Freddie Mac Receives CMBS Special Servicer Rating From Fitch
Rating Demonstrates Strength of Multifamily Business
MCLEAN, Va., Nov. 13, 2012
MCLEAN, Va., Nov. 13, 2012 /PRNewswire/ --Freddie Mac (OTC: FMCC) today
received an initial commercial mortgage-backed securities (CMBS) special
servicer rating of 'CSS2-' from Fitch Ratings. The rating reflects the
ability of the Freddie Mac Multifamily business to work out loans backed by
apartment buildings with five or more units and acquired from its
In its press release Fitch stated: "Freddie Mac's commercial servicer special
servicer rating reflects Fitch's assessment of Freddie Mac's management team,
asset management capabilities, technology, financial strength and knowledge of
the multifamily lending environment combined with the support of its
seller/servicer network... the asset management and operations group has
extensive multifamily workout experience across the United States."
oFreddie Mac is currently the special servicer for approx. 8,800 loans
totaling $94.4 billion and held in its Multifamily portfolio as of
September 30, 2012.
oFreddie Mac currently is not the special servicer on securitized
multifamily mortgages, except K-Deals in its P Series, which are fully
wrappedby Freddie Mac and backed by seasoned assets.
oAdditional details are in the Fitch Ratings press release.
Attribute to Michael Lipson, senior vice president of Multifamily Asset
Management and Operations for Freddie Mac.
o"The rating is a critical part of maintaining credibility in the market.
It demonstrates the financial, operational and staff strength as well as
our credit capabilities."
o"We have a good track record of working with all types and sizes of loans
to service nonperforming loans."
Freddie Mac was established by Congress in 1970 to provide liquidity,
stability and affordability to the nation's residential mortgage markets.
Freddie Mac supports communities across the nation by providing mortgage
capital to lenders. Today Freddie Mac is making home possible for one in four
homebuyers and is one of the largest sources of financing for multifamily
housing. www.FreddieMac.com. Twitter:@FreddieMac
SOURCE Freddie Mac
Contact: Patti Boerger, +1-703-903-2445, Patricia_Boerger@FreddieMac.com
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