Investor Presentaiton
Q-Deal Program
Overview
Underwriting Criteria
Q-Deal Securitization
and Structure
Q-Deal Issuance and
Performance
Recent Transaction
Highlights
Appendix/Investor
Resources
Q-Deal Transaction Structure¹
Freddie Mac securitizes loans via the Q-Deal program through the following steps
•
•
•
•
A lender sells their loans, after approval by
Freddie Mac, to a third-party depositor who
places them into a third-party trust
Private label securities backed by the loans
are issued by the third-party trust
Freddie Mac purchases and guarantees
certain bonds ("Guaranteed Bonds❞2) issued
by the third-party trust and securitizes these
bonds via a Freddie Mac trust
The resulting Freddie Mac guaranteed
structured pass-through certificates (Q
Certificates SM) are publicly offered via
placement agents
Any subordinate bond(s) issued by the third-
party trust are either sold to the sponsor(s) (or
an affiliate of sponsor) or privately offered to
third-party investors
Freddie Mac
performs
analysis on a
pool of loans
originated by
one third
party
("Sponsor")
Sponsor
delivers
loans to an
Investment
Bank
Investment
Bank
deposits
pool of loans
into a third-
party trust
Third-party
trust creates
senior, and if
applicable
subordinate
classes
RELEVANT PARTIES/ENTITIES
Underlying Mortgage Loan Seller
Third Party Sponsor
Underlying Master Servicer
Freddie Mac or Freddie Mac
approved third party
Freddie Mac
acquires
Guaranteed
Bonds² and
deposits them
into a Freddie
Mac trust
Unguaranteed
Subordinate
Bond (If any)
Freddie Mac
sells
Guaranteed
Q Certificates
backed by the
Guaranteed
Bonds to
placement
agents
Senior Bond
Investors
Subordinate
Bond Investor
(if any)
Underlying Sub Servicer
Sponsor or Freddie Mac
approved third party
Underlying Special Servicer
Freddie Mac approved third-party
servicer for any non-performing
loans
1 Sample structure represents a senior and subordinate transaction. Alternative structures may be issued. Please refer to Offering Circular for specifics related to each deal.
2 Guaranteed Bonds include senior amortizing as well as interest only bonds
Q-Deal Program Freddie Mac Multifamily
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