An offering of non-performing government-sponsored enterprise residential loans has been successfully sold through an auction process.

The winning bidder on a portfolio of 113 deeply delinquent Freddie Mac mortgages that have an aggregate unpaid principal balance of $22.4 million has been announced.

Loans included in the sale are, on average, 25 months delinquent. Borrowers have likely already been evaluated for, or are already in various stages of, loss mitigation.

Source: Mortgage Daily