|By Marketwired .||
|July 2, 2014 04:15 PM EDT||
MCLEAN, VA -- (Marketwired) -- 07/02/14 -- Freddie Mac (OTCQB: FMCC) announced today that it has obtained a number of insurance policies underwritten by a panel of insurers and reinsurers. This represents the company's largest credit risk transfer of this type and covers up to a combined maximum of almost $285 million of losses for a portion of the credit risk associated with a pool of Single-Family loans acquired in the second quarter of 2013.
The policies were obtained under Freddie Mac's Agency Credit Insurance Structure (ACIS), which has attracted private capital from non-mortgage guaranty insurers and reinsurers. It further demonstrates the company's business strategy to expand risk sharing with private firms to reduce taxpayers' exposure to mortgage losses.
"With this third reinsurance transaction, we are bringing in new reinsurance and insurance companies, and distributing risk across more market participants," said Kevin Palmer, vice president of Single-Family strategic credit costing and structuring for Freddie Mac.
Freddie Mac has led the market in introducing new risk-sharing initiatives with four STACR debt note offerings and now three ACIS transactions. Through STACR and ACIS, Freddie Mac has laid off loss risk on more than $100 billion in qualifying Single-Family mortgages to date.
Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation's residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Today Freddie Mac is making home possible for one in four home borrowers and is one of the largest sources of financing for multifamily housing. Additional information is available at FreddieMac.com, Twitter @FreddieMac and Freddie Mac's blog FreddieMac.com/blog.
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