NPL May

ENTERPRISE NONPERFORMINGLOANSALESREPORT
May2016
FHFANonPerformingLoanSalesReport
May2016
Background
FannieMaeandFreddieMac's(theEnterprises')NonPerformingLoan(NPL)salesreducethenumberofseverelydelinquentloans
heldintheirinventoriesandtransfer creditrisktotheprivatesector.NPLsaregenerallyoneyearormoredelinquent.TheFederal
HousingFinanceAgency's(FHFA's)goal istoachievemorefavorableoutcomesforborrowersandlocalcommunitieswhilealso
reducinglossestotheEnterprises and,therefore,totaxpayers.TheEnterpriseNPLsalesaresubjecttorequirements publishedby
FHFA.
FannieMaeoffersandsellsNPLsthroughaNationalPoolOffering(NAT)andFreddieMacoffersandsellsNPLsthroughaStandard
PoolOffering(SPO).Thesepoolsarelikelytobelarge and geographicallydiverse,althoughsomepoolsmaybegeographically
concentrated.
EachEnterprisealsoofferspoolsspecificallystructuredtoattractdiverseparticipationbynonprofits,smallinvestors,andminority
andwomenownedbusinesses.FannieMaespoolsareCommunityImpactPools(CIPs)andFreddieMac'sareExtendedTimeline
PoolOfferings(EXPOs).CIPs andEXPOsaresmallersizedpoolsandaretypicallygeographicallyconcentrated.Thetimeline
betweentransactionannouncementandthebidduedate is extendedapproximatelytwoweeksfromthetypicalmarketingperiod to
providesmallerinvestorsextratimetosecurefundstoparticipateintheNPLsale.
Introduction
ThisreportprovidestransparencyintotheEnterprises'salesofNPLsandborroweroutcomespostsale.Thereporttracksthe
followingkeyinformation:
QuantityandattributesofNPLssoldfromAugust1,2014throughMay31,2016;
BorroweroutcomesasofDecember31,2015ofNPLssoldthroughJune30,2015;*
BorroweroutcomespostsalecomparedtoabenchmarkofsimilarlydelinquentEnterpriseNPLsthatwere
notsold;and
Poollevelinformation,includingthebuyersoftheNPLs.
Theborroweroutcomedataarepreliminary.Inmanycasesthenewservicerhashadonlyashorttimesincetheservicingtransfer
toengageborrowers.Asaresult,mostoftheNPLsarereportedas"NotResolved."Loansforwhichperformancedataisincluded
constitutejust21percentofthetotalloanssoldbytheEnterprisestodate;performancedataontheremainingloanswillbeprovided
infuturereports.
*Theoutcomes ofaFreddieMacpilotsaleinAugust2014arenotincludedinthisreportbecausethetransactionwasexecutedbeforeFHFAissuedNPLsales
requirements.
Page2
Enhanced NPLSaleRequirements
Announced March 2,2015
Bidderqualifications:Bidderswillberequiredtoidentifytheir
servicingpartnersatthetimeofqualificationandmustcompletea
servicingquestionnairetodemonstratearecordofsuccessful
resolutionofloansthroughalternativestoforeclosure.
Modificationrequirements: Thenewservicerisrequiredtoevaluate
allpre2009borrowers(otherthanthosewhoseforeclosuresaledate
isimminentorwhosepropertyisvacant)fortheU.S.Treasurys
MakingHomeAffordableprograms,includingtheHomeAffordable
ModificationProgram(HAMP).*Allpost2009 borrowersmustbe
evaluatedforaproprietarymodification. Proprietarymodifications
mustnotincludeanupfrontfeeorrequireprepaymentofanyamount
ofmortgagedebt,andmustprovideabenefittotheborrowerwith
thepotentialforasustainablemodification.
Lossmitigationwaterfallrequirements: Servicersmustapplya
waterfallofresolutiontacticsthatincludesevaluatingborrower
eligibilityforaloanmodification(HAMPand/orproprietary
modification),ashortsale,andadeedinlieuof
foreclosure. Foreclosuremustbethelastoptioninthewaterfall. The
waterfallmayconsidernetpresentvaluetotheinvestor.
REOsalerequirements: Servicersareencouragedtosellproperties
thathavegonethroughforeclosureandenteredRealEstateOwned
(REO)statustoindividualswhowilloccupythepropertyastheir
primaryresidenceortononprofits. Forthefirst20daysafteranyNPL
thatbecomesanREOpropertyismarketed,thepropertymaybesold
onlytobuyerswhointendtooccupythepropertyastheirprimary
residenceortononprofits.
Subsequentservicerrequirements:Subsequentservicersmust
assumealltheresponsibilitiesoftheinitialservicer.
Biddingtransparency:TofacilitatetransparencyoftheNPLsales
programandencouragerobustparticipationbyallinterested
May2016
participants,eachEnterprisehasdevelopedaprocessforannouncing
upcomingNPLsaleofferings.ThisincludesanNPLwebpageonthe
Enterpriseswebsite,emaildistributiontosmall,nonprofitand
minority andwomenownedbusiness(MWOB)investors,and
proactiveoutreachtopotentialbidders.
Reportingrequirements:NPLbuyersandservicersarerequiredto
reportloanresolutionresultsandborroweroutcomestothe
EnterprisesforfouryearsaftertheNPLsale.
Smallpools:TheEnterpriseswilloffersmall,geographically
concentratedpoolsofNPLs,wherefeasible,tomaximize
opportunitiesfornonprofitorganizationsandMWOBstopurchase
NPLs.TheEnterpriseswillactivelymarketsuchofferingsto
nonprofitsandMWOBsandprovideadditionaltimeforbuyersto
completethetransaction.
FurtherEnhancementstoNPLSaleRequirements
AnnouncedApril14,2016
HighLoantoValue(LTV)loan modificationrequirements: For

