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Freddie Mac settles $1.2B securitization

Freddie Mac settled its second seasoned loans structured transaction trust offering of 2019.

The securitization, totaling about $1.2 billion, includes approximately $959 million in guaranteed senior certificates and approximately $262 million in non-guaranteed subordinate certificates. The certificates were backed by a pool of re-performing loans, including 7,073 fixed- and step-rate modified seasoned re-performing and moderately delinquent loans.

The loans are being serviced by Select Portfolio Servicing Inc. The right to purchase the subordinate certificates was awarded through a competitive auction in July to Redwood Subsidiary Holdings LLC.

Wells Fargo Securities LLC and BofA Securities Inc. are the co-lead managers and joint book runners. Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Nomura Securities International Inc. and Samuel A. Ramirez & Co. Inc. are the co-managers.