Last $3.82 USD
Change Today -0.045 / -1.16%
Volume 1.2M
FMCC On Other Exchanges
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As of 5:20 PM 08/28/14 All times are local (Market data is delayed by at least 15 minutes).
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Company Description

Contact Info

8200 Jones Branch Drive

McLean, VA 22102

United States

Phone: 703-903-2000

Fax:

Federal Home Loan Mortgage Corporation provides credit guarantee for mortgages originated by mortgage lenders in the primary mortgage market, and invests in mortgage loans and mortgage-related securities. The company operates its business in the United States and its territories. Segments The company operates through three segments: Single-family Guarantee, Investments, and Multifamily. Single-Family Guarantee segment This segment purchases and guarantees single-family mortgage loans originated by the company’s seller/servicers in the primary mortgage market. In various instances, the company uses the mortgage securitization process to package the mortgage loans into guaranteed mortgage-related securities. The company participates in the secondary mortgage market primarily by purchasing mortgage loans and mortgage-related securities and by issuing guaranteed mortgage-related securities. This segment purchases and securitizes ‘single-family mortgages’, which are mortgages that are secured by one- to four-family properties. Securitization Activities The company issues mortgage-related securities in the form of participation certificates (PCs); real estate mortgage investment conduits (REMICs) and other structured securities; and other guarantee transactions. PCs: The company’s PCs are single-class pass-through securities that represent undivided beneficial interests in trusts that hold pools of mortgages that the company has purchased. For its fixed-rate PCs, the company guarantees the payment of principal and interest. For its adjustable-rate mortgage (ARM) PCs, it guarantees the payment of the weighted average coupon interest rate for the underlying mortgage loans. The company also guarantees the full and final payment of principal for ARM PCs, however, it does not guarantee the payment of principal on ARM PCs. The company issues majority of its PCs in transactions in which its customers provide the company with mortgage loans in exchange for PCs. It refers to these transactions as guarantor swaps. The company guarantees its PCs in exchange for compensation. It also issues PCs in transactions in which it purchases mortgage loans for cash and securitizes them for sale to third parties. The company sells PCs in a ‘cash auction’. Institutional and other fixed-income investors, including pension funds, insurance companies, securities dealers, money managers, real estate investment trusts, and commercial banks, purchase the company’s PCs. REMICs and Other Structured Securities: The company’s REMICs and other structured securities represent beneficial interests in pools of PCs and certain other types of mortgage-related assets. It creates these securities (which could be single-class or multiclass types) primarily by using PCs or previously issued REMICs and other structured securities as the underlying collateral. Single-class securities involve the straight pass-through of all of the cash flows of the underlying collateral to holders of the beneficial interests. The company’s primary multiclass securities qualify for tax treatment as REMICs. Similar to the company’s PCs, it guarantees the payment of principal and interest to the holders of tranches of its REMICs and other structured securities. The company issues majority of its REMICs and other structured securities in transactions in which securities dealers or investors sell the company's mortgage-related assets or it exchanges its own mortgage-related assets (PCs, and REMICs and other structured securities) for the REMICs and other structured securities. Other Guarantee Transactions: The company also issues mortgage-related securities to third parties in exchange for non-Freddie Mac mortgage-related securities. It refers to these as other guarantee transactions. The non-Freddie Mac mortgage-related securities are transferred to trusts that are primarily created for the purpose of issuing securities, or certificates, in the other guarantee transactions. The company’s primary other guarantee transactions are multifamily K Certificates. Single-Family PC Trust Documents The company establishes trusts for all of its issued PCs pursuant

 

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