Freddie Mac is making some big changes to its program transferring the credit risk of residential mortgages to the capital markets.

Investors in Structured Agency Credit Risk (STACR) notes, a few of them, at least, will now be paid for taking the first 100 basis points of loss when homeowners stop making payments on mortgages insured by the government sponsored enterprise. Previous deals required losses to reach a threshold before the company received funds to cover them.

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