Freddie Mac plans to provide nine new loan-level disclosures and expand two existing disclosures on its single-family fixed-rate and adjustable-rate mortgage participation certificate (PC) securities.
Beginning in June, the company will provide the nine new disclosures and expand its Loan Purpose disclosure for all newly issued PC securities and for PC securities issued on or after December 1, 2005. Beginning no later than August, the company will expand its third-party origination disclosure on all newly issued PC securities.
However, Freddie Mac says it will not provide the new metropolitan statistical area or metropolitan division disclosure at the pool level, although it will disclose the initial interest period on a pool level only for all newly issued PC securities and for all applicable previously issued PC securities.
‘This latest expansion of Freddie Mac's loan- and pool-level disclosures demonstrates our continued commitment to providing the market a more transparent view of our mortgage-backed securities,’ says Mark Hanson, vice president of mortgage funding. ‘These expanded disclosures are timely, particularly in light of continuing volatility in the housing and mortgage markets, and we believe they will help investors better evaluate our securities and help support our mission to provide liquidity, stability and affordability to America's home financing system.’