Freddie Mac is not providing interviews or discussing the pendingprogram in detail because it hasn't been finalized yet, a spokeswomantells GlobeSt.com. However, she did say that the mezz financing wouldbe provided by a third party and that Freddie Mac would work withseveral mezz lenders for the program.
The news was first reported in Nasdaq.com, which also said that the program could be used to by the lenders to acquire B pieces from new Freddie Mac CMBS. According to Nasdaq, Freddie Mac will originate lower-leverage senior debt and then work with one of the mezz lenders in the program to provide additional leverage, up to 85%.
Freddie Mac's David Brickman, VP of multifamily capital markets andCMBS gave GlobeSt.com a hint of what was coming in an interviewconducted in mid-January. The GSE plans to broaden and deepen its capabilities where possible,he told GlobeSt.com. For example, it is looking to introducefully-guaranteed securities to accommodate financing needs of moreborrowers--such as deals that are difficult to sell because they aremore highly structured. "In general we are moving more fully to asecuritization model where the vast majority of assets are purchasedand securitized."
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