A significant portfolio of non-performing government-sponsored enterprise single-family loans that hit the market last month has found a buyer.

In September, the Federal National Mortgage Association offered a portfolio of 10,780 non-performing mortgages with an aggregate unpaid principal balance of $1.98 billion for sale to the highest bidder.

The winning bidder is required to pursue sustainable loss mitigation options for borrowers and market foreclosed properties first to to owner-occupants and non-profits exclusively before offering them to investors.

Source: Mortgage Daily