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Freddie Mac Details 307M NonPerforming Loan Sale

first_img Freddie Mac announced the completion of its auction of 1,789 non-performing residential first lien loans (NPLs) from its mortgage-related investments portfolio on Tuesday. The loans totaled around $307 million, and are currently serviced by NewRez LLC, doing business as Shellpoint Mortgage Servicing. The transaction is expected to settle in July 2019.The winning bidders across the three pools include InSolve Global Credit Fund IV, L.P. for the first pool, and Elkhorn Depositor LLC for the second and third pool.Freddie Mac’s NPL sale is part of the FHFA’s three strategic goals as conservator of the Enterprises, including maintaining foreclosure prevention activities and credit availability, reducing taxpayer risk, and building a new single-family securitization infrastructure.As part of the Federal Housing Finance Agency’s (FHFA) effort to build a single security platform, Common Securitization Solutions, LLC along with Fannie and Freddie are to implement the Single Security Initiative on the Common Securitization Platform for both Fannie Mae and Freddie Mac in the Q2  2019. As part of this implementation Freddie Mac recently announced that its Investor Reporting Change Initiative (IRCI) will revise Single-Family investor reporting requirements, beginning in May 2019, including moving the investor reporting cycle from mid-month to end-of-month and updating remittance cycles. The FHFA’s 2018 Scorecard Progress Report details these major GSE activities.Freddie Mac states that it is making the changes to promote alignment and industry standards for the Uniform Mortgage Backed Security. In March, the Federal Housing Finance Agency (FHFA) issued a final rule that requires Fannie Mae and Freddie Mac to align programs, policies, and practices that affect the cash flows of “To-Be-Announced” (TBA)-eligible Mortgage-Backed Securities. The agency statement indicated that this is a major step forward. “This rule demonstrates FHFA’s commitment to the success of the UMBS, which will promote liquidity and efficiency in the secondary mortgage market,” said Joseph Otting, FHFA Acting Director. Share Freddie Mac Details $307M Non-Performing Loan Sale in Daily Dose, Featured, Government, News, Secondary Marketcenter_img Freddie Mac Non-Performing loan 2019-05-14 Seth Welborn May 14, 2019 562 Views last_img read more

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Dallas Cowboys defensive end Benson Mayowa rushes

first_imgDallas Cowboys defensive end Benson Mayowa rushes during a preseason NFL football game against the Oakland Raiders on Saturday, Aug. 26, 2017, in Arlington, Texas. (AP Photo/Roger Steinman) Top Stories Former Cardinals kicker Phil Dawson retires Grace expects Greinke trade to have emotional impact Prior to his tenure with the Cowboys, Mayowa was a reserve for the Oakland Raiders from 2014-15 and entered the league playing in two games as a rookie for the Seattle Seahawks in 2013.In 57 career games and 11 starts, Mayowa has recorded 72 tackles, 9.0 sacks, 12 tackles for loss, three fumble recoveries and two forced fumbles.Dallas released him on March 7.At 6-foot-3 and 265 pounds, Mayowa joins a front seven in Arizona that lost pass rushers Josh Mauro (released) and Kareem Martin (free agency) in the offseason. Veteran free agent tackle Frostee Rucker remains unsigned.The defensive end group for the Cardinals includes Mayowa, Chandler Jones, Markus Golden, Bryson Albright, Praise Martin-Oguike and Moubarak Djeri. 4 Comments   Share   Derrick Hall satisfied with D-backs’ buying and selling The 5: Takeaways from the Coyotes’ introduction of Alex Meruelo Free agent defensive end Benson Mayowa signed a one-year contract with the Arizona Cardinals on Monday, more than a week after he visited the team.The 26-year-old undrafted pass rusher out of Idaho played for the Dallas Cowboys the last two seasons, recording 46 tackles and 7.0 sacks with a forced fumble and fumble recovery over that span. He appeared in 27 regular season games and started eight times for Dallas.In 2016, Mayowa recorded a career-high 6.0 sacks.last_img read more