Freddie Mac just successfully sold off $1.4B in delinquent loans through seven different pools, with private equity fund Lone Star Funds snatching up three of the pools.
The three pools LSF grabbed have a cumulative unpaid balance of $822.6M—the exact unpaid balance of the three pools LSF got from Freddie Mac last September.
The loans involved are four years delinquent, on average, and 34% of their balance comes from mortgages previously, which were modified and then became delinquent, HousingWire reports.
The loan dumping comes just as the US economy heads into the looming CMBS maturity wall during which waves of delinquent loans will hit maturity and look to be refinanced. [HousingWire]
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