Freddie Mac is going to market with another CME security. This is for about $1.4 billion secured by 76 loans covering 81 properties located around the country. The offering circular has lots of interesting data points. For someone looking at values today this can provide the appraised values on all these properties. It also provides all the mortgage data on each loan.
I’ve given up doing a comparison of these loans to older CME securitizations or using them to determine what type of loans Freddie is willing to do. However, a brief review of the loans and comparison to the last few CME offerings makes me believe values are increasing on Multifamily properties and Freddie is getting a little bit more aggressive on lending parameters. There seem to be less really conservative loans in this pool vs previous ones. This is not really news, but sometimes its nice to have some real data points to back up anecdotal impressions.