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Freddie Mac prices $2.2B securitization of reperforming loans

Freddie Mac priced an offering under its Seasoned Credit Risk Transfer Trust program for a rated securitization of about $2.2 billion in guaranteed senior and unguaranteed subordinate securities.

The SCRT series 2019-3 consists of about $2.0 billion in guaranteed senior certificates and about $202 million in unguaranteed mezzanine and subordinate certificates. The underlying collateral consists of 13,018 fixed- and step-rate seasoned reperforming loans modified for borrowers at risk of foreclosure. All the mortgage loans had been performing for at least 12 months as of the cutoff date.

The transaction is expected to settle Aug. 14.

The loans are serviced by Specialized Loan Servicing LLC.

Citigroup Global Markets Inc. and Credit Suisse Securities (USA) LLC are co-lead managers and joint book runners. BofA Securities Inc., BMO Capital Markets Corp., J.P. Morgan Securities LLC, Wells Fargo Securities LLC and Samuel A. Ramirez & Co. Inc. are co-managers.