Fannie Mae NonPerforming Loan Sale

[Wayne Bridenstine]

I understand Fannie & Freddie were going to auction their NPL and announced it was geared toward small investors, minorities and women.  I tried to contact them but only found a website where you could leave your name, email, etc and was told they would contact me.  Well today I received an email saying the following:

Please note that the bidder qualification period for this sale has ended.  Information on this and future offerings will be available on the Fannie Mae home page.

I am wondering if anyone else experienced the same problem....not given the opportunity to become a qualified bidder.  After numerous attempts to talk to someone at Fannie/Freddie I was told by one individual that no one knew what the rules will be to qualify.  I will have to wait until they are announced.  It seems if the qualification period is over that someone at Fannie has arbitrarily narrowed the list of potential bidders to a select few privileged individuals.  Anyone else see the same issue?  Please respond.  Thanks, WRB

[Wayne Snell]

Hello Wayne, I also registered my small business to participate in the Fannie NPL sales. I did receive a callback from someone at Williams Capital who is representing the sale. The first pool is $180M and a second will be $606M. The person there said that they are working out the details for a "future" NPL sale that will be available to small business/minority/women-owned businesses. I did not receive a timeframe for when that sale will occur, but I intend to check in with her from time-to-time. As I learn more I will certainly post updates.