Page 35 - The GSE Report March-April 2018

FANNIE MAE MJARN.U-ARPYR.20210818
FANNIE MAE
Fannie Mae announces the winners of its latest non-performing loan and re-performing loan sales
On March 14, Fannie Mae announced the winning bidders for its twelfth non-performing loan sale of approximately 5,700 loans totaling $1.002 billion in unpaid principal balance, divided among three pools. The winning bidders for the transaction are Bungalow Series III Trust (Balbec Capital LP) for pool 1 and Elkhorn Depositor LLC (Roosevelt Management Company LLC) for pools 2 and 3. The transaction closed on April 24, 2018. (Press Release, Fannie Mae, 03/14/18)
On March 27, Fannie Mae announced the winning bidder for its eleventh and twelfth Community Impact Pools of non-performing pools, which include 182 loans totaling $34.25 million in unpaid principal balances, secured by collateral properties in Tampa, FL and Orlando, FL. The winner for both pools was VRMTG ACQ, LLC (VWH Capital Management, LP), a minority woman owned business. (Press Release, Fannie Mae, 03/29/18)
On April 11, Fannie Mae announced the results of its sixth reperforming loan sale transaction comprised of included the sale of approximately 9,400 loans totaling $1.96 billion in unpaid principal balance, divided into two pools. The winning bidders are NRZ Mortgage Holdings LLC (Fortress) for Pool 1 and Towd Point Master Funding LLC (RMBS Cerberus) for Pool 2. The pools are expected to close on May 24, 2018. (Press Release, Fannie Mae, 04/11/18)
Fannie Mae completes its first credit insurance risk transfer transaction of 2018
On March 30, Fannie Mae announced the completion of its first Credit Risk Insurance Risk TransferTM (CIRTTM 2018-1), covering $16.9 billion of single-family loans. With CIRT 2018-1, which became effective February 1, 2018, Fannie Mae will retain risk for the first 50 basis points of loss on a $16.9 billion pool of loans. If the $84.4 million retention layer is exhausted, reinsurers will cover the next 275 basis points of loss on the pool, up to a maximum coverage of approximately $464.1 million.
“Our CIRT transactions continue to reduce credit risk for Fannie Mae while bringing private capital to the housing market,” said Rob Schaefer, VP for Credit Enhancement Strategy & Management, Fannie Mae. “We are pleased that this form of risk transfer has been well received by the market and, based on the indicated support by the reinsurers, we intend to bring similar transactions to the market in the future.”
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