OMG – Somebody please insist on an audit.
Freddie Mac announced Monday that it intends to sell off $1.2 billion in non-performing loans, marking its eighth sale of non-performing loans since the Federal Housing Finance Agency announced the new requirements for sales of NPLs by Freddie Mac and Fannie Mae to make sure the loans go to capable mortgage servicers.
The loans are all “deeply delinquent,” according to Freddie Mac, and will be sold in seven pools.
The entire portfolio of loans are currently being serviced by Wells Fargo (WFC).
According to Freddie Mac, the sale will be conducted via auction, with all eligible bidders, including private investors, minority and women-owned businesses, non-profits and neighborhood advocacy funds encouraged to bid on the seven pools of loans.
“… to make sure the loans go to capable mortgage servicers.”
Capable of what?
To audit each loan as to what is non-performing? This needs a committee investigation that may result in a special prosecutor. This is bigger than TARP.