ABOUT CRT Transferring Risk, Transforming U.S. Housing Finance

Pioneered by Freddie Mac in 2013, Credit Risk Transfer programs structure mortgage credit risk into securities and insurance offerings, transferring credit risk exposure from U.S taxpayers to private investors. CRT supports Freddie Mac’s mission of providing stability, liquidity and affordability to the U.S. housing market.

Through its CRT programs, Freddie Mac has transferred credit risk on more than $1 trillion worth of single-family mortgages with over $38 billion of securities issued and insurance coverage placed.


Freddie Mac Securities

Freddie Mac is leading the market with initiatives to reduce the U.S. taxpayers' exposure and offer private investors new and innovative ways to invest in the post-crisis creditworthiness of the U.S. residential housing market. Since the programs' inception, Freddie Mac CRT securities have obtained $28.3 billion in credit protection.

STACR® Structured Agency Credit Risk

Freddie Mac’s flagship CRT synthetic offering issued as Freddie Mac debt. Where principal and interest payments are determined by the performance of a reference pool.

STACR SPI Securitized Participation Interests

SPI structure allows for issuance of non-guaranteed certificates backed by participation interests in recently originated mortgage loans acquired by Freddie Mac’s cash window.

WLS Whole Loan Securities

WLS issuance offers guaranteed senior and non-guaranteed subordinated certificates backed by super conforming single-family mortgages.

Securities Issuance Calendar

View the issuance window and investor opportunities for the Freddie Mac Securities Programs for 2019.

(Re)Insurance Contracts

Freddie Mac receives credit protection through its insurance policies with global (re)insurance companies. These policies can (i) cover residual credit risk remaining from a STACR offering, and (ii) cover credit risk on non-STACR reference pools consisting of single-family mortgages. Since inception, the (re)insurance programs have credit-enhanced over $9 billion in single-family mortgages.

ACIS® Agency Credit Insurance Structure

Freddie Mac's Flagship (re)insurance offering provides (re)insurers the opportunity to gain broad exposure to the U.S. housing market alongside STACR investors.

AFRM ACIS Forward Risk Mitigation

An opportunity for global (re)insurers to underwrite single-family mortgage credit risk on a forward basis.

ARMR ACIS HARP Managed Risk

Limited-time offering on legacy credit risk with clean payment history alongside STACR investors.

IMAGIN Integrated Mortgage Insurance

An opportunity for global (re)insurers to participate in the low-down payment market.

DEEP MI Mortgage Insurance

Forward offering to mortgage insurers and their affiliates.

(Re)insurance Issuance Calendar

View the issuance window and investor opportunities for the Freddie Mac (Re)insurance Programs for 2018.

TAKE THE NEXT STEP Want to Learn More?

Find out how Credit Risk Transfer creates investor opportunities while strengthening the U.S. mortgage market.

Contact the Freddie Mac Team

Contact the CRT Team

New Transactions & General Inquiries

credit_securities@freddiemac.com(866) 903-2767