Freddie Mac Prices Approximately $272.2 Million SLST Securitization

MCLEAN, Va., Oct. 24, 2024 (GLOBE NEWSWIRE) -- Freddie Mac (OTCQB:FMCC) today announced the pricing of the Freddie Mac Seasoned Loans Structured Transaction Trust (SLST) Series 2024-2, a securitization of approximately $272.2 million including both guaranteed senior and non-guaranteed subordinate securities backed by a pool of seasoned residential mortgage loans. The SLST program is a fundamental part of Freddie Mac's seasoned loan offerings which reduce less-liquid assets in its mortgage-related investments portfolio and shed credit and market risk via economically reasonable transactions.

The transaction includes approximately $245.0 million in guaranteed senior certificates and approximately $27.2 million in non-guaranteed subordinate certificates. The subordinate certificates were auctioned and awarded on October 24. The transaction is expected to settle on October 30, 2024.

The underlying collateral backing the certificates consists of 1,694 fixed-, adjustable-, and step-rate seasoned loans, and includes both loans modified to assist borrowers at risk of foreclosure and loans that were never modified. As of the cut-off date, none of the loans are more than 150 days delinquent. On and after closing the loans will be serviced by Select Portfolio Servicing Inc.

Advisors to this transaction are Citigroup Global Markets Inc. and Nomura Securities International, Inc. as co-lead managers and joint bookrunners, and BofA Securities, Inc., Mizuho Securities USA LLC and Academy Securities, Inc. (a veteran-owned business) as the co-managers.

Freddie Mac's seasoned loan ...