Thirteen Bonds Receive Higher 2019 Designations
MCLEAN, Va., June 10, 2020 (GLOBE NEWSWIRE) -- Freddie Mac (OTCQB: FMCC) today announced that its Structured Agency Credit Risk (STACR®) debt notes have received top designations by the National Association of Insurance Commissioners (NAIC) for the 2019 filing year.
Overall, Freddie Mac notes received 13 upgrades relative to 2018 year-end designations.
2019 Filing Year NAIC Designations Upgrades:
|CUSIP||Deal Name||2018 Designation||2019 Designation|
|3137G0QQ5||STACR 2017-DNA3 M2||NAIC 2||NAIC 1|
|3137G0RC5||STACR 2017-DNA3 M2B||NAIC 2||NAIC 1|
|3137G0NE5||STACR 2017-HQA1 M2||NAIC 2||NAIC 1|
|3137G0NB1||STACR 2017-HQA1 M2B||NAIC 2||NAIC 1|
|3137G0PU7||STACR 2017-HQA2 M2||NAIC 2||NAIC 1|
|3137G0QG7||STACR 2017-HQA2 M2B||NAIC 2||NAIC 1|
|3137G0RL5||STACR 2017-HQA3 M2||NAIC 2||NAIC 1|
|3137G0RY7||STACR 2017-HQA3 M2B||NAIC 2||NAIC 1|
|3137G0TH2||STACR 2018-DNA1 M2||NAIC 2||NAIC 1|
|3137G0TV1||STACR 2018-DNA1 M2B||NAIC 2||NAIC 1|
|3137G0UD9||STACR 2018-HQA1 M2||NAIC 3||NAIC 2|
|3137G0UK3||STACR 2018-HQA1 M2A||NAIC 2||NAIC 1|
|3137G0UR8||STACR 2018-HQA1 M2B||NAIC 3||NAIC 2|
Approximately 98 percent of Freddie Mac on the run STACR bonds with a NAIC Designation have a designation of 1, helping to make these securities more attractive to the insurance industry while improving the execution and liquidity of the company’s flagship CRT program. At this time, NAIC has not provided NAIC Price Breakpoints for Freddie Mac’s REMIC Trust and Trust CRT transactions at year-end 2019.
NAIC Designations are the specific alphanumeric symbols in use by the NAIC SVO to denote a category of credit quality. The NAIC's Structured Securities Group (SSG) is responsible for the day-to-day credit quality assessment and valuation of securities owned by state regulated insurance companies. The SVO conducts credit analysis on these securities for the purpose of assigning an NAIC designation and/or unit price. The NAIC designation categories are described on the NAIC’s SSG webpage.
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 FreddieMac.com/blog.
MEDIA CONTACT: Fred Solomon
INVESTOR CONTACT: Christian Valencia