MCLEAN, Va., April 30, 2024 (GLOBE NEWSWIRE) -- Freddie Mac (OTCQB:FMCC) today announced it sold via auction 20 deeply delinquent non-performing residential first lien loans (NPLs) from its mortgage-related investments portfolio to GITSIT Solutions, LLC. The loans, with a balance of approximately $5.7 million, are currently serviced by Specialized Loan Servicing LLC and NewRez LLC, d/b/a Shellpoint Mortgage Servicing. The sale is part of Freddie Mac's Extended Timeline Pool Offering (EXPO®) and the transaction is expected to settle in June 2024. Freddie Mac, through its advisors, began marketing the transaction on March 6, 2024, to potential bidders, including non-profit organizations and Minority, Women, Disabled, LGBTQ+, Veteran or Service-Disabled Veteran-Owned Businesses (MWDOBs), neighborhood advocacy organizations and private investors active in the NPL market. Given the delinquency status of the loans, the borrowers have likely been evaluated previously for loss mitigation, including modification or other alternatives to foreclosure, or are in foreclosure. Mortgages that were previously modified and subsequently became delinquent comprise approximately 27 percent of the aggregate pool balance. Additionally, purchasers are required to honor the terms of existing loss mitigation agreements and solicit distressed borrowers for additional assistance except in limited cases and ensure all pending loss mitigation actions are completed. The EXPO pool and winning bidder is summarized below: Description EXPO Pool #1