McLEAN, VA-Freddie Mac has received an initialcommercial mortgage backed securities (CMBS) special servicerrating of 'CSS2-' from Fitch Ratings. Thedesignation highlights Freddie Mac's special servicingoperations—which often tend to be overlooked in favor ofits origination and securitization activities.
Currently the GSE is the special servicer for approximately8,800 loans totaling $94.4 billion held in its multifamilyportfolio. The GSE, however, is not the special servicer onsecuritized multifamily mortgages, except K-Deals in its P Series,which are fully wrapped by Freddie Mac and backed by seasonedassets.
The rating will help Freddie Mac maintain creditability in themarket, Michael Lipson, senior vice president ofMultifamily Asset Management and Operations for Freddie Mac, tellsGlobeSt.com. "At the end of the day, this is about recognition fromthe industry."
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com 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.
