Freddie Mac is preparing its fourth offering of bonds offloading exposure to actual losses on mortgages that it ensures, according to Fitch Ratings.

Structured Agency Credit Risk Debt Notes, Series 2015-DNA3 are unsecured obligations of Freddie Mac but are subject to the credit and repayment risk of a $34.7 billion pool of residential mortgages held in various Freddie Mac-guaranteed mortgage-backed securities. As these loans liquidate or other credit events occur, the outstanding balance of the notes will be reduced by any lost principal or interest.

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