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DS News Webcast: Friday 6/12/2015

Freddie Mac announced Thursday that it sold 157 deeply delinquent non-performing loans totaling about 31 million dollars in aggregate unpaid principal balance in its first-ever Extended Timeline Pool Offering sale on June 3. EXPOs differ from Freddie Mac's Standard Pool Offerings in that the loans include smaller pool sizes and a longer marketing period. Freddie Mac is targeting smaller investors with its EXPO auctions, which are intended to give these investors extra time to secure funding to participate in the NPL sales.

The winning bidder for the single pool of loans was Corona Asset Management. The loans in the pool were an average of four years delinquent, meaning the loans are either have been previously evaluated or are in various stages of loss mitigation or are in foreclosure. Approximately 22 percent of the aggregate pool balance was made up of loans that were previously modified and later became delinquent. The average size of loans in the pool was $199,000.

 

U.S. household wealth rose to nearly $85 trillion for the first quarter of 2015, largely driven by increases in home prices and the stock market, according to the Federal Reserve’s statistical release titled Financial Accounts of the United States released Thursday. The net worth of households and nonprofits rose increased by $1.63 trillion to $84.9 trillion during the first quarter of 2015. Americans appear to be keeping borrowing to a minimum and evading debt as the report noted that household borrowing was at its lowest rate since the end of 2013.

About Author: Jordan Funderburk

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