borrowerswithamarktomarketLTVratioabove115percent,
servicerswillberequiredtoevaluatetheseborrowersforloan
modifications(HAMPorproprietary)thatincludeprincipaland/or
arrearageforgiveness.
Proprietaryloanmodificationstandards:Proprietarymodifications
musteitherbefixedrateforthetermofthemodificationorlimit
paymentincreasesconsistentwithHAMPrequirements;theinitial
periodofareducedinterestratemustlastforatleast5yearsand
paymentincreasesarelimitedto1percentperyear.
No"walkaways": Ifapropertysecuringaloanisvacant,buyersand
servicersmaynotabandonthelienandwalkawayfromthe
property.Instead,ifaforeclosurealternativeisnotpossible,the
servicermustcompleteaforeclosureormustsellordonatetheloan,
includingtoagovernmentornonprofitentity.
TheNPLsalesinthisreportwereannouncedpriortoApril14,2016andarenotsubjecttoFurtherEnhancementstotheprogram.
*Loans transferredSeptember1,2016onwardarenotrequiredtobeevaluatedforHAMP,duetotheexpirationofHAMP.
Page3
May2016
Highlights:NPLSales
Highlights:BorrowerOutcomes
ThroughMay2016,theEnterprisessold41,649NPLswithan
aggregateunpaidprincipalbalance(UPB)of$8.5billion.Theloans
includedintheNPLsaleshadanaveragedelinquencyof3.4yearsand
anaveragecurrentLTVratioof98percent,notincludingcapitalized
arrearages.Theaveragedelinquencyforpoolssoldrangedfrom1.8
to6.3years.
TheborroweroutcomesprovidedinthisreportareasofDecember
31,2015,basedonthe8,849NPLsthatsettledbyJune30,2015.
Whilethisprovidesaminimumofsixmonthspostsettlementfor
reportingborroweroutcomes,newservicerstypicallytake1to2
monthstocompleteservicingtransfersaftersettlinganNPLsale.
Consequently,someNPLshavebeenwiththenewservicerslessthan
sixmonths.
FreddieMachassold26,436loanswithanaggregateUPBof$5.3
billion,anaveragedelinquencyof3.1years,andanaverageLTVof
100percent.
FannieMaehassold15,213loanswithanaggregateUPBof$3.1
billion,anaveragedelinquencyof4.0years,andanaverageLTVof94
percent.
NewJersey,NewYork,andFloridaaccountfor49percentofNPLs
sold.Thesethreestatesalsoaccountfor47percentofthe
Enterprises'loansthatare1yearormoredelinquentasof
12/31/2014.
Anonprofitorganization,CommunityLoanFundofNewJersey,was
thewinningbidderon5of6CIPorEXPOpoolsthatsettledbyMay
2016andisaserviceproviderforthesixthpool.
AsofDecember31,2015,24percentofthe8,849NPLsthatsettled
byJune30,2015havebeenresolved(12percentwereresolved
withoutforeclosureand12percentwereresolvedthrough
foreclosure).
NPLswherethehomeisoccupiedbytheborrowerhadthehighest
rateofforeclosureavoidanceoutcomes(13percentforeclosure
avoidedversus6.2percentforvacantproperties).
NPLswherethepropertyisvacanthadamuchhigherrateof
foreclosure(21.3percentforeclosureversus8.5percentfor
borroweroccupiedproperties).Foreclosureoutcomesforvacant
homescanimproveneighborhoodstabilityandreduceblightasthe
homesaresoldorrentedtonewoccupants.
ComparedtoabenchmarkofsimilarlydelinquentEnterpriseNPLs
thatwerenotsold,foreclosuresforsoldNPLstrendedlowerthanthe
benchmark(21percentofNPLsthathavebeenwiththenew
servicersthelongest(1,728NPLsfor8months)avoidedforeclosure,
comparedto14percentofthebenchmarkNPLs).
Page4
May2016
ThroughMay31,2016, theEnterprises havesold41,649loanswithanaggregateUPBof$8.5billion,anaverage

delinquencyof3.4years,andanaverage loantovalueof98 percent.
NumberofEnterprises'
NonPerformingLoansSold,byYear
CombinedNonPerformingLoan
SalesActivityTo Date
25,612
25,000
LoanCountat 41,649loans
Settlement
UnpaidPrincipal $8,457million
BalanceatSettlement
AverageDelinquency 3.4years
AverageLoanto 98percent
ValueRatio
20,000
13,316
15,000
10,000
5,000
0
2,721
2014
Numberof
378,331
EnterpriseLoans
asof
OneYearorMore
12/31/13
Delinquent
2015
2016
(throughMay31)
278,995
asof
12/31/14
199,619
asof
12/31/15
Page5
May2016
AsofMay31, 2016,FreddieMachadsold26,436loansthrough29national,geographicallydiversifiedpools,
and4smaller,geographicallyconcentratedNPLpoolsthroughitsEXPO program, withanaggregateUPBof$5.3
billion,anaveragedelinquencyof3.1years,andanaverage loantovalueof100 percent.
Freddie Mac
Sale Name
SPO 2014 [Pilot]
SPO 2015#1**
SPO 2015#2**
SPO 2015#3
EXPO 2015#1
SPO 2015#4
SPO 2015#5
Pool
Pool Type*
1
2
1
2
3
1
2
3
1
1
1
2
3
1
2
3
4
5
SPO
SPO
SPO
SPO
SPO
SPO
SPO
SPO
SPO
EXPO
SPO
SPO
SPO
SPO
SPO
SPO
SPO
SPO
Settle
Date
8/28/14
8/28/14
3/19/15
3/19/15
3/16/15
5/14/15
5/15/15
5/15/15
7/23/15
8/6/15
9/25/15
9/24/15
9/24/15
11/12/15
10/30/15
11/12/15
10/29/15
11/12/15
Average
Delin- Average
UPB
Loan
Count at ($M) at quency Loan-toSettle in Years Value
Settle
2,432
289
668
425
644
3,092
1,185
427
853
119
1,879
272
484
1,697
508
933
438
359
533.1
62.9
122.5
93.6
133.3
553.4
212.4
104.1
164.0
23.6
343.1
62.1
49.9
378.7
114.5
218.8
101.1
36.7
3.7
3.6
2.3
2.8
3.0
2.8
2.9
4.0
2.8
3.6
2.9
3.8
3.0
3.1
2.9
3.7
3.8
2.7
114%
114%
72%
100%
145%
82%
100%
82%
108%
84%
95%
89%
35%
85%
85%
150%
155%
34%
Freddie Mac (continued)
Sale Name
Pool
Pool Type*
SPO 2015#6
SPO 2015#7
EXPO 2015#3
SPO 2016#1
EXPO 2016#1
Total Freddie Mac
1
2
1
2
3
4
5
1
1
2
3
4
5
1
2
SPO
SPO
SPO
SPO
SPO
SPO
SPO
EXPO
SPO
SPO
SPO
SPO
SPO
EXPO
EXPO
Settle
Date
12/11/15
12/17/15
2/19/16
2/19/16
2/18/16
2/10/16
2/19/16
2/25/16
5/12/16
5/12/16
5/12/16
4/28/16
4/28/16
5/6/16
5/6/16
Average
Delin- Average
UPB
Loan
Settle
878
309
1,153
612
625
794
426
56
496
1,216
1,090
1,270
638
64
105
159.1
69.2
220.3
138.4
128.4
176.2
80.5
9.6
100.5
244.8
258.2
280.0
130.4
16.1
22.7
1.8
2.0
2.5
2.7
2.5
3.1
2.5
2.6
3.4
3.5
3.7
3.8
3.3
4.6
3.9
79%
149%
72%
99%
146%
102%
117%
100%
73%
73%
100%
152%
145%
112%
107%
26,436
$ 5,342
3.1
100%
*PoolType:SPO:FreddieMacStandardPoolOffering,EXPO:FreddieMacExtendedTimelinePoolOffering.
** Theoutcomesofthese dealsareprovidedinthisreport.
Theoutcomes oftheFreddieMacpilotsalearenotincludedinthisreportbecausethetransactionswereexecutedpriortoFHFAissuingtheNPLsalesrequirements.
Page6
May2016
AsofMay31,2016,FannieMaehadsold15,213loansthrough11national,geographicallydiversifiedpools,and
2smaller,geographicallyconcentratedNPLpoolsthroughitsCIPprogram,withanaggregateUPBof$3.1billion,
anaveragedelinquencyof4.0years,andanaverageloantovalueof94percent.
Fannie Mae
Sale Name
2015-NPL1**
Pool
Pool Type*
Settle
Date
Average
Delin- Average
UPB
Loan
Settle
1
2
1
2
1
1
2
3
1
2
3
4
NAT
NAT
NAT
NAT
CIP
NAT
NAT
NAT
NAT
NAT
NAT
NAT
6/19/15
6/19/15
9/25/15
9/25/15
10/26/15
12/17/15
12/17/15
12/17/15
3/30/16
3/29/16
3/30/16
3/30/16
606
1,871
627
2,479
38
1,246
2,703
872
2,308
1,022
785
609
2016-NPL1-CIP
5
Total Fannie Mae
CIP
4/21/16
47
15,213
2015-NPL2
2015-NPL2-CIP
2015-NPL3
2016-NPL1
151.5
481.4
133.1
484.0
5.3
272.2
424.3
177.4
478.6
207.6
158.7
128.4
12.1
$3,115
5.1
5.1
3.1
3.1
3.2
4.1
2.7
3.0
5.0
5.0
5.1
5.1
142%
136%
148%
71%
78%
89%
61%
125%
90%
86%
92%
99%
6.3
4.0
141%
94%
*PoolTypeNAT:FannieMaeNationalPool,CIP:FannieMaeCommunityImpactPool.
** Theoutcomesofthese dealsareprovidedinthisreport.
Page7
May2016
NewJersey,Florida,andNewYorkaccountedfor49percentofNPLssold.Thesethreestatesaccounted
for47percentoftheEnterprises'loansthatwere oneyearormoredelinquent asofDecember31,2014.
Thedistribution ofNPLsalesbystatecloselymirrorsthedistributionoftheEnterprises'morethanone
yeardelinquentloansbystatepriortothestartofprogrammaticsalesin2015.
Geographic Distribution of NPL Sales - Top 10 States

