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MarketScreener Homepage  >  Equities  >  OTC Bulletin Board - Other OTC  >  Freddie Mac    FMCC


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Freddie Mac : Sells $18 Million of NPLs in Extended Timeline Pool

10/19/2020 | 04:07pm EST

MCLEAN, Va., Oct. 19, 2020 (GLOBE NEWSWIRE) -- Freddie Mac (OTCQB: FMCC) today announced it sold via auction 101 non-performing residential first lien loans (NPLs) serviced by Specialized Loan Servicing LLC to VRMTG ACQ, LLC, a minority and woman owned business. The sale is part of Freddie Mac’s Extended Timeline Pool Offering (EXPO®) and the transaction is expected to settle in December 2020. Freddie Mac, through its advisors, began marketing the transaction on September 8, 2020 to potential bidders, including non-profit organizations and Minority, Women, Disabled, LGBT, Veteran or Service-Disabled Veteran-Owned Businesses (MWDOBs), neighborhood advocacy organizations and private investors active in the NPL market.

Given the delinquency status of the loans, the borrowers have likely been previously evaluated for or are already in various stages of loss mitigation, including modification or other alternatives to foreclosure, or are in foreclosure. Mortgages that were previously modified and subsequently became delinquent comprise approximately 73.6 percent of the pool balance. Also, 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 pool and winning bidder are summarized below:

DescriptionEXPO Pool
Unpaid Principal Balance$18.4 million
Loan Count101
CLTV Range (in %)All
BPO-weighted* CLTV (in %)66
Average Months Delinquent22
Average Loan Balance (in $000s)$185.0
Geographical DistributionFlorida
Winning BidderVRMTG ACQ, LLC
Cover Bid Price (% of UPB)
(second-highest bid price)
Low 80s Area

*Broker Price Opinions (BPOs)

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

Freddie Mac’s seasoned loan offerings are focused 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.

To date, Freddie Mac has sold over $8.4 billion of NPLs and securitized more than $66.5 billion of RPLs consisting of (i) $29.0 billion in fully guaranteed PCs, (ii) $28.3 billion in Seasoned Credit Risk Transfer (SCRT) senior/sub securitizations, and (iii) $9.3 billion in Seasoned Loan Structured Transaction (SLST) offerings. Requirements guiding the servicing of these transactions are focused on improving borrower outcomes and stabilizing communities. Additional information about the company's seasoned loan offerings can be found at: http://www.freddiemac.com/seasonedloanofferings/

Freddie Mac makes home possible for millions of families and individuals by providing mortgage capital to lenders. Since our creation by Congress in 1970, we’ve made housing more accessible and affordable for homebuyers and renters in communities nationwide. We are building a better housing finance system for homebuyers, renters, lenders and taxpayers. Learn more at FreddieMac.com, Twitter @FreddieMac and Freddie Mac’s blog FreddieMac.com/blog.


Freddie Mac logo.jpg

Source: Freddie Mac

2020 GlobeNewswire, Inc., source Press Releases

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Financials (USD)
Sales 2020 12 475 M - -
Net income 2020 -356 M - -
Net Debt 2020 - - -
P/E ratio 2020 -26,0x
Yield 2020 -
Capitalization 9 213 M 9 213 M -
Capi. / Sales 2020 0,74x
Capi. / Sales 2021 0,76x
Nbr of Employees 6 892
Free-Float 89,6%
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Average target price 3,38 $
Last Close Price 2,86 $
Spread / Highest target 145%
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David M. Brickman President, Chief Executive Officer & Director
Sara Mathew Non-Executive Chairman
Christian Mark Lown Chief Financial Officer & Executive Vice President
Frank Nazzaro Chief Information Officer & Executive VP
Saiyid T. Naqvi Independent Director
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