With New Policy, ACIS Loss Coverage Reaches $10 Bi
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MCLEAN, Va., July 06, 2018 (GLOBE NEWSWIRE) -- Freddie Mac (OTCQB:FMCC) announced today that it has obtained a new insurance policy under its Agency Credit Insurance Structure (ACIS ® ) program. It provides a combined maximum limit of up to approximately $294 million of losses on single-family loans made under the Home Affordable Refinance Program (HARP). Through ACIS 2018-ARMR1, a substantial portion of the remaining credit risk on STACR 2018-HRP1 is being transferred.
“ACIS ARMR has been an important evolution of the ACIS program, helping Freddie Mac transfer additional risk on seasoned loans while providing reinsurers with a new and innovative opportunity to invest in the U.S. residential housing market,” said Gina Healy, vice president of credit risk transfer. “Credit loss coverage through the ACIS program has now reached $10 billion. Through outreach, education and innovation we’re working to attract even more private capital to ACIS and credit risk transfer.”
Freddie Mac has now placed approximately $10 billion in insurance coverage through 36 ACIS transactions, a significant portion of the $38 billion in total credit loss coverage Freddie Mac has provided to date. The company has led the market in introducing new credit risk-sharing offerings. Since 2013, the company has transferred a portion of credit risk on more than $1 trillion of UPB on single-family mortgages and has grown its investor base to more than 220 unique investors, including insurers and reinsurers.
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 and taxpayers. Learn more at FreddieMac.com , Twitter @FreddieMac and Freddie Mac’s blog FreddieMac.com/blog .
MEDIA CONTACT: Chad Wandler
703-903-2446
Chad_Wandler@FreddieMac.com
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