McLEAN, VA-Like Fannie Mae did earlier this month, Freddie Mac is bringing to market a structured offering that is backed exclusively by floating rate loans. The $1.1 billion offering, part of its K-Certificates product line, is expected to price the week of October 5, 2012. It is the GSE’s thirteenth K-Certificate this year.

These Libor-based loans have all been originated within the last few months, Mitch Resnick, vice president of Multifamily Capital Markets for Freddie Mac, tells Freddie Mac has always had a floating rate program; however demand for these loans have not been a great as they have been for fixed-rate loans, for obvious reasons. Still, demand does exist–as Fannie Mae illustrates as well–and Freddie Mac has now accumulated enough loans to put out a floating-rate securitization, Resnick said. “We are anticipating more offerings as well, depending on how well received this one is.”

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