Single Family Previous Sales Information

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The following is a summary of the results of previous Single Family mortgage loan sales:

• In October of 2002, HUD implemented the Accelerated Claims Disposition (ACD) Demonstration, which produces savings to the Department by accelerating the claims process and reducing its portfolio of foreclosed homes. It also provides homeowners who have defaulted mortgages in the sale with a greater range of options to remain in their homes. The following is a summary of the results of previous Single Family mortgage loan sales:
  
  Sales Under the ACD Demonstration

  • In May 24, 2005, Single Family Joint Venture loan sale (SFJV 2005), a 70% interest in a Limited Liability company (LLC) was acquired by the winning bidder. HUD retained a 30% interest in the LLC. HUD sold an initial commitment of 2,000 mortgage loans representing approximately $212 million in unpaid principal balance. These loans will be delivered over a four month base period. HUD also has the option to deliver loans beyond the four month base period by exercising up to two four month options increasing the number of loans sold to joint venture. HUD estimates that the sale of these mortgage loans could save the Government approximately $18.5 million in the base period.

    • SFJV 2005 Advertisment
    • SFJV 2005 Brochure
      
      

  • In June 22, 2004 Single Family Joint Venture loan sale (SFJV 2004-1), a 60% interest in an Limited Liability Company (LLC) was acquired by the winning bidder. HUD retained a 40% interest in the LLC. Through the first eleven settlements, 6,815 loans with a UPB of approximately $757 million have been settled with the LLC.

    • SFJV 2004-1 Advertisment
    • SFJV 2004-1 Brochure
      
      
  • In September 25, 2003, Single Family Joint Venture loan sale (SFJV 2003-1), a 70% interest in an LLC was acquired by the winning bidder. HUD retained a 30% interest in the LLC. Through 12 settlements, 6,155 loans with a UPB of $610,165,387 were settled with the LLC. This auction generated gross proceeds of approximately $447 million, or 75% of the mortgages' UPB, and approximately $28 million in budget savings.
    
    
    • SFJV 2003-1 Advertisement
    • SFJV 2003-1 Brochure
      
      
  • In the October 29, 2002, Single Family Joint Venture loan sale (SFJV-2002), a 70% interest in the LLC, formed to acquire and manage the loans, was acquired by the winning bidder. HUD retained a 30% interest in the LLC. Through 11 settlements, 6,656 loans with a UPB of $605,903,182 were settled with the LLC. This auction generated gross proceeds of approximately $398 million, or 66% of the mortgages' UPB, and approximately $42 million in budget savings.
    
    

    • SFJV-2002 Advertisement
    • SFJV-2002 Brochure
      
      

      Sale	SFJV 2002	SFJV 2003-1	SFJV 2004-1	SFJV 2005	Total
      # of Loans	6,656	6,155	6,815	2,000	21,626
      UPB (Millions)	$606	$610	$757	$212	$2,185
      Average Price (% of UPB)	66%	73%	TBD	TBD	70%
      Budget Savings (Millions)	$42	$28	TBD	TBD	$70

      *Includes the bid amount to be paid by the successful bidder for its membership interest in the LLC, plus the projected present value of HUD's membership interest that it maintains in the LLC based upon a hypothetical loan pool.
      
      

    Loan Sales of Mortgage Loans Prior to the ACD Demonstration
    

• The September 22, 2000, Single Family mortgage loan sale conducted by HUD contained 8,503 loans with a UPB loans with a UPB of $480,868,067. This auction generated gross proceeds of approximately $476 million or 97.2 percent of the mortgages' UPB. This sale generated approximately $141 million in budget savings.

• The September 9, 1997 Single Family mortgage loan sale conducted by HUD generated proceeds of $1.140 billion or approximately 89.99% of UPB. This sale generated approximately $265 million in budget savings. There were 17,990 loans for sale stratified by performance and geography.

• The January 28, 1997 Single Family loan sale contained 18,894 loans with a UPB of $1.130 billion. The loans were stratified by performance and geography. The winning bids averaged 92% of the UPB, which generated budget savings of approximately $247 million.

• On September 4, 1996 HUD conducted a Single Family mortgage loan sale in which 16,966 loans were sold carrying a UPB of approximately $805 million. The loans were stratified according to performance and geography. The winning bid was 91% of the UPB. This sale generated approximately $164 million.

• On March 20, 1996, HUD auctioned 16,321 Single Family mortgage loans, carrying a UPB of approximately $743 million. The loans were stratified by performance and geography. The winning bid was 83.57% of the UPB. This sale generated approximately $140 million in budget savings.

• In the sale conducted by HUD on October 25, 1995, HUD sold 9,870 Single Family mortgage loans and an additional 3,111 loans in a competitive re-offering held a week later. These loans carried an aggregate unpaid principal balance ("UPB") of approximately $650 million, and were stratified by performance, geography, coupon and term to maturity. The winning bids averaged 75% of the mortgage loans' UPB. This generated approximately 8.3 million in Federal budget savings.