McLEAN, VA—Freddie Mac is stepping into the manufacturing housing asset class. The GSE will begin purchasing and securitizing these loans immediately, John Cannon, SVP multifamily division, tells GlobeSt.com. "Starting today we are a in position to quote transactions," he says. There will be a ramp up period lasting until July after which there will be general availability.
The GSE had looked at transactions in the past but was not prepared to quote transactions until now. It is targeting this asset class because manufactured homes are a key solution for affordable housing. Also, Cannon says, "it broadens our geographic footprint and creates a more balanced approach."
Freddie Mac will begin blending the manufactured housing loans into its K-Deals for securitization as soon as they are originated.
"Our investor base knows and likes these assets," he says. It will be similar to the way the GSE blends its student and senior housing loans into K-Deals.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
