Credit Risk Transfer (CRT) Vice President Mike Reynolds provides macroeconomic and CRT market updates during the first CRT quarterly webcast of 2021. CRT Director Charlotte Gladwin joins Mike to talk about data transparency and walk through the new look and added features of Clarity, Freddie Mac’s data intelligence portal. Highlights Include:

Macro Environment Overview 

  • Strong U.S. housing market, driven by low interest rates, solid demand and limited supply
  • Millennials are the largest generation and driving huge demand despite different buying patterns
  • Freddie Mac maintains low serious delinquency and forbearance rates

CRT Program and Performance Update 

  • Four of top five issuance quarters in Freddie Mac Single-Family CRT history have been in 2020 and 2021
  • Program maintains strong, diverse participation up and down the capital stack
  • In March and April of 2020, investors selling CRT securities pushed trading volumes to all-time highs, and STACR trading has consistently exceeded 50% of the total CRT secondary trading volume since the Fall of 2020
  • No transactions with losses more than 1.6bps, majority under 1 bps of loss
  • Q1 issuances saw temporary changes related to updated FHFA Capital Rule

Data Transparency 

  • Freddie Mac Single-Family Loan-Level Dataset (SFLLD) allows users to easily slice and dice more than 1.6 billion performance records on the 32+ million loans
  • New Non-Standard dataset launching in April containing an additional 6.5 million loans that are not typically eligible for CRT transactions
  • Clarity Data Intelligence℠ is Freddie Mac’s free tool that sits on top of the data – Clarity 2.0 is

Freddie Mac Single-Family April 2021 CRT Quarterly Update



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