New Jersey
16.0%
Florida
California
Pennsylvania
Washington
Maryland
Illinois
Oregon
19.9%
15.2%
14.0%
New York
Massachusetts
17.9%
13.5%
4.4%
3.1%
3.9%
3.5%
3.8%
4.1%
3.3%
2.3%
3.2%
2.9%
3.1%
5.5%
2.6%
2.0%
Percent of Total NPL Sales to Date

Percent of Total Enterprise Loans One Year
or More Delinquent as of 12/31/2014
Page8
May2016
Theborroweroutcomesprovidedinthisreportarebasedon8,849NPLssettledbyJune30,2015andreported
throughDecember31,2015.Inabenchmarkcomparison,21percentofNPLsthathavebeenwiththenewservicers
thelongest(1,728NPLsfor8months)haveavoidedforeclosure,comparedto14percentoftheNPLsthatwerenot
sold.ForeclosuresforNPLssoldtrendedlowerthanthebenchmark.
Foreclosure Avoided
Foreclosure
39%
40%
40%
Not Resolved
100%
90%
Benchmark*
80%
30%
30%
70%
Benchmark*
NPL Sales 21%
20%
24%
20%
(Month 8)
20%
50%
(month 8)
Benchmark*
30%
(Month 8)
10%
NPL
61%
Sales
40%
16%
NPL Sales
14%
10%
60%
65%
31%
20%
10%
0%
month
12
18
24
0%
month
12
18
24
0%
month
12
18
Weighted Average NPL Characteristics

NPL Sales Loan Count by Month Since Servicing Transfer
month
loan count
1
8,849
2
8,849
3
8,849
4
8,849
5
8,849
6
1,728
7
1,728
8
1,728
Benchmark
NPL Sales
Loan to Value
93.9%
104.4%
Delinquency (years)
2.9
3.5
* The Benchmark tracks the performance of the Enterprises loans that were one year or more delinquent as of December 31, 2013, over the two succeeding years. It provides an
historical reference for evaluating the performance of the loans sold in the NPL sales. The performance of the loans sold in the NPL sale will differ from the benchmark due to,
among other factors: differences in loan characteristics (for example, mark-to-market loan-to-value ratio, geographic location and delinquency), differences in the Enterprises and
the NPL buyers loss mitigation programs and servicing outreach, and changes in the macro-economic environment.
Charts exclude the "Other" category (Whole Loan Sales, Charge Offs, and Repurchases).
Page9
24
May2016
NPLswherethehomeisoccupiedbytheborrowerhadthehighestrateofforeclosureavoidanceoutcomes(13
percentforeclosureavoidedversus6.2percentforvacantproperties).NPLswherethepropertyisvacanthada
muchhigherrateofforeclosure(21.3percentforeclosureversus8.5percentforborroweroccupiedproperties).
Foreclosureoutcomesforvacanthomescanimproveneighborhoodstabilityandreduceblightasthehomesare
soldorrentedtonewoccupants.
Loan Outcomes by Verified Occupancy Status

100%
80%
Foreclosure
Avoided, 21.8%
13.0%
8.5%
9.8%
6.2%
8.8%
21.3%
60%
40%
77.7%
81.1%
Borrower Occupied
Non-Borrower
Occupied
Vacant
5,674 loans
581 loans
1,650 loans
71.4%
20%
Foreclosure Avoided*
Foreclosure
Other**
Not Resolved***
0%
* See page 17 for more information.

