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It was recently reported in DC News that three of the nation's largest mortgage lenders have put sizable packages of non-performing and performing mortgage loans on the market for investors to buy
First reported by Bloomberg, The loans are worth a combined $4.5 billion. Bank of America has put up approximately $2.56 billion worth of delinquent debt for sale, including non-performing loans, performing mortgages and home equity lines of credit (HELOCs), Citigroup has put up $1.8 billion worth of non-performing mortgages for sale, and JPMorgan Chase is looking for a buyer for $143 million worth of nonperforming mortgage loans. And lastly, Freddie Mac just sold $440 million in non-performing loans.
Data compiled by Mission Capital shows that about $4.2 billion worth of non-performing loans and $3.2 billion worth of modified or re-performing loans have traded or been put up for sale so far this year.
Joining the broadcast to discuss the non-performing mortgage market is Troy Fullwood. Troy is an 18+-year veteran of the secondary mortgage business, along with being a personal investor. He has been involved in over 13 thousand residential mortgage transactions totaling over a billion dollars in transactional history throughout the United States.
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