Freddie Mac recently priced a new offering of Multifamily Structured Credit Risk (MSCR) Notes, Series 2021-MN2. The MSCR (pronounced M-SCORE) program is designed to reduce Freddie Macs exposure to mortgage credit risk and bolster the companys mission of supporting affordable and quality rental housing. MSCR transactions transfer to private investors a portion of the credit risk on two categories of eligible multifamily mortgage loans: loans that back certain fully guaranteed securities issued by Freddie Mac through its participation certificate securitization program (PC Loans); and loans that are originated in connection with Freddie Macs multifamily targeted affordable housing tax-exempt bond credit enhancement program (BCE Loans). The approximately $232 million in MSCR Notes were priced on July 21, 2021. The MSCR Notes are unsecured and unguaranteed mezzanine classes issued by a trust. Freddie Mac holds in its entirety the senior loss risk A-H class and the first loss B-2H class in the capital structure, along with retaining a portion of the risk in the class M-1, M-2 and B-1 tranches.