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Posted by: | Posted on: May 31, 2021

Freddie Mac Announces Securitization of Reperforming Loans

first_img Freddie Mac Announces Securitization of Reperforming Loans in Daily Dose, Featured, Investment, Journal, News, Secondary Market Previous: How Do Non-prime Loans Help Underserved Borrowers? Next: Surviving and Thriving in a Low-Foreclosure REO Environment Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago  Print This Post Related Articles June 11, 2018 3,885 Views The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily Demand Propels Home Prices Upward 2 days agocenter_img Share Save Home / Daily Dose / Freddie Mac Announces Securitization of Reperforming Loans Servicers Navigate the Post-Pandemic World 2 days ago Freddie Mac recently priced its second Seasoned Credit Risk Transfer Trust offering of 2018, with the total coming in at around $1.6 billion.As detailed in the GSE’s press release, this securitization includes both guaranteed senior and unguaranteed subordinate securities. Freddie’s statement explains that “the SCRT securitization program is a key part of Freddie Mac’s seasoned loan offerings to reduce less liquid assets in its mortgage-related investments portfolio and shed credit and market risk via economically reasonable transactions.”Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-2 will issue roughly $1.5 billion in guaranteed senior certificates and approximately $127 million in “unguaranteed mezzanine and subordinate certificates.” The issuance should be settled by June 13, 2018, according to Freddie.The collateral backing this securitization consists of “8,628 fixed- and step-rate modified seasoned reperforming loans,” which Freddie’s statement notes were modified to help borrowers at risk of foreclosure and have since been performing for at least 12 months as of issuance.Specialized Loan Servicing LLC services the loans, with Citigroup Global Markets Inc. and Merrill Lynch, Pierce, Fenner & Smith Incorporated set as co-lead managers and joint bookrunners. Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC, and Samuel A. Ramirez & Company, Inc. will serve as co-managers.In February, Freddie Mac reported a Q4 2017 loss of  $3.3 billion, which required $300 million in federal assistance. That report came on the heels of fellow GSE Fannie Mae posting a $6.5 billion Q4 2017 downturn, which required a $3.7 billion bailout. Freddie reported $5.6 billion in annual net income in 2017. A $4.5 billion benefit from a litigation settlement ($2.9 billion after taxes) and a $5.4 billion write-down of the net deferred tax asset resulting from December’s tax overhaul by Congress were the two main contributing factors to the GSE’s net income last year.To date, Freddie Mac has sold $7 billion of non-performing loans. To learn more about the GSE’s seasoned loan offerings, click here. Freddie Mac MBS Mortgage-Backed Securities Reperforming Loans 2018-06-11 David Wharton Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago David Wharton, Managing Editor at the Five Star Institute, is a graduate of the University of Texas at Arlington, where he received his B.A. in English and minored in Journalism. Wharton has over 16 years’ experience in journalism and previously worked at Thomson Reuters, a multinational mass media and information firm, as Associate Content Editor, focusing on producing media content related to tax and accounting principles and government rules and regulations for accounting professionals. Wharton has an extensive and diversified portfolio of freelance material, with published contributions in both online and print media publications. Wharton and his family currently reside in Arlington, Texas. He can be reached at [email protected] About Author: David Wharton Tagged with: Freddie Mac MBS Mortgage-Backed Securities Reperforming Loans Subscribe The Best Markets For Residential Property Investors 2 days agolast_img read more