MCLEAN, Va., March 11, 2019 (GLOBE NEWSWIRE) -- Freddie Mac (FMCC) announced today that, based on the recent update to the Securities Industry and Financial Markets Association’s (SIFMA) Good Delivery Guidelines, it is set to issue the first Freddie Mac 55-day, “To-Be-Announced” (TBA)-eligible Uniform Mortgage Backed Security (UMBS) on June 3, 2019.
Under the SIFMA updated Good Delivery Guidelines, UMBS issued by either Fannie Mae or Freddie Mac will be deliverable into UMBS TBA contracts for settlement starting June 3.
Freddie Mac will no longer issue new Gold PCs with a 45-day payment delay after May 31, 2019.
Beginning on May 7, Freddie Mac plans to offer holders of 45-day, TBA-eligible and non-TBA-eligible PCs and Giants the option to exchange their eligible 45-day securities for 55-day Freddie Mac mirror securities. For details on Freddie Mac’s exchange offer and process, please refer to the Gold PC Exchange website. Freddie Mac’s retained portfolio will book the first exchange transaction in late-March 2019.
Freddie Mac is issuing this announcement to allow lenders and investors to prepare for the orderly implementation of the UMBS.
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: Fred Solomon