McLEAN, VA—With a track record of only a year or so as a reference point, generalizingabout how investors view Freddie Mac's Structured AgencyCredit Risk (STACR) debt notes may be a little premature.But as the deals stack up -- Freddie Mac has done four this yearincluding its latest $425.6 million offering, which priced onTuesday -- it is safe to say that some trends are becomingclear.

"Investor demand for these securities are growing," MikeReynolds, Freddie Mac vice president of Credit RiskTransfer, tells

"We can't take too much from a deal to deal comparison, but itdefinitely appears that the B class has become another goodinvestment option for our customer base," he says.

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Erika Morphy

Erika Morphy has been writing about commercial real estate at for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.