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Freddie Mac to issue uniform mortgage-backed security

Freddie Mac is set to issue the first Freddie Mac 55-day, "To-Be-Announced"-eligible uniform mortgage backed security on June 3, following a recent update to the good delivery guidelines of the Securities Industry and Financial Markets Association.

The company will no longer issue new gold participation certificates with a 45-day payment delay after May 31.

Freddie Mac is planning to offer holders of 45-day, TBA-eligible and non-TBA-eligible participation certificates and giants the option to exchange their eligible securities for 55-day Freddie Mac mirror securities, beginning May 7.