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Enterprise NPL sales are generally expected to include loans that are severely delinquent, such as loans that are more than a year past due. Under a pilot program, Freddie Mac sold severely delinquent loans through two transactions in the past six months—one in August 2014 covering $596 million of unpaid principal balance (UPB), and the other on Feb. 5, 2015 covering $392 million of UPB. FHFA's enhanced requirements for future NPL sales are based, in part, on a review of thes e initial sales as well as other considerations.
The requirements announcedare expected to encourage broad participation by potential investors and provide for future publication of aggregate data about borrower outcomes.