Freddie Mac opens up certificate exchange for uniform MBS to investors

MCLEAN, May 07, 2019 (GLOBE NEWSWIRE via COMTEX) — Today marked another milestone for the Single Security Initiative, as Freddie Mac (otcqb:FMCC) commenced its offer to investors to exchange.

Freddie Mac Opens Gold PC / Giant PC Exchange Offer to Investors. -eligible Uniform Mortgage Backed Securities Mirror Certificates (UMBS).. pertaining to Freddie Mac’s exchange offer.

Thereafter, Freddie Mac is planning for a transition period to help all market participants understand and prepare for exchanges. During this period, exchanges will settle T+2, and overall capacity will be limited to 10,000 exchanges per business day. Investors who prefer to hold their Freddie Mac Gold PC or Giant PC securities are not required to make an exchange. Freddie Mac expects to cease issuing Gold PCs after May 31, 2019.

http://www.freddiemac.com/mbs/data/k053oc.pdf. — Freddie Mac Multifamily Investor Presentation — Multifamily Securities Investor Access database of post-securitization data from Investor Reporting.

Freddie Mac exchanged existing bonds from its portfolio for mirror certificates for the first time, completing a key test of a transaction that is central to the creation of a uniform mortgage-backed security. There will be more test exchanges in April ahead of the full implementation of the single.

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Fannie Mae's Role in Mortgage-Backed Securities Mortgage-backed securities, called MBS, are bonds secured by home and other real estate loans. They are created when a number of these loans, usually with similar characteristics, are pooled together. For instance, a bank offering home mortgages might round up $10 million worth of such mortgages.

Freddie Mac Opens Gold PC / Giant PC Exchange Offer to Investors. -eligible Uniform Mortgage Backed Securities Mirror Certificates (UMBS). Opening the exchange offer represents the final step.

Freddie Mac Opens Up Certificate Exchange for Uniform MBS to Investors National Mortgage News, May 8, 2019–Bonnie Sinnock (subscription) Investors can now exchange certain existing Freddie Mac bonds for to-be-announced uniform mortgage-backed securities in preparation for the full launch of UMBS next month.

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MCLEAN, Va., May 07, 2019 (GLOBE NEWSWIRE) — Today marked another milestone for the Single Security Initiative, as freddie mac (otcqb: fmcc) commenced its offer to investors to exchange certain eligible Freddie Mac securities for To-Be-Announced (TBA)-eligible Uniform Mortgage Backed Securities Mirror Certificates (UMBS).

In the completed mirror certificate transactions, Freddie exchanged certain eligible 45-day payment delay Gold Mortgage Participation Certificates and Giant PCs from its portfolio for mirror certificates that have a 55-day payment delay. Freddie plans to open up some of its April exchanges to other holders of its bonds.

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