The Federal Housing Finance Agency’s warning that so called "super-priority" liens on houses do not come before Freddie Mac's bodes well for investors in the mortgage giant's latest risk-sharing transaction, according to Moody's Investors Service.

That's because, unlike previous deals transferring the risk of credit losses, Freddie’s latest offering of Structured Agency Credit Risk notes exposes investors to actual losses on mortgages ensured by the government sponsored enterprise. By comparison, investors in previous deals bear losses according to a fixed formula, regardless of the magnitude of actual losses.

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