Fannie Mae Sells More Delinquent Loans to Non-Profit

SOURCE: Mortgage News Feed

Government agencies have have taken a lot of heat from advocacy groups, civil rights groups, and lawmakers in the last few months over selling non-performing residential mortgage loans (NPLs) to private investors and Wall Street rather than non-profits or other community development organizations. On Thursday, however, Fannie Mae announced it has sold its third Community Impact Pool of NPLs to New Jersey Community Capital (NJCC), a non-profit Community Development Financial Institution (CDFI) that the was winner of Fannie Mae’s first two Community Impact Pool auctions. Fannie Mae’s sales of Community Impact Pools of NPLs are structured to attract participation from non-profits, smaller investors, and women- and minority-owned businesses. Read Full Article Here >> 

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