McLEAN, VA—Freddie Mac is stepping into the manufacturing housing asset class. The GSE will begin purchasing and securitizing these loans immediately, John Cannon, SVP multifamily division, tells GlobeSt.com. “Starting today we are a in position to quote transactions,” he says. There will be a ramp up period lasting until July after which there will be general availability.
The GSE had looked at transactions in the past but was not prepared to quote transactions until now. It is targeting this asset class because manufactured homes are a key solution for affordable housing. Also, Cannon says, “it broadens our geographic footprint and creates a more balanced approach.”
Freddie Mac will begin blending the manufactured housing loans into its K-Deals for securitization as soon as they are originated.
“Our investor base knows and likes these assets,” he says. It will be similar to the way the GSE blends its student and senior housing loans into K-Deals.