A winning bidder has been announced for nearly $600 million in non-performing government-sponsored enterprise residential loans.

The transaction involves 3,400 Federal National Mortgage Association mortgages that have an aggregate unpaid principal balance of $581 million.

Three pools are involved in the sale, which was initially marketed on May 10 in collaboration with Wells Fargo Securities LLC;and The Williams Capital Group LP as advisors.

Source: Mortgage Daily