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Freddie Mac to sell bad loans worth $628 million

Reuters
·1 min read

Aug 29 (Reuters) - Mortgage finance firm Freddie Mac said on Tuesday it will sell non-performing loans (NPL) worth about $628 million through an auction.

The NPLs are being are being marketed through four pools, including two standard pool offerings (SPO) and two extended timeline pool offerings (EXPO).

Freddie Mac said bids on the SPO pools are due from eligible bidders by Sept. 21, and Oct. 19 for the EXPO pools.

A non-performing loan is debt that is in default as the borrower has either missed repayments or has indicated their inability to settle the interest or principal amount.

The amount of time required to categorize a loan as an NPL is typically between 90 days or 180 days, but it can vary depending on individual terms.

Freddie Mac, which buys mortgages from lenders, said Wells Fargo Securities LLC and First Financial Network Inc are advising it on the sale. (Reporting by Manya Saini in Bengaluru; Editing by Devika Syamnath)