** Other is defined as: whole loan sales, repurchases by the Enterprises, and charge-offs.
*** Not Resolved is defined as: in Trial Modification, Delinquent: Modified Post-NPL Sale, and Delinquent: Never Modified Post-NPL Sale.
Page10
May2016
ThroughDecember31,2015,24percentoftheNPLshavebeenresolved.TwelvepercentofNPLswereresolved
withoutforeclosureand12percentwereresolvedthroughforeclosure.
Loan Outcomes
Foreclosure
Avoidance
Outcomes
NPL Sales to
Date
0.1% Short Cash Payoff
Foreclosure
Avoided
12%
1.1% Deed-in-Lieu
1.2% Paid in Full
Foreclosure
12%
Not
Resolved
2.7% Short Sale

Other**
2%
75%
3.1% Permanent
Modification
3.7% Self Cure*
Not Resolved Outcomes

1.9% in Trial Modification
0.9% Delinquent: Modified Post NPL Sale
71.7% Delinquent: Never Modified Post NPL Sale

Page11
May2016
NPLswheretheservicerhasestablishedcontactwiththeborrower,coborrower,ortrustedadvisor("Right
PartyContact")haveamuchhigherrateofnonforeclosureoutcomes(17percentversus4.5percent withno
rightpartycontact).Incontrast,whenaservicerisunabletoestablishcontact,NPLshaveahigherrateof
foreclosure(17.2percentversus8.2percentwithrightpartycontact).
Loan Outcomes by Right Party Contact

100%
17.0%
80%
4.5%
17.2%
8.2%
60%
40%
74.1%
75.2%
Right Party Contact
No Right Party Contact
5,255 loans
3,594 loans
20%
Foreclosure
Other**
Not Resolved***
0%

** Not Resolved is defined as: in Trial Modification, Delinquent: Modified Post NPL-Sale, and Delinquent: Never Modified Post-NPL Sale.
Page12
May2016
TheleastdelinquentNPLs(lessthantwoyearsdelinquent)havethehighestpercentageofforeclosure
avoidance(19percentversus10percentforloans25yearsdelinquentand7percentforloans5+years
delinquent).
Loan Outcomes by Length of Delinquency

100%
19%
10%
Foreclosure
Avoided, 21.8%
7%
6%
14%
80%
15%
60%
40%
65%
74%
86%
Foreclosures
Other**
Not Resolved***
20%
0%
< 2 Years Delinquent
2-5 Years Delinquent
5+ Years Delinquent
2,805 loans
3,492 loans
2,552 loans

*** Not Resolved is defined as: in Trial Modification, Delinquent: Modified Post NPL-Sale, and Delinquent: Never Modified Post-NPL Sale.
Page13
May2016
Floridahasahigherpercentage offoreclosureavoidance(16.3 percent)comparedtoNewJersey(7.8percent),

NewYork(6.2percent),andtheaverageofallotherstates(13.4percent).
Loan Outcomes by State

100%
16.3%
80%
7.8%
Foreclosure
Avoided,
21.8%
7.9%
6.2%
7.5%
13.4%
13.4%
14.9%
60%
40%
83.4%
85.9%
71.0%
66.6%
Foreclosure Avoided
20%
0%
FL
Foreclosure Avoided
NJ
NY
All Other States
1,991
loans
1,593
loans
1,383
loans
3,882
loans
Foreclosures
Other**
Not Resolved***

*** Not Resolved is defined as: in Trial Modification, Delinquent: Modified Post NPL-Sale, and Delinquent: Never Modified Post NPL-Sale.
Page14
May2016
Table1:NPLSalesbyState
State
New Jersey
Florida
New York
Massachusetts
California
Pennsylvania
Washington
Maryland
Illinois
Oregon
Nevada
Texas
Ohio
Connecticut
Georgia
Hawaii
North Carolina
South Carolina
Virginia
New Mexico
Maine
Wisconsin
Indiana
Delaware
Rhode Island
Arizona
NPL
Sales
UPB ($M)
1,657.9
1,252.7
1,636.6
392.7
451.0
218.8
287.7
290.9
246.3
200.1
228.5
96.5
78.2
146.2
91.1
160.3
69.6
60.9
79.4
66.6
61.7
52.5
35.6
53.6
57.1
54.1
Enterprise Loans 1 Year

NPL
Sales Loan Count or More Delinquent as
of 12/31/2014
Percent of
Loan
Loan
Count Percentage
Total
Count
7,452
17.9%
37,530
13.5%
6,647
16.0%
55,504
19.9%
6,321
15.2%
38,984
14.0%
1,815
4.4%
8,602
3.1%
1,626
3.9%
9,748
3.5%
1,571
3.8%
11,496
4.1%
1,376
3.3%
6,291
2.3%
1,348
3.2%
8,186
2.9%
1,300
3.1%
15,259
5.5%
1,082
2.6%
5,693
2.0%
1,034
2.5%
5,665
2.0%
761
1.8%
5,572
2.0%
707
1.7%
7,111
2.5%
705
1.7%
4,985
1.8%
652
1.6%
4,450
1.6%
481
1.2%
2,033
0.7%
477
1.1%
3,918
1.4%
430
1.0%
3,746
1.3%
405
1.0%
2,584
0.9%
403
1.0%
2,228
0.8%
398
1.0%
1,883
0.7%
357
0.9%
2,354
0.8%
339
0.8%
3,746
1.3%
284
0.7%
1,490
0.5%
284
0.7%
1,569
0.6%
283
0.7%
1,632
0.6%
NPL
Sales
UPB ($M)
State
Michigan
28.8
Alabama
23.9
District of Columbia
49.3
Louisiana
29.4
23.4
Kentucky
Minnesota
37.8
21.9
Tennessee
Missouri
23.2
Oklahoma
15.1
Colorado
27.9
Arkansas
15.1
New Hampshire
24.5
Utah
27.5
Iowa
11.8
Idaho
16.2
Mississippi
10.7
Vermont
16.1
Kansas
8.2
Montana
6.2
West Virginia
4.1
Nebraska
3.3
North Dakota
1.8
Alaska
1.7
Guam, PR, VI
0.9
South Dakota
0.9
Wyoming
0.9
Total*
$8,457
Enterprise Loans 1 Year

