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The Federal Home Loan Mortgage Corporation (“Freddie Mac”) is seeking bids for the sale and purchase (the “Offering”) of (i) one Standard Pool Offering (“SPO”) and (ii) two Extended Timeline Pool Offerings (“EXPO”) of non-performing residential first lien mortgage loans (the “Mortgage Loans“). Freddie Mac will sell the Mortgage Loans to the auction winner(s) (each, a “Purchaser”) pursuant to the terms of an offering memorandum (“Offering Memorandum”), a mortgage loan purchase and sale agreement with each Purchaser (the “Purchase Agreement”) and the other documents described herein. Freddie Mac reserves the right to reject any or all bids in its sole discretion.
Citigroup Global Markets Inc. (“Citigroup”) and First Financial Network, Inc. (“FFN”) and together with Citigroup, (the “Advisors”) will assist in the administration and execution of the Offering.
The Mortgage Loans are currently owned by Freddie Mac and serviced by Select Portfolio Servicing Inc. (“SPS”), NewRez LLC, d/b/a Shellpoint Mortgage Servicing (“Shellpoint”) or Nationstar Mortgage LLC, d/b/a Rushmore Servicing (“Rushmore” and together with SPS and Shellpoint, the “Servicers,” and each a “Servicer”) and will be sold on a servicing released basis.
Minority, Women, Disabled, LGBTQ+, Veteran or Service-Disabled Veteran-Owned Businesses (MWDOBs), non-profits, and neighborhood advocacy organizations are encouraged to bid.
Each prospective bidder will be required to execute and submit to Freddie Mac: (1) a non-disclosure agreement (“NDA”) (unless an executed 2024 NDA in the bidder’s name is already on file) and (2) either a Long Form or Short Form Bidder Qualification Statement (“BQS”, which includes a Servicer Questionnaire) (together the “Pre-Access Qualification Package”). The NDA and BQS are not subject to negotiation. Forms of these documents are attached and must be submitted on or before the Pre-Access Qualification Due Date below in order to be eligible to bid on this transaction. Please reach out to the Citigroup or FFN contacts listed below if you are unsure which forms are required.
On or after September 5, 2024, so long as a prospective bidder’s NDA and BQS have been completed and approved, the bidder will be granted access to the DealVDR site with transaction information and form legal documents. Contact information for each individual that will require secure access to the DealVDR site is required. A separate e-mail will be sent to each individual’s e-mail address with access instructions.
Each winning Bidder (thereafter, a “Purchaser”) will be required to make an earnest money deposit in an amount (the “Deposit Amount”) equal to 10% of the Aggregate Trade Price of the pool(s) it has won. The Deposit Amount must be made to Freddie Mac by 2:00 PM (Eastern Time) on the applicable Deposit Due Date.
Pool Characteristics:
SPO®:
- Pool 1 – $218.2 MM: BPO WA LTV = 45, UPB WA LTV = 53, Effective WAC = 4.22, National
EXPO®:
- Pool 1 – $9.4 MM: BPO WA LTV = 47, UPB WA LTV = 53, Effective WAC = 4.40, New York Concentration
- Pool 2 – $5.4 MM: BPO WA LTV = 48, UPB WA LTV = 53, Effective WAC = 3.92, Florida Concentration
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