MCLEAN, Va., Nov. 13, 2012 /PRNewswire/ -- Freddie Mac (OTC: FMCC) today received an initial commercial mortgage-backed securities (CMBS) special servicer rating of 'CSS2-' from Fitch Ratings. The rating reflects the ability of the Freddie Mac Multifamily business to work out loans backed by apartment buildings with five or more units and acquired from its Seller/Servicers network.
In its press release Fitch stated: "Freddie Mac's commercial servicer special servicer rating reflects Fitch's assessment of Freddie Mac's management team, asset management capabilities, technology, financial strength and knowledge of the multifamily lending environment combined with the support of its seller/servicer network... the asset management and operations group has extensive multifamily workout experience across the United States."
- Freddie Mac is currently the special servicer for approx. 8,800 loans totaling $94.4 billion and held in its Multifamily portfolio as of September 30, 2012.
- Freddie Mac currently is not the special servicer on securitized multifamily mortgages, except K-Deals in its P Series, which are fully wrapped by Freddie Mac and backed by seasoned assets.
- Additional details are in the Fitch Ratings press release.
QuotesAttribute to Michael Lipson, senior vice president of Multifamily Asset Management and Operations for Freddie Mac.
- "The rating is a critical part of maintaining credibility in the market. It demonstrates the financial, operational and staff strength as well as our credit capabilities."
- "We have a good track record of working with all types and sizes of loans to service nonperforming loans."