Freddie Mac’s single-family business has announced that its Credit Risk Transfer (CRT) program reported Q2 22 CRT issuance of approximately $6.5 billion, protecting approximately $151 billion in unpaid principal balance (UPB) of single-family mortgages.
The total was a company record performance for a second quarter.
At the same time, record first half 2022 issuances totalled just under $15 billion, protecting $358 billion UPB of single-family mortgages.
“Freddie Mac’s Single-Family CRT program delivered record performance, introduced a new ACIS structure and reduced our costs via two STACR tender offers in the first half,” said Freddie Mac’s Mike Reynolds, Vice President of Single-Family CRT.
“We added 17 new investors/(re)insurers in the second quarter, demonstrating continued market demand for our offerings and establishing the largest average investor base in program history.”
Additionally, through its flagship offerings alone, Freddie Mac issued approximately $14.6 billion across 6 STACR and 8 ACIS transactions in the H1 22. Among the notable transactions in the first half was STACR 2022-DNA2, which was Freddie Mac’s largest-ever CRT securities transaction, at $1.9 billion.
The first half of 2022 was the largest in program history for ACIS transactions, and included a new ACIS structure – ACIS 2022-COR1, the first structure with collateral comprised solely of cash-out refinance loans.
Furthermore, the program also launched the ACIS 2022-AFH1 in the second quarter, a structure that reduces Freddie Mac’s credit risk by protecting loans as they are purchased.