NPL
or More Delinquent
Sales Loan Count
as of 12/31/2014
Loan Percent of
Loan Count Percentage
Total
Count
261
0.6%
2,577
0.9%
230
0.6%
1,812
0.6%
225
0.5%
1,186
0.4%
221
0.5%
2,114
0.8%
217
0.5%
1,883
0.7%
215
0.5%
1,437
0.5%
208
0.5%
1,531
0.5%
205
0.5%
1,560
0.6%
157
0.4%
1,400
0.5%
150
0.4%
1,196
0.4%
142
0.3%
943
0.3%
133
0.3%
855
0.3%
127
0.3%
721
0.3%
109
0.3%
1,122
0.4%
108
0.3%
664
0.2%
90
0.2%
768
0.3%
90
0.2%
666
0.2%
76
0.2%
796
0.3%
35
0.1%
244
0.1%
33
0.1%
379
0.1%
31
0.1%
340
0.1%
17
0.0%
93
0.0%
9
0.0%
75
0.0%
9
0.0%
2,191
0.8%
8
0.0%
136
0.0%
5
0.0%
47
0.0%
41,649
278,995
Page15
May2016
Table2:NPLBuyers
NPL Buyer
LSF9 Mortgage Holdings, LLC
Pretium Mortgage Credit Partners I Loan Acquisition, LP
GCAT Management Services 2015-13 LLC
MTGLQ Investors, L.P.
(Freddie Mac NPL Pilot*)
Rushmore Loan Management Services, LLC
Carlsbad Funding Mortgage Loan Acquisition LP
New Residential Investment Corp.
PRMF Acquisition LLC
Bayview Acquisition, LLC
21st Mortgage Corporation
SW Sponsor, LLC
OSAT Sponsor II, LLC
Community Loan Fund of New Jersey, Inc
Nomura Corporate Funding Americas, LLC
Corona Asset Management XII, LLC
Total
Number of
Pools
Loan Count
UPB ($M)
Bought
at Settlement Date at Settlement Date
9
9,750
2,019
1,480
9
7,571
870
3
4,704
761
9
4,581
596
2
2,721
539
3
2,533
479
1
2,308
450
2
2,118
481
1
1,871
203
2
953
176
1
794
152
1
606
101
1
438
66
5
310
2
272
62
24
1
119
$8,457
52
41,649
Loan Count
Percent
of Total
23.4%
18.2%
11.3%
11.0%
6.5%
6.1%
5.5%
5.1%
4.5%
2.3%
1.9%
1.5%
1.1%
0.7%
0.7%
0.3%
* The Freddie Mac NPL Pilot sale does not include a provision to disclose the buyer name.
Page16
EXHIBIT7
May2016
(ExpandsuponHUD/FHAExhibit10)
Table3:LoanOutcomesbyVerifiedOccupancy
Borrower
Occupied
Loans
NonBorrower
Occupied
Loans
Vacant
Loans
Unknown
Occupancy
Percentage
of Borrower
Percent
Occupied
of Loans
Loans
Percentage
of NonBorrower
Percentage
Occupied Percentage of of Unknown
Loans
Vacant Loans Occupancy
Category
Loan
Count
Resolved
Foreclosure Avoided
Self Cure*
Paid in Full
Active Permanent Modification
Short Sale
Deed-in-lieu
Short Cash Pay-Off
Foreclosure
2,106
1,058
331
110
277
236
97
7
1,048
1,221
739
244
82
240
123
47
3
482
108
57
29
7
10
8
3
0
51
455
103
3
17
2
37
42
2
352
322
159
55
4
25
68
5
2
163
23.8%
12.0%
3.7%
1.2%
3.1%
2.7%
1.1%
0.1%
11.8%
21.5%
13.0%
4.3%
1.4%
4.2%
2.2%
0.8%
0.1%
8.5%
18.6%
9.8%
5.0%
1.2%
1.7%
1.4%
0.5%
0.0%
8.8%
27.6%
6.2%
0.2%
1.0%
0.1%
2.2%
2.5%
0.1%
21.3%
34.1%
16.8%
5.8%
0.4%
2.6%
7.2%
0.5%
0.2%
17.3%
Not Resolved
in Trial Modification
Delinquent: Modified Post NPL Sale
Delinquent: Never Modified Post NPL Sale
6,599
168
84
6,347
4,410
152
69
4,189
471
3
3
465
1,178
3
1
1,174
540
10
11
519
74.6%
1.9%
0.9%
71.7%
77.7%
2.7%
1.2%
73.8%
81.1%
0.5%
0.5%
80.0%
71.4%
0.2%
0.1%
71.2%
57.2%
1.1%
1.2%
55.0%
144
122
14
8
43
27
14
2
2
2
0
0
17
14
0
3
82
79
0
3
1.6%
1.4%
0.2%
0.1%
0.8%
0.5%
0.2%
0.0%
0.3%
0.3%
0.0%
0.0%
1.0%
0.8%
0.0%
0.2%
8.7%
8.4%
0.0%
0.3%
8,849
5,674
581
1,650
944
100.0%
100.0%
100.0%
100.0%
100.0%
Other
Whole Loan Sales
Repurchase by Enterprise
Charge-off
Total**
*Includes51nondelinquentloansincludedintheFannieMaepilotsale.
**Excludes69loansfor whichFreddieMacreportednoperformanceinformation.
Page17
EXHIBIT6
(HUD/FHAExhibit9)
May2016
Table4:LoanOutcomesSummary
Category
Total Count Total Percent Total Percent

of Loans Sold of Loans Sold of Resolved
Resolved
Foreclosure Avoided
Self Cure*
Paid in Full
Short Sale
Deed-in-lieu
Short Cash Pay-Off
Foreclosure
2,106
1,058
331
110
277
236
97
7
1,048
23.8%
12.0%
3.7%
1.2%
3.1%
2.7%
1.1%
0.1%
11.8%
Not Resolved
6,599
168
84
6,347
74.6%
1.9%
0.9%
71.7%
144
122
14
8
1.6%
1.4%
0.2%
0.1%
8,849
100.0%
Other
Whole Loan Sales
Charge-off
Total**
100.0%
50.2%
15.7%
5.2%
13.2%
11.2%
4.6%
0.3%
49.8%
* Includes51nondelinquentloansincludedintheFannieMaepilotsale.
Page18
May2016
Table5:LoanOutcomesbyLoantoValue
Loan Count
LTV <90
Resolved
Foreclosure Avoided
Self Cure*
Paid in Full
Short Sale
Deed-in-lieu
Short Cash Pay-Off
Foreclosure
2,106
1,058
331
110
277
236
97
7
1,048
801
348
86
100
100
44
18
0
453
423
163
34
7
54
50
17
1
260
882
547
211
3
123
142
62
6
335
23.8%
12.0%
3.7%
1.2%
3.1%
2.7%
1.1%
0.1%
11.8%
22.3%
9.7%
2.4%
2.8%
2.8%
1.2%
0.5%
0.0%
12.6%
22.3%
8.6%
1.8%
0.4%
2.8%
2.6%
0.9%
0.1%
13.7%
26.3%
16.3%
6.3%
0.1%
3.7%
4.2%
1.9%
0.2%
10.0%
Not Resolved
6,599
168
84
6,347
2,763
58
38
2,667
1,438
28
12
1,398
2,398
82
34
2,282
74.6%
1.9%
0.9%
71.7%
76.8%
1.6%
1.1%
74.1%
75.7%
1.5%
0.6%
73.6%
71.6%
2.4%
1.0%
68.1%
144
122
14
8
35
31
1
3
38
34
3
1
71
57
10
4
1.6%
1.4%
0.2%
0.1%
1.0%
0.9%
0.0%
0.1%
2.0%
1.8%
0.2%
0.1%
2.1%
1.7%
0.3%
0.1%
8,849
3,599
1,899
3,351
100.0%
100.0%
100.0%
100.0%
Category
Other
Whole Loan Sales
Charge-off
Total**
LTV > 110
Percent of
Loans
Percent
LTV <90
Percent
LTV 90 110
LTV 90 110
Percent
LTV > 110
* Includes51 nondelinquentloansincludedintheFannieMaepilotsale.
Page19
May2016
Table6:LoanOutcomesbyRightPartyContact
Category
Right Party
Contact
Loan Count
No Right
Party
Contact
Totals
Percent of Loans Sold

