Fannie Mae plans to sell pools of nonperforming single-family mortgages.
The government-sponsored entity said in a press release that it expects to announce the first transaction in the near future. Some of the subsequent transactions will target nonprofit organizations, smaller investors and minority- and women-owned businesses for purchases.
"Our goal is to market these loans to a diverse range of buyers," Joy Cianci, senior vice president for credit portfolio management at Fannie Mae, said in the release. "We look forward to building these sales into a regular, programmatic offering to the market."
Cianci added that the transactions also aim to reduce the number of seriously delinquent loans and to offer borrowers access to additional foreclosure prevention options.
The sale follows recently announced guidelines from the Federal Housing Finance Agency regarding the sale of nonperforming loans by Fannie Mae and Freddie Mac.
