Freddie Mac latest risk-sharing transaction is looks a lot like a private label mortgage backed security.  

The first Whole Loan Security (WLS), an offering of approximately $300 million of guaranteed senior and unguaranteed subordinate actual loss securities, priced Thursday.  The unguaranteed portion was unrated. But Freddie is planning regular, quarterly issuance, and will consider obtaining a rating for the unguaranteed portions of future deals.

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