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Presale: Freddie Mac STACR REMIC Trust 2020-DNA3

Freddie Mac STACR REMIC Trust 2020-DNA3 (STACR 2020-DNA3) is the seventh issuance under the Structured Agency Credit Risk (STACR) shelf that is structured as a real estate mortgage investment conduit (REMIC). This structure better protects investors from potential future counterparty risk exposure to Freddie Mac. The assets of the trust in this transaction are intended to fund interest and principal payments on the notes, although investors still have the benefit of a Freddie Mac backstop in the case of any shortfalls. From a cash flow perspective, in prior credit-linked note structures, the sole source of funds to make note interest payments were investment gains on the note proceeds with a dependency on the sponsor to fund any excess amounts of