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FEDERAL HOME LOAN MORTGAGE CORPORATION

(FMCC)
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Freddie Mac Prices $232 Million in Multifamily Structured Credit Risk Notes

07/23/2021 | 09:00am EDT

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 Mac’s exposure to mortgage credit risk and bolster the company’s 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 Mac’s 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.


© S&P Capital IQ 2021
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Financials (USD)
Sales 2021 17 871 M - -
Net income 2021 12 621 M - -
Net Debt 2021 - - -
P/E ratio 2021 0,23x
Yield 2021 -
Capitalization 2 931 M 2 931 M -
Capi. / Sales 2021 0,16x
Capi. / Sales 2022 0,19x
Nbr of Employees 6 922
Free-Float 89,6%
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Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 3
Last Close Price 0,91 $
Average target price 0,75 $
Spread / Average Target -17,6%
EPS Revisions
Managers and Directors
Michael J. DeVito Chief Executive Officer & Director
Michael Thomas Hutchins President
Christian Mark Lown Chief Financial Officer & Executive Vice President
S. Sara Mathew Non-Executive Chairman
Frank Nazzaro Chief Information Officer & Executive VP