in Daily Dose, Featured, News, Secondary Market Freddie Mac will conduct its first-ever structured sale of seasoned loans from its mortgage-related investments portfolio, according to an announcement from Freddie Mac on Wednesday.The pilot sale for Freddie Mac-guaranteed loans serviced by JPMorgan Chase is worth $199 million, and the majority of loans are less than six months current or are moderately delinquent, according to Freddie Mac. The collateral is comprised of Option Adjustable-Rate Mortgages (ARMs) and loans that were originated as Option ARMs but were later modified either through the government’s Home Affordable Modification Program (HAMP) or a proprietary modification.The seasoned loan transaction includes two steps. The first step is a competitive bidding process; in the second step, the buyer of the loans will securitize the loans after the completion of collateral due diligence, according to Freddie Mac.The transaction will expand Freddie Mac’s reperforming loan (RPL) securitization program, which has securitized approximately $24 billion to date, and consists of loans that were previously delinquent and are currently performing—many as a result of a modification. The transaction also expands Freddie Mac’s non-performing loan (NPL) sales program, which has sold and settled NPLs totaling $4.3 billion in aggregate unpaid principal balance through March 31, 2016. The NPL program sales feature loans that are deeply delinquent, sometimes by as many as three, four, or five years.“The RPL securitization program and NPL sales program are a key part of Freddie Mac’s strategy to reduce less liquid assets in its mortgage-related investments portfolio, shed credit and market risk via economically reasonable and well-controlled transactions, potentially improve borrower outcomes in the event of a default and promote neighborhood stability,” Freddie Mac said in the announcement. “It is a key requirement of this transaction that the buyer of the subordinate tranche must be an investor with substantial experience managing ‘high-risk’ mortgage loans as well as substantial experience in securitizations.”The servicing of the loans in the seasoned loan sale will be in accordance with requirements similar to those that apply in Freddie Mac’s sales of non-performing loans (NPLs). Freddie Mac Starts Selling Reperforming Loans Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Previous: Treasury: GE Capital No Longer Too Big To Fail Next: FHFA Seeks Input on Front-End Credit Risk Sharing Related Articles The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago June 29, 2016 2,701 Views About Author: Brian Honea Servicers Navigate the Post-Pandemic World 2 days ago Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland. Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Freddie Mac Re-Performing Loans Seasoned Loans 2016-06-29 Brian Honea Servicers Navigate the Post-Pandemic World 2 days ago Home / Daily Dose / Freddie Mac Starts Selling Reperforming Loans The Week Ahead: Nearing the Forbearance Exit 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Tagged with: Freddie Mac Re-Performing Loans Seasoned Loans Sign up for DS News Daily Demand Propels Home Prices Upward 2 days ago Subscribe Share Save
The 17th-annual Austin City Limits Music Festival will once again take over Zilker Park starting this weekend, Friday, October 5th through 7th, and return the following weekend, October 12th to 14th, in Austin, TX. This year, ACL Fest 2018 will deliver more than 125 bands across eight stages over two consecutive weekends, and it’s bringing their most impressive lineup to date. Headlining the event are Paul McCartney (only U.S. date), Metallica (only U.S. date), Childish Gambino, Arctic Monkeys, Travis Scott (Texas debut), and Odesza.In conjunction with Red Bull TV, Austin City Limits has announced that it will webcast select acts from the first weekend as well as interviews and exclusive ACL segments, free for anyone with access to the internet. Paul McCartney, Metallica, The National, Father John Misty, Brandi Carlile, St. Vincent, Janelle Monáe, The Arctic Monkeys, Greta Van Fleet, Shakey Graves, and CHVRCHES are just a handful of artists set to be part of the weekend’s free webcast stream.Tune in here starting at 1 p.m. (CST), Friday, October 5th, for a non-stop musical marathon from one of the country’s most beloved music festivals.For more information on the festival, full schedule, or ticketing information, head to ACL’s website.