By Heather Perlberg and John Gittelsohn | Bloomberg
Freddie Mac is selling more than $1 billion of soured U.S. home loans in its largest sale of the debt.
Potential buyers are bidding on three pools of nonperforming loans, with unpaid principal balances of about $660 million, $249 million and $125 million, according to debt broker Mission Capital Advisors. Homes tied to loans in the smallest group are all located in New York, while properties linked to the other two pools are geographically dispersed. Offers are due March 24.
“All the traditional NPL players will certainly be interested in bidding on these pools,” said Gary McCarthy, a partner in HMC Assets LLC, a Redondo Beach, California-based firm that invests in delinquent loans. “This is something that we’re going to see on an ongoing basis for a period of time.”
