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Freddie Mac settles seasoned credit risk transfer

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Freddie Mac settles seasoned credit risk transfer

Freddie Mac settled its third seasoned credit risk transfer offering, a securitization of about $2.47 billion of guaranteed senior and unguaranteed subordinate securities.

Freddie Mac Seasoned Credit Risk Transfer Trust, series 2017-2, issued about $2 billion in guaranteed senior certificates and about $421 million in unguaranteed mezzanine and subordinate certificates. The collateral backing the certificates are 9,939 fixed- and step-rate modified seasoned loans, which were modified to help borrowers at risk of foreclosure to keep their homes. All have been performing for at least 12 months as of issuance. The loans are serviced by Nationstar Mortgage Holdings Inc.

Credit Suisse Securities (USA) LLC served as lead manager and sole book runner. Citigroup Global Markets Inc. and Wells Fargo Securities LLC were the co-managers. Loop Capital Markets LLC was a selling group member.