MCLEAN, VA--(Marketwired - Nov 5, 2013) - Fitch Ratings today gave Freddie Mac (OTCQB: FMCC) Multifamily an initial commercial mortgage-backed securities (CMBS) master servicer rating of CMS2 and affirmed the existing special servicer rating of CSS2-. The CMS2 rating is the highest initial rating ever assigned by Fitch for a master servicer.
The ratings reflects the ability of the Freddie Mac Multifamily business to service and work out loans backed by apartment buildings with five or more units and acquired from its Seller/Servicer network.
In its press release Fitch stated: "Both ratings consider the company's strong management team, efficient use of technology, financial strength, knowledge of the multifamily lending environment combined with the support of its seller/servicer network."
Michael Lipson, senior vice president of Multifamily Asset Management and Operations for Freddie Mac, added, "These rankings are further testament of the strength of our people and the breadth and depth of our organizational capabilities. Having third party validation adds credibility in the marketplace and helps investors maintain confidence in our Multifamily business."
This is the Freddie Mac Multifamily's fourth rating for its asset management capabilities. In October 2013, it received a commercial mortgage special servicer ranking of MOR CS2 and a commercial mortgage trust advisor ranking of MOR TA3 from Morningstar Credit Ratings, LLC. In June 2013, the company received a commercial loan master servicer ranking of Above Average from Standard & Poor's. In November 2012, it received an initial commercial mortgage-backed securities (CMBS) special servicer rating of CSS2- from Fitch Ratings.
Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation's residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Today Freddie Mac is making home possible for one in four homebuyers and is one of the largest sources of financing for multifamily housing. www.FreddieMac.com. Twitter: @FreddieMac