May 4, 2020

For Fixed-Severity transactions listed below, mortgage loans with COVID-19 payment forbearance shall be treated as a natural disaster and enter an 18-month grace period.  This count down will cease the earlier of i) when the loan becomes current or is modified or liquidated and ii) the 18-month grace period ends.

 List of impacted transactions:

STACR

ACIS

2014-DN3

2015-2

2014-DN4

2015-3

2014-HQ1

 

2014-HQ2

2015-1

2014-HQ3

 

2015-DN1

2015-4

2015-HQ1

2015-5

2015-HQ2

 


For your reference below is the specific language included in the “Credit Event” defined term of STACR fixed severity transactions starting with STACR 2014-DN3.

“Freddie Mac will not, for a period of 18 months, declare a Credit Event based on a delinquency of 180-days or more with respect to any Reference Obligation that is affected by a natural disaster. Such 18-month period will commence the month the applicable servicer begins reporting to Freddie Mac that such Reference Obligation was affected by a natural disaster. Upon the expiration of such 18-month period, any Reference Obligation that is 180 days or more delinquent will immediately become a Credit Event Reference Obligation.”

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