Freddie Mac’s recent sale of $201 million in delinquent mortgages to Lone Star Funds was the fourth non-performing loan transaction this year by a GSE. Lone Star purchased the 1,052 non-performing loans serviced by Ocwen as a single pool in late May. The loans have an aggregate unpaid principal balance of $201 million and have been delinquent for approximately three years on average. Earlier this year, Freddie executed two sales of NPLs at $392 million and then its largest ever at $985 million. And shortly after, Fannie Mae jumped into the game auctioning $786 million of delinquent loans. Although there’s been a notable increase in NPL sales by the GSEs, Fred Small, an analyst at Compass Point, said...