Securities and CRT Products
Freddie Mac Multifamily issues a wide selection of best-in-class Multifamily securities and innovative credit risk transfer products.
Multifamily Securities
Freddie Mac’s Multifamily securities are investment products backed by newly acquired mortgages on commercial properties underwritten to our industry-leading underwriting standards. Occasionally, we securitize loans or bonds contributed by third parties that are re-underwritten by Freddie Mac post origination.
View the Securitization Overview or learn more about each program below and how they can meet your investing goals.
Our flagship program K-Deals are backed by newly acquired loans underwritten to Freddie Mac’s industry-leading underwriting standards. Some K-Deals are eligible for Green or Sustainability Bonds designation.
K-Deal Program
Learn more about the program, structure and benefits from various resources.
When-Issued K-Deals offer investors a funded method to purchase certain K Certificates® in advance of settlement, while earning a guaranteed coupon.
WI K-Deal Program
Learn more about the program, structure and benefits from various resources.
Taxable Multifamily Participation Certificates (Multi PCs) are single pass-through structures secured by multifamily properties. Loan program includes longer-term duration, flexible prepay, low-leverage low-loan spread and Targeted Affordable Housing business. Some taxable Multi PCs are eligible for Social or Green Bonds designation.
Multi PC Program
Learn more about the program, structure and benefits from various resources.
Multi PC Investor Presentation
Download the latest program-specific presentation
SB-Deals are supported by Small Balance Loans (SBL) sourced by our specialty network of approved SBL lenders across the country. Our SBL program is highly mission driven and generally targets loans between $1 million and $7.5 million for properties nationwide.
SB-Deal Program
Learn more about the program, structure and benefits from various resources.
The Q-Deal program, our primary third-party loan securitization platform, furthers our mission to support affordable multifamily housing by providing liquidity to small financial institutions, sponsors and originators of affordable taxable collateral. Some Q-Deals are eligible for Social Bond designation.
Q-Deal Program
Learn more about the program, structure and benefits from various resources.
Q-Deal Investor Overview
Download the latest program-specific overview.
Taxable Giant PCs offer investors the ability to pool eligible taxable Multi PCs and/or Giant PCs into a larger single security with desired features to manage their portfolios more efficiently.
Giant PC Program
Learn more about the program, structure and benefits from various resources.
Multi PC Investor Presentation
Download the latest program-specific overview.
Real Estate Mortgage Investment Conduits (REMICs) are a structuring option whereby Freddie Mac re-securitizes eligible Multifamily certificates via our Re-REMIC product and previously issued Multi PCs via our PC REMIC product. The program is designed to help support the liquidity of our securities while offering dealers and investors advantageous REMIC structuring options.
REMIC Program
Learn more about the program, structure and benefits from various resources.
Tax-Exempt Securities
Freddie Mac’s Targeted Affordable Housing program finances multifamily properties in underserved areas that are affordable to families with low and very low incomes. These loans provide investors with the opportunity to invest in pools of predominantly unenhanced tax-exempt multifamily housing collateral. Refer to the program-specific page for additional resources.
ML-Deals are predominantly tax-exempt securities supported by pools of tax-exempt loans and their related supplemental taxable loans secured by completed, occupied and stabilized affordable housing properties, including new construction and post-construction properties after moderate or major rehabilitation. Some ML-Deals are eligible for Sustainability Bonds designation.
While ML-Deal® securities generally offer tax-exempt securities, some ML-Deal securities offered may not qualify for an exemption from federal and/or state income taxes. Review the relevant offering circular and any related supplements before making a decision with respect to the purchase or sale of any security.
ML-Deal Program
Learn more about the program, structure and benefits from various resources.
ML-Deal Investor Overview
Download the latest program-specific overview.
M-Deal are predominantly tax-exempt securities supported by pools of tax-exempt bonds and secured by stabilized, affordable multifamily housing properties. Some M-Deals are eligible for Social Bonds designation.
While M-Deal® securities generally offer tax-exempt securities, some M-Deal securities offered may not qualify for an exemption from federal and/or state income taxes. Review the relevant offering circular and any related supplements before making a decision with respect to the purchase or sale of any security.
M-Deal Program
Learn more about the program, structure and benefits from various resources.
ML-Deal Investor Overview
Download the latest program-specific overview.
Tax-exempt Multi PCs are supported by tax-exempt mortgage loans that are primarily originated in high-cost areas. These loans tend to have low loan-to-value ratios or high debt service coverage ratios, or both. Some tax-exempt Multi PCs are eligible for Social Bonds designation.
Multi PC Program
Learn more about the program, structure and benefits from various resources.
Multi PC Investor Presentation
Download the latest program-specific presentation.
Tax-exempt Giant PCs offer investors the ability to pool eligible tax-exempt Multi PCs and/or Giant PCs into a larger, single security with desired features to manage their portfolios more efficiently.
Giant PC Program
Learn more about the program, structure and benefits from various resources.
Multi PC Investor Presentation
Download the latest program-specific presentation.
Back-end Credit Risk Transfer
Our credit risk transfer vehicles transfer a portion of the credit risk associated with eligible multifamily mortgages away from U.S. taxpayers to global private capital via securities and (re)insurance policies. Refer to the program-specific page for additional resources.
Multifamily Credit Insurance PoolSM (MCIP) transactions are insurance-based credit risk sharing transactions that use insurance policies with global (re)insurance companies to cover a portion of credit risk associated with eligible multifamily mortgages linked to reference pools.
MCIP Program
Learn more about the program, structure and benefits from various resources.
MCIP Investor Presentation
Download the latest program-specific presentation.
Multifamily Structured Credit RiskSM (MSCR) Notes are unguaranteed securities designed to transfer to investors a portion of the credit risk associated with eligible multifamily mortgages linked to a specified reference pool.
MSCR Program
Learn more about the program, structure and benefits from various resources.
MSCR Investor Presentation
Download the latest program-specific presentation.