Freddie Mac has obtained two more reinsurance policies transferring risk of default on mortgages that it insures.

For the first time, these agency credit insurance structure (ACIS) transactions provide coverage based on both first loss and actual losses realized on a reference pool of residential mortgages. These are features that Freddie recently incorporated into another type of transaction that offloads risks to capital markets investors, structured agency credit risk (STACR) notes.

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