Freddie Mac priced its latest offering of notes transferring mortgage credit risk at much narrower spreads than the previous deal, completed in March.

Structured Agency Credit Risk (STACR) notes are general obligations of Freddie Mac, but their performance is tied to a pool of residential mortgage insured by the government sponsored enterprise. As loans liquidate or other credit events occur, the outstanding principal balance of the debt notes will be reduced by the actual loan's loss, including the borrower's delinquent interest.

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