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Freddie Mac prices offering of multifamily participation certificate securities

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Freddie Mac prices offering of multifamily participation certificate securities

Freddie Mac priced its first offering of multifamily participation pass-through securities backed by tax-exempt loans made by state or local housing agencies and secured by affordable rental housing.

The offering consists of two separate single-class securitizations, each backed by one fixed-rate loan. The WE0001 certificate is backed by a loan totaling approximately $3.9 million. The second, WE2001, is backed by a loan of approximately $2.9 million. Both are expected to settle Dec. 15.

Each securitization comes with Freddie Mac's guarantee of timely payment of interest and scheduled principal. The company completes the underwriting and credit reviews for all loans. The loans are underwritten to the same standards as those held in the company's portfolio. The timeline is consistent with industry standards and is the duration between the mortgage payment date and the security payment date.

The certificates will be offered through Stifel Nicolaus & Co. Inc. as placement agent.