Freddie Mac Announces Third Series of Small Balance Certificates
Freddie Mac has announced that it will guarantee its third series of Small Balance Certificates, which it will underwrite but a third-party trust will issue. Freddie Mac expects to guarantee $193M worth of SB certificates slated to be settled on Sept. 23. It will guarantee the senior securities issued by the FRESB 2015-SB3 Mortgage Trust. Freddie will also be the mortgage loan seller and master servicer while Wells Fargo Securities will be the sole lead manager and book runner. The seasoned pool of small balance loans that are making their first appearance with Freddie Mac was originated by Banc of California, National Association. The Small Balance Loan platform is having a successful 2015, having announced the third securitization of the year. [MW]
