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Freddie Mac reports recurring developments tied to U.S. housing finance, mortgage liquidity and its role as the Federal Home Loan Mortgage Corporation. Company news commonly covers the Primary Mortgage Market Survey® for conventional conforming mortgage rates, quarterly financial results, monthly volume summaries and activity across mortgage-related portfolios, securities issuance, delinquencies, debt activities and risk management.
Freddie Mac also reports capital markets activity connected to its Single-Family credit risk transfer programs. Updates include STACR® Structured Agency Credit Risk notes, ACIS® reinsurance transactions and tender offers for certain STACR securities, reflecting the company’s use of private capital markets to transfer residential mortgage credit risk.
Freddie Mac (OTCQB: FMCC) has priced a new offering of approximately $942 million in K Certificates (K-F99 Certificates), expected to settle on February 19, 2021. These certificates are backed by floating-rate multifamily mortgages with a 10-year term indexed to the Secured Overnight Financing Rate (SOFR). The offering includes one senior principal and interest class and an interest-only class entitled to static prepayment premiums. The K-F99 Certificates, co-managed by Citigroup and Goldman Sachs, will not be rated.
Freddie Mac (OTCQB:FMCC) will report its fourth quarter and full-year 2020 financial results before the U.S. markets open on February 11, 2021. A media call is set for the same day at 9 a.m. ET, which will also be webcast, with a replay available on the company’s website for 30 days. Established by Congress in 1970, Freddie Mac aims to enhance housing accessibility and affordability for millions of families through mortgage capital provision. More information can be found at FreddieMac.com.
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Freddie Mac (OTCQB: FMCC) has announced the pricing of its new offering of approximately $1 billion in Structured Pass-Through Certificates (K-F98 Certificates). Set to settle on February 11, 2021, these certificates back floating-rate multifamily mortgages with 10-year terms. The offering includes classes of senior bonds indexed to both SOFR and LIBOR. Co-lead managers include Goldman Sachs and J.P. Morgan, with the K-F98 Certificates not rated but guaranteed by Freddie Mac, aimed at transferring risk away from taxpayers.
Freddie Mac (OTCQB: FMCC) reported its Primary Mortgage Market Survey results, showing the average 30-year fixed-rate mortgage rate at 2.73%, unchanged from last week. This stability signals a continued challenging economic environment. Although lower income homeowners could benefit from refinancing, evidence suggests they are not taking advantage of the low rates as much as their upper-income counterparts. For the week ending February 4, 2021, the 15-year fixed-rate mortgage rose slightly to 2.21%.
Freddie Mac (OTCQB: FMCC) has priced a new offering of Structured Pass-Through Certificates (K-124 Certificates), totaling approximately $1.1 billion. These certificates, secured by fixed-rate multifamily mortgages, are set to settle on February 11, 2021. The offering includes various classes with different principal amounts, weighted average life, spreads, and yields. Major bookrunners include BofA Securities and Wells Fargo, with ratings provided by Fitch and Kroll. This move aligns with Freddie Mac's strategy to manage risk effectively while providing stable cash flows to investors.
Freddie Mac (OTCQB: FMCC) released its Monthly Volume Summary for December 2020, detailing its mortgage-related portfolios, securities issuance, and risk management activities. The summary illustrates Freddie Mac's role in providing mortgage capital to lenders, enhancing access and affordability for homebuyers and renters nationwide since 1970. This ongoing commitment aims to foster a better housing finance system for all stakeholders involved.
On October 19, 2020, Freddie Mac (OTCQB: FMCC) announced the auction sale of 101 non-performing residential first lien loans (NPLs) valued at $18.4 million to VRMTG ACQ, LLC. This transaction is part of Freddie Mac’s Extended Timeline Pool Offering and is expected to settle in December 2020. The loans, which have an average delinquency of 22 months, include modified mortgages that are now delinquent. Freddie Mac has sold over $8.4 billion in NPLs to date, focusing on reducing less-liquid assets in its mortgage-related investments portfolio.
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Freddie Mac has announced the pricing of its $1.086 billion STACR REMIC 2020-DNA5 offering, marking its first Single-Family credit risk transfer (CRT) deal linked to the Secured Overnight Financing Rate (SOFR). The new structure utilizes a 30-day average SOFR, aiming for a transition to a term SOFR pending regulatory approval. This offering is Freddie Mac’s fifth securities transaction of the year, covering low loan-to-value single-family loans. The transaction highlights the shift from LIBOR to SOFR, benefitting investors and Freddie Mac's credit risk management.