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Freddie Mac Securitizes $1 Billion In Modified Loans

mortgageorb.comMay 27, 2013

Seeking to capitalize on rising demand for mortgage securities as the housing market rebounds, government-sponsored enterprise Freddie Mac has started packaging the modified mortgage loans it holds into bonds, with more than $1 billion securitized so far.

The loans were modified to assist borrowers who were at risk of foreclosure, to stabilize markets and to mitigate losses, in the wake of the 2008 housing crash and subsequent government takeover of the mortgage financier. In order to be converted into bonds, these mortgages must have been current for six months.

"Securitizing loans that have been modified and are now performing will allow Freddie Mac to better manage its mortgage-related investments portfolio," said Adama Kah, vice president of distressed assets management. "We are taking another important step that creates liquidity and taxpayer value for these modified loans through PC securitization."

The company reports that the modified mortgages are being pooled into new fixed-rate modified participation certificates with new "MA-MD" prefixes. They are not TBA deliverable and do not include loans modified through the Home Affordable Mortgage Program.

Freddie Mac will provide additional pool-level and loan-level disclosures specific to the modified PCs, including loan attributes at origination before modification; at the time of modification; and at the time of securitization as modified PCs. The GSE also will provide pool-level disclosure of payment history covering up to 36 months prior to the modified PC issuance.

Freddie Mac has securitized more than $3 billion in re-performing, unmodified loans since November 2011.


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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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