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Freddie Mac Creates Bonds Supported by Modified Mortgages

valuewalk.comMay 24, 2013

By Marie Cabural

Mortgage giant Freddie Mac (OTCBB:FMCC) announced today that it started creating bonds supported by certain performing modified mortgage loans held in the company’s mortgage-related investment portfolios.

Freddie Mac (OTCBB:FMCC) already completed $1 billion of securitization. According to the government-controlled mortgage financier, the loans were modified to help borrowers who were at risk of foreclosures to stabilize markets and prevent losses. Freddie Mac emphasized that loans should be current for at least six consecutive months to be eligible for securitization.
Freddie Mac Repackaging Into Bonds

Since November 2011, Freddie Mac (OTCBB:FMCC) had been repackaging into bonds and mortgages that were previously delinquent, but started to perform again without modification. The company said a “vast majority” of mortgages were modified to help homeowners out of delinquencies. The loans were at least 120 days delinquent, and it is a policy of the company to purchase the delinquent loans and hold then in a mortgage-related investments.

In a statement, Adamah Kah, vice president of distressed assets management of Freddie Mac (OTCBB:FMCC) said, “Securitizing loans that have been modified and are now performing will allow Freddie Mac to better manage its mortgage-related investments portfolio. We are taking another important step that creates liquidity and taxpayer value.”

According to the company, the modified mortgages were put into a new Freddie Mac Fixed-Rate Modified Participation Certificates (Modified PCs) with new “MA-MD” prefixes. The company classified said the Modified PCs are TBA deliverable, do not include loans modified through the Home Affordable Mortgage Program (HAMP), and are eligible collateral for new Freddie Mac Giant PC securities.

Neil Hughes, vice president and interim head of Single Family Securitization of Freddie Mac (OTCBB:FMCC) said, “As we continually seek to provide more transparency to the investment community, we are providing additional information on these securities which should aid in their valuation.”

Last month, a number of hedge fund managers including John Paulson are pushing for the privatization of Fannie Mae (OTCBB:FNMA) and Freddie Mac (OTCBB:FMCC).


Back to May 2013 Archive

CFLA was founded by the Nation's Leading Foreclosure Defense Attorneys back in 2007 to serve the Foreclosure Defense Industry and fight pervasive Bank Fraud. Since opening our virtual doors, CFLA has rapidly expanded to become the premier online legal destination for small businesses and consumers. But as the company continues to grow, we're careful to hold true to our original vision. For us, putting the law within reach of millions of people is more than just a novel idea—it's the founding principle, just ask Andrew P. Lehman, J.D.. With convenient locations in Houston and Los Angeles, you can contact Our National Account Specialist and General Manager / Member Damion W. Emholtz at 888-758-2352 for a free Mortgage Fraud Analysis or to obtain samples of work product, including cutting edge Bloomberg Securitization Audits, Litigation Support, Quiet Title Packages, and for more information about our Nationally Accredited and U.S. Department of Education Approved "Mortgage Securitization Analyst Training Certification" Classes (3 days) 24 hours for approved CLE & MCLE Credit (Now Available Online).

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