Level 1 Securities

UMBS

UMBS are passthrough securities, each representing an undivided interest in a pool of residential mortgages.

MBS

Freddie Mac MBS are pass-through securities, each representing an undivided interest in a pool of residential mortgages.

Gold PC®

Pass-through securities representing an undivided interest in a pool of residential mortgages.

ARM PCs

Mortgage-backed securities representing an undivided interest in a pool of residential adjustable-rate mortgages (ARMs).

Level 2 Securities

Supers

Supers are single class resecuritizations of UMBS, which are 55-day TBA-eligible securities

Giant MBS

Freddie Mac Giant MBS are single class resecuritizations of Freddie Mac MBS, which are 55-day non-TBA-eligible securities.

Giant PCs

Single class pass-through securities that are created by consolidating smaller PCs into larger Giant PCs.

Level 3 Securities

REMICs

Customized mortgage structures created from mortgage pass-through securities by redistributing cash flows to cater to a variety of market demands.

Strips

Securities formed from Giant PCs of either Freddie Mac Gold PCs or GNMA certificates and generally represent the Interest-Only (IO) and Principal-Only (PO) cash flow components of a pool.

Other Programs

Multifamily Products

Securities backed by multifamily mortgage loans.

Exchange-Eligible Securities

Freddie Mac will provide holders of 45-day, TBA-eligible PCs the option to exchange their eligible 45-day securities for 55-day Freddie Mac UMBS - and similarly, investors can exchange non-TBA-eligible PCs for 55-day Freddie Mac MBS.

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