More than $500 million in loans owned by the Federal Home Loan Mortgage Corp. have been sold through the auction process. A majority of the loans have been modified and fallen delinquent again.

Freddie Mac first announced the $655 million offering last month. The loans were split into four pools and included seasoned, non-performing whole loans.

Three of four pools consisted of loans secured by geographically diverse properties. Investors were given the flexibility to bid on each pool individually or on any combination of pools.

Source: Mortgage Daily