Will Not Exercise Existing Clean-up Call Rights in Those Programs
MCLEAN, Va., Sept. 07, 2018 (GLOBE NEWSWIRE) -- Freddie Mac (OTCQB: FMCC) today announced that it will no longer include issuer clean-up call rights in its Single-Family Multiclass Certificates (REMIC and MACR Certificates) and Multifamily Structured Pass-Through Certificates (“Multifamily SPCs”) (including, for example, K-Certificates).
In addition, Freddie Mac announced that, consistent with its prior practice, it will continue not to exercise existing clean-up call rights related to outstanding Single-Family Multiclass Certificates and Multifamily SPCs.
Clean-up calls are redemption rights exercisable at the option of the issuer to redeem securities with a de minimis outstanding principal balance.
This announcement is not an offer to sell any Freddie Mac securities. Offers for any given security are made only through applicable offering circulars and related supplements, which incorporate Freddie Mac's Annual Report on Form 10-K for the year ended December 31, 2017, filed with the Securities and Exchange Commission (SEC) on February 15, 2018; all other reports Freddie Mac filed with the SEC pursuant to Section 13(a) of the Securities Exchange Act of 1934 (Exchange Act) since December 31, 2017, excluding any information "furnished" to the SEC on Form 8-K; and all documents that Freddie Mac files with the SEC pursuant to Sections 13(a), 13(c) or 14 of the Exchange Act, excluding any information "furnished" to the SEC on Form 8-K.
Freddie Mac's press releases sometimes contain forward-looking statements. Forward-looking statements involve known and unknown risks and uncertainties, some of which are beyond the company's control. Management's expectations for the company's future necessarily involve a number of assumptions, judgments and estimates, and various factors could cause actual results to differ materially from the expectations expressed in these and other forward-looking statements. These assumptions, judgments, estimates and factors are discussed in the company's Annual Report on Form 10-K for the year ended December 31, 2017, and its reports on Form 10-Q and Form 8-K, which are available on the Investor Relations page of the company's Web site at www.FreddieMac.com/investors and the SEC's website at www.sec.gov. The company undertakes no obligation to update forward-looking statements it makes to reflect events or circumstances occurring after the date of this press release.
Freddie Mac makes home possible for millions of families and individuals by providing mortgage capital to lenders. Since our creation by Congress in 1970, we've made housing more accessible and affordable for homebuyers and renters in communities nationwide. We are building a better housing finance system for homebuyers, renters, lenders, investors and taxpayers. Learn more at FreddieMac.com, Twitter @FreddieMac and Freddie Mac's blog.
MEDIA CONTACT: Chad Wandler