In 2025, Freddie Mac’s Single-Family credit risk transfer (CRT) issuance was almost $5.1 billion, the agency said.
The GSE said that the issuance for the year included five STACR (Structured Agency Credit Risk) and six ACIS (Agency Credit Insurance Structure) transactions.
Overall, Freddie Mac said the CRT programs provided credit protection on $163 billion of unpaid principal balance of single-family mortgages via STACR and ACIS in 2025.
“Freddie Mac launched the first agency single-family CRT transaction in 2013, creating a completely new asset class. Since then, the company has constantly evolved its offerings to widen the investor pool while more efficiently protecting Freddie Mac’s portfolio,” said Christian Valencia, Freddie Mac Vice President and head of Credit Risk Transfer. “As we enter 2026, Freddie Mac’s Single-Family CRT program remains committed to providing structured risk transfer products with quarterly transactions and enhanced pool performance data through our Clarity Data Intelligence portal.”
CRT is a program by Fannie Mae and Freddie Mac to shift a portion of the financial risk associated with single-family mortgages from U.S. taxpayers to private investors and insurance companies.
Three Tender Offers for About $3 Billion
Also, in 2025, Freddie Mac said it executed three tender offers for roughly $3 billion aggregate original principal amount of STACR notes and executed call options on five STACR transactions for outstanding STACR notes with a value of about $500 million and 18 ACIS transactions with a risk in force of approximately $1.5 billion.
Freddie Mac said that most of the tendered and redeemed STACR notes and called ACIS tranches in these transactions had substantially deleveraged and no longer provided Freddie Mac with capital relief.
As of Sept. 30, roughly 62 percent of the Freddie Mac Single-Family mortgage portfolio was covered by credit enhancement.
Since its inception, Freddie Mac’s Single-Family CRT program has transferred roughly $118 billion of credit risk on more than $3.6 trillion of single-family mortgages through more than 200 STACR and ACIS transactions.
The company said it plans to issue one-to-two STACR and ACIS transactions per quarter in 2026 and that it plans to continue the tender offer program and to evaluate calls when eligible.