No Right
Right Party
Party
Contact
Contact
Totals
Resolved
Foreclosure Avoided
Self Cure*
Paid in Full
Short Sale
Deed-in-lieu
Short Cash Pay-Off
Foreclosure
1,324
895
294
98
261
143
95
4
429
782
163
37
12
16
93
2
3
619
2,106
1,058
331
110
277
236
97
7
1,048
25.2%
17.0%
5.6%
1.9%
5.0%
2.7%
1.8%
0.1%
8.2%
21.8%
4.5%
1.0%
0.3%
0.4%
2.6%
0.1%
0.1%
17.2%
23.8%
12.0%
3.7%
1.2%
3.1%
2.7%
1.1%
0.1%
11.8%
Not Resolved
3,896
164
76
3,656
2,703
4
8
2,691
6,599
168
84
6,347
74.1%
3.1%
1.4%
69.6%
75.2%
0.1%
0.2%
74.9%
74.6%
1.9%
0.9%
71.7%
35
30
5
109
92
14
3
144
122
14
8
0.7%
0.6%
0.0%
0.1%
3.0%
2.6%
0.4%
0.1%
1.6%
1.4%
0.2%
0.1%
5,255
3,594
8,849
100%
100%
100%
Other
Whole Loan Sales
Charge-off
Total**
Page20
May2016
Table7:LoanOutcomesbyDelinquencyatSettlement
Loan Count
Loans of < 2
Years
Delinquent
Loans 2-3
Years
Delinquent
Loans 3-4
Years
Delinquent
Loans 4-5
Years
Delinquent
Loans 5-6
Years
Delinquent
Loans 6+
Years
Delinquent
Resolved
Foreclosure Avoided
Self Cure*
Paid in Full
Short Sale
Deed-in-lieu
Short Cash Pay-Off
Foreclosure
2,106
1,058
331
110
277
236
97
7
1,048
934
520
228
70
118
68
35
1
414
321
129
27
17
32
33
20
192
300
124
24
10
41
35
13
1
176
214
100
16
6
32
34
12
114
198
106
19
6
35
33
11
2
92
139
79
17
1
19
33
6
3
60
Not Resolved
6,599
168
84
6,347
1,837
62
36
1,739
900
23
8
869
795
25
12
758
885
27
7
851
1,082
13
15
1,054
1,100
18
6
1,076
144
122
14
8
34
27
4
3
24
23
1
-
31
29
1
1
22
20
1
1
21
14
4
3
12
9
3
-
8,849
2,805
1,245
1,126
1,121
1,301
1,251
Percentage Percentage Percentage Percentage Percentage

of < 2 Years of 2-3 Years of 3-4 Years of 4-5 Years of 5-6 Years
Delinquent Delinquent Delinquent Delinquent Delinquent
Percentage
of 6+ Years
Delinquent
Category
Other
Whole Loan Sales
Charge-off
Total**
Category
Percent of
loans
Resolved
Foreclosure Avoided
Self Cure*
Paid in Full
Short Sale
Deed-in-lieu
Short Cash Pay-Off
Foreclosure
23.8%
12.0%
3.7%
1.2%
3.1%
2.7%
1.1%
0.1%
11.8%
33.3%
18.5%
8.1%
2.5%
4.2%
2.4%
1.2%
0.0%
14.8%
25.8%
10.4%
2.2%
1.4%
2.6%
2.7%
1.6%
0.0%
15.4%
26.6%
11.0%
2.1%
0.9%
3.6%
3.1%
1.2%
0.1%
15.6%
19.1%
8.9%
1.4%
0.5%
2.9%
3.0%
1.1%
0.0%
10.2%
15.2%
8.1%
1.5%
0.5%
2.7%
2.5%
0.8%
0.2%
7.1%
11.1%
6.3%
1.4%
0.1%
1.5%
2.6%
0.5%
0.2%
4.8%
Not Resolved
74.6%
1.9%
0.9%
71.7%
65.5%
2.2%
1.3%
62.0%
72.3%
1.8%
0.6%
69.8%
70.6%
2.2%
1.1%
67.3%
78.9%
2.4%
0.6%
75.9%
83.2%
1.0%
1.2%
81.0%
87.9%
1.4%
0.5%
86.0%
1.6%
1.4%
0.2%
0.1%
1.2%
1.0%
0.1%
0.1%
1.9%
1.8%
0.1%
0.0%
2.8%
2.6%
0.1%
0.1%
2.0%
1.8%
0.1%
0.1%
1.6%
1.1%
0.3%
0.2%
1.0%
0.7%
0.2%
0.0%
Total**
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
Other
Whole Loan Sales
Charge-off
Page21
May2016
Table8:LoanOutcomesbyState
Category
Loan
Count
FL
NJ
All Other
States
NY
Percent
of Loans
FL
NJ
NY
All Other
States
Resolved
Foreclosure Avoided
Self Cure*
Paid in Full
Short Sale
Deed-in-lieu
Short Cash Pay-Off
Foreclosures
2,106
1,058
331
110
277
236
97
7
1,048
621
325
123
14
76
94
15
3
296
251
125
34
6
35
29
21
126
190
86
22
12
27
15
9
1
104
1,044
522
152
78
139
98
52
3
522
23.8%
12.0%
3.7%
1.2%
3.1%
2.7%
1.1%
0.1%
11.8%
31.2%
16.3%
6.2%
0.7%
3.8%
4.7%
0.8%
0.2%
14.9%
15.8%
7.8%
2.1%
0.4%
2.2%
1.8%
1.3%
0.0%
7.9%
13.7%
6.2%
1.6%
0.9%
2.0%
1.1%
0.7%
0.1%
7.5%
26.9%
13.4%
3.9%
2.0%
3.6%
2.5%
1.3%
0.1%
13.4%
Not Resolved
6,599
168
84
6,347
1,327
38
23
1,266
1,329
24
2
1,303
1,188
22
9
1,157
2,755
84
50
2,621
74.6%
1.9%
0.9%
71.7%
66.6%
1.9%
1.2%
63.6%
83.4%
1.5%
0.1%
81.8%
85.9%
1.6%
0.7%
83.7%
71.0%
2.2%
1.3%
67.5%
144
122
14
8
43
37
4
2
13
8
2
3
5
1
3
1
83
76
5
2
1.6%
1.4%
0.2%
0.1%
2.2%
1.9%
0.2%
0.1%
0.8%
0.5%
0.1%
0.2%
0.4%
0.1%
0.2%
0.1%
2.1%
2.0%
0.1%
0.1%
8,849
1,991
1,593
1,383
3,882
100%
100%
100%
100%
100%
Other
Whole Loan Sales
Charge-off
Total**
Page22
May2016
Table9:PermanentLoanModificationsChangesinMonthlyPayment
Ever to Date
Permanent
Modifications*
Percent of Total
Permanent
Modifications
315
41
33
63
64
62
52
84%
11%
9%
17%
17%
16%
14%
Payment Increase or Unchanged

