Page 49 - May-June 2018 GSE Report Flip Book

FREDDIE MAC MAJYAN-UAJURNYE20210818
FREDDIE MAC
Freddie Mac has transferred a portion of the credit risk for more than $1 trillion in single-family mortgages
On June 8, Freddie Mac priced its second Seasoned Credit Risk Transfer Trust (SCRT) offering
of 2018—a rated securitization of approximately $1.6 billion of both guaranteed senior and unguaranteed subordinate securities. Freddie Mac SCRT Series 2018-2 issued approximately $1.5 billion in guaranteed senior certificates and approximately $127 million in unguaranteed mezzanine and subordinate certificates on June 13, 2018. (Press Release, Freddie Mac, 06/08/18)
On June 12, Freddie Mac priced $1.05 billion Structured Agency Credit Risk (STACR®) 2018- DNA2 Notes, its second lower LTV deal of the year. This is also the second STACR transaction in which the notes are issued by a trust rather than as Freddie Mac debt. To date, Freddie Mac has transferred a portion of credit risk on more than $1 trillion in single-family mortgages through its diverse credit-risk transfer (CRT) program.
“We have transferred a significant portion of mortgage credit risk to private investors on more than $1 trillion of single-family mortgages—and we’re very proud of reaching this important milestone in our credit risk transfer program,” said Mike Reynolds, vice president of credit risk transfer. “Our innovation and leadership in CRT is building a better housing finance system for homebuyers and taxpayers, and providing global investors a growing number of opportunities to invest in the U.S. residential housing market.” (Press Release, Freddie Mac, 06/12/18)
Freddie Mac announces new members of its management team
John Krenitsky has joined Freddie Mac as SVP and Chief Compliance Officer (CCO), effective June 1, following the retirement of current CCO Carol Wambeke. As COO, Krenitsky will oversee and manage Freddie’s compliance with legal and regulatory requirements and related controls that govern the company’s business activities.
Krenitsky joins the enterprise from Discover Financial Services, where he managed an enterprise- wide compliance risk program as chief compliance officer. Previously, he was chief compliance officer for BNP Paribas Subsidiaries, including BancWest Corporation and Bank of the West. Krenitsky spent 13 years working for M&T Bank, first as a deputy general counsel and then as chief compliance officer. Before joining joining M&T Bank, Krenitsky was a commercial litigation attorney in Buffalo, NY. He holds a Juris Doctor degree from the State University of New York at Buffalo, Law School and a bachelor’s degree in public policy from Hamilton College.
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