (in $000s) | 163.4 | 164.9 |
Geographical Distribution | National | National |
Winning Bidder | ||
Cover Bid Price (% of UPB) (second-highest bid price) | Mid-High 90s | High 90s |
*Broker Price Opinions (BPOs)
Advisors to
Freddie Mac’s seasoned loan offerings focus on reducing less-liquid assets in the company’s mortgage-related investments portfolio in an economically sensible way. This includes sales of NPLs, securitizations of re-performing loans (RPLs) and structured RPL transactions. Since 2011,
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