Increase
Unchanged
58
51
7
15%
14%
2%
Unknown
1%
376
100%
Payment Decrease
Decreased by 50% or More
Decreased by 40% to Less Than
Decreased by Less Than 10%
Total
50%
40%
30%
20%
* Evertodatepermanentmodificationsincludeactivepermanentmodificationsaswellasmodified
loansthatsubsequentlyredefaulted,paidoff,liquidatedorweresoldthroughawholeloansale.
Somemodificationsareonpreviously defaultedmodifications,wherethepaymentwasalready
reducedfromtheoriginalloanterms,constrainingthenewservicer'sabilitytoofferlargepayment
reductions.See"%PreviouslyModified"onpage26foradditionalinformation.
Page23
May2016
Table10:DispositionofPropertyAcquiredthroughForeclosureorDeedinLieu
Property Disposition
Property
Count
Percent of
Total
Third Party Sale
101
10%
Property Sales by Buyer

Owner Occupant
Non-Profit
Investor
Unknown
134
60
0
58
16
13%
6%
0%
6%
2%
Not Sold
Held for Rental
In REO
813
40
773
78%
4%
74%
Total
1,048
100%
Page24
May2016
Factorstoconsiderinevaluatingloanoutcomesbypool:
TheborroweroutcomesforloanssoldineachNPLpoolareinfluencedbyseveralfactors,includingthecharacteristicsofthe loansin
thepool.Someofthesefactorsaredescribedbelowtoprovideadditionalcontextaboutthepoollevelborroweroutcomesdescribed
onthefollowingpage:
MonthsSinceTransfer
Themoretimethathaselapsedsincetransfertoanew
servicer,themorelikelythatthenewservicerisfurtheralongin
resolvingtheloan.
PreviouslyModified
Loansthathavebeenpreviouslymodifiedaremorelikelyto
avoidforeclosurethroughashortsaleordeedinlieuandless
likelytoresultinasuccessfulsubsequent modification.
AverageYearsDelinquency
Thelongeraborrowerhasnotbeenmakingpayments,the
moreunlikelyitisthattheborrowerwillrespondtoa
solicitationbyanewservicertomodifytheloanorpursuean
alternativeresolution.
InForeclosureProceedings
Forloanswheretheforeclosureprocesshasstarted,itismore
likelythatifthereisstillanoptiontoavoidforeclosure,itwillbe
withashortsaleordeedinlieu.Loansthatareinlatestage
foreclosureproceedingsaremorelikelytoresultinaforeclosure
outcome.
AverageLoantoValue
Toachieveasustainablemodification,loanswithnegative
equityaremorelikelytohaveprincipalreductionasafeatureof
themodification.
VerifiedBorrowerOccupancy
Loansonpropertieswheretheborrowerisstilloccupyingthe
residencearemorelikelytobemodifiedthanthosewherethe
borrowerhasabandonedorvacatedtheproperty.
GeographyofLoans
Thetimelinetoresolutionvariesbystate.Loansinstateswith
longerforeclosure timelineswilltakelongertoberesolved.
RightPartyContact
LoansforwhichtheservicerhasmadeRightPartyContactare
morelikelytoresultinanonforeclosureresolution.
Page25
May2016
Table11:PoolCharacteristicsandOutcomesas of12/31/2015
Freddie Mac
SPO 2015#1 Pool 1
Freddie Mac
SPO 2015#1 Pool 2
Pretium Mortgage Pretium Mortgage

Credit Partners I Credit Partners I
Loan Acquisition, Loan Acquisition,
LP
LP
Buyer
Characteristics
Months Since Transfer
Loan Count at Settlement
Average Years Delinquency
Average Loan-to-Value
% Verified Borrower Occupancy
% Previously Modified
% In Foreclosure Proceedings
Geography
FL
NJ
NY
CA
% All Other States
% Judicial Foreclosure States
Outcomes
Resolved
Foreclosure Avoided
Self Cure
Paid in Full
Short Sale
Deed-in-lieu
Short Cash Pay-Off
Foreclosure
Freddie Mac
SPO 2015#1 Pool 3
Bayview
Acquisition, LLC
Freddie Mac
SPO 2015#2 Pool 1
Freddie Mac
SPO 2015#2 Pool 2
Freddie Mac
SPO 2015#2 Pool 3
FNMA 2015NPL1-1
GCAT Management GCAT Management GCAT Management

Services 2015-13 Services 2015-13 Services 2015-13 SW Sponsor, LLC
LLC
LLC
LLC
FNMA 2015NPL1-2
PRMF Acquisition
LLC
8
668
2.3
72%
74%
15.4%
57.3%
8
425
2.8
100%
75%
26.8%
62.4%
8
644
3.0
145%
71%
34.8%
65.8%
5
3092
2.8
82%
65%
21.9%
90.3%
5
1185
2.9
100%
61%
23.6%
90.7%
5
427
4.0
82%
62%
15.2%
97.7%
5
606
5.1
142%
58%
31.0%
46.0%
5
1,871
5.1
136%
56%
31.0%
42.0%
19%
8%
8%
7%
57%
60%
26%
8%
8%
6%
52%
67%
39%
11%
7%
6%
36%
74%
10%
24%
13%
4%
49%
68%
15%
24%
13%
3%
45%
72%
0%
0%
100%
0%
0%
100%
39%
18%
13%
3%
27%
78%
41%
17%
11%
5%
26%
76%
31.3%
14.7%
1.4%
5.0%
5.3%
1.5%
1.5%
0.0%
16.6%
37.0%
14.2%
1.7%
1.2%
5.7%
2.6%
3.1%
0.0%
22.7%
44.4%
32.5%
2.5%
0.3%
10.6%
10.9%
8.2%
0.0%
12.0%
22.5%
8.4%
2.3%
1.6%
2.2%
1.8%
0.5%
0.0%
14.1%
26.4%
7.7%
2.0%
1.4%
1.7%
2.0%
0.4%
0.1%
18.7%
14.9%
3.1%
0.5%
0.7%
1.7%
0.2%
0.0%
0.0%
11.8%
17.3%
15.7%
8.9%*
0.0%
2.5%
3.3%
0.0%
1.0%
1.7%
15.6%
12.7%
8.0%*
0.0%
2.1%
2.5%
0.1%
0.0%
2.9%
Not Resolved
In Trial Modification
67.5%
2.1%
2.6%
62.8%
61.6%
2.1%
1.7%
57.8%
53.4%
7.6%
1.4%
44.4%
76.6%
1.6%
0.8%
74.2%
73.4%
0.7%
0.5%
72.2%
84.9%
0.5%
0.7%
83.7%
82.0%
5.8%
0.3%
75.9%
80.0%
0.2%
0.9%
78.9%
Other Outcomes
Whole Loan Sales
Charge-Off
1.2%
1.2%
0.0%
0.0%
1.4%
1.2%
0.2%
0.0%
2.2%
2.2%
0.0%
0.0%
0.9%
0.7%
0.0%
0.2%
0.2%
0.0%
0.0%
0.2%
0.2%
0.2%
0.0%
0.0%
0.7%
0.0%
0.7%
0.0%
4.4%
4.0%
0.5%
0.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
Total**
100.0%
TheperformanceoftheloanssoldintheNPLsalewillvarydueto,amongotherfactors:marktomarketloantovalueratio,geographiclocation,
occupancystatus,andthelengthofdelinquency.
Page26
DRAFT
Glossary
Term
May2016
Deedinlieu
Definition
Pastdueamountsondelinquentloans.Arrearagesincludepropertytaxes,interest,homeownersinsurance,andanyfeespaidbythe
servicertoprotectthelienholder'slien.
Cessationofcollectioneffortsonamortgagewhenthedebtisdeemedtobeuncollectable.Achargeoffdoesnotnecessarilycancelthenote
orreleasethelienontheproperty.InApril2015,FHFAprohibited"walkaways"associatedwithchargeoffsonvacantproperties.
Smaller,geographicallyconcentrated,highoccupancypoolsmarketedbyFannieMaetoencourageparticipationbysmallinvestorsincluding
nonprofitsandminorityandwomenownedbusiness(MWOB)buyers.Buyershavetwoextraweekscomparedtobuyersofnationalpools
tosecurefundstoparticipateintheauctions.
Theborrowervoluntarilytransferstheownershipofthepropertytothelienholdertoavoidaforeclosureproceeding.
ExtendedTimelinePoolOffering
(EXPO)
Smaller,geographicallyconcentrated,poolsmarketedbyFreddieMactoencourageparticipationbysmallinvestorsincludingnonprofitsand
MWOBs.Buyershavetwoextraweekscomparedtobuyersofnationalpoolstosecurefundstoparticipateintheauctions.
Arrearages
ChargeOff
CommunityImpactPoolOffering
(CIP)
Foreclosure
HeldforRental
JudicialStates
LoantoValue
NationalOffering
NonPerformingLoan(NPL)
NPLSalesRequirements
PaidinFull
PermanentModification
RealEstateOwned(REO)
SelfCure
SettlementDate
ShortCashPayOff
ShortSale
StandardPoolOffering(SPO)
ThirdPartySale
UnpaidPrincipalBalance(UPB)
WholeLoanSale
Alegalprocedureinwhichalienholdertakespossessionofamortgagedpropertyasaresultoftheborrowernotmakingcontractual
payments.
Propertyownedandheldforrentalbyalienholderaftercompletionofaforeclosureordeedinlieu.
Stateswherejudicialactionisrequiredtocompleteaforeclosure.
TheratiooftheloanamountofthefirstmortgagetothepropertyvaluebasedontheBroker'sPriceOpinion(BPO).ABPOisapropertyvalue
estimateprovidedbyathirdpartysuchasasalesagent.ABPOisbasedonanexternalreviewonly,anddoesnotreflecttheconditionofthe
interiorofaproperty.TheBPOLTVdoesnotincludecapitalizedarrearages.
Large,typicallygeographicallydiversepoolsofferedbyFannieMae.
ForpurposesoftheEnterprises'NonPerformingLoansales,NPLsaregenerallyoneormoreyearsdelinquent.
ProgramrequirementsestablishedbytheFederalHousingFinanceAgencyfortheEnterprises'NPLsales.
Borrowerpaystheentireamountdue,therebyreleasingthelien.
Thetermsofamortgageloanarechangedinordertochangetheborrower'spayment.
Propertyownedbyalienholderaftercompletionofaforeclosureordeedinlieu.
Adelinquentborrowerreinstatestheloanwithoutassistancefromthelienholder.
ThedateonwhichtheNPLsalestransactionclosesandtheBuyeracquirestheNPLs.
Thelienholderreleasesthelieninexchangeforacashpaymentfromtheborroweroflessthantheoutstandingdebt.
Adelinquentborrowersellsapropertyforlessthantheoutstandingdebtandthelienholderagreestoreleasethelien.
Large,typicallygeographicallydiversepoolsofferedbyFreddieMac.
Athirdpartyentitypurchasesthepropertyattheforeclosuresale/auctionabovetheinitialbidsetforthbythelienholder.
Theloan'sactualprincipalbalanceowedtotheEnterprise.Theunpaidprincipalbalancedoesnotincludeanyarrearages.
ThesaleofloansbytheinitialNPLBuyertoanotherinvestor,nonprofit,etc.
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ENTERPRISE NONPERFORMINGLOANSALESREPORT

HighLoantoValue(LTV)loan modificationrequirements: For

ThroughMay31,2016, theEnterprises havesold41,649loanswithanaggregateUPBof$8.5billion,anaverage

Freddie Mac (continued)

Total Freddie Mac

Geographic Distribution of NPL Sales - Top 10 States

Percent of Total NPL Sales to Date

Weighted Average NPL Characteristics

Loan Outcomes by Verified Occupancy Status

* See page 17 for more information.

0.1% Short Cash Payoff

2.7% Short Sale

3.7% Self Cure*

Not Resolved Outcomes

* See page 18 for more information.

Loan Outcomes by Right Party Contact

Right Party Contact

No Right Party Contact

* See page 20 for more information.

Loan Outcomes by Length of Delinquency

2-5 Years Delinquent

* See page 21 for more information.

Floridahasahigherpercentage offoreclosureavoidance(16.3 percent)comparedtoNewJersey(7.8percent),

Loan Outcomes by State

All Other States

* See page 22 for more information.

Enterprise Loans 1 Year

Enterprise Loans 1 Year

Total Count Total Percent Total Percent

LTV > 110

Percent of Loans Sold

Percentage Percentage Percentage Percentage Percentage

Payment Increase or Unchanged

Third Party Sale

Property Sales by Buyer

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