Freddie Mac has reported that its Single-Family credit risk transfer (CRT) program issued nearly $5.1 billion in 2025, underscoring its continued role in managing mortgage credit risk while supporting stability and liquidity in the U.S. housing finance system. Issuance for the year comprised five Structured Agency Credit Risk (STACR) and six Agency Credit Insurance Structure (ACIS) transactions.
The 2025 CRT activity provided credit protection on approximately $163 billion of unpaid principal balance (UPB) in single-family mortgages. In addition to primary issuances, Freddie Mac executed three tender offers totaling roughly $3.0 billion aggregate original principal amount of STACR notes.
The company also exercised call options on five STACR transactions with a value near $0.5 billion and on 18 ACIS transactions with risk still in force of about $1.5 billion. Many of the tendered and redeemed notes had substantially deleveraged and therefore no longer afforded capital relief to the company.
As of September 30, 2025, approximately 62% of Freddie Mac’s single-family mortgage portfolio was covered by credit enhancement, reflecting the scale and integration of CRT within its risk management framework. Since the program’s inception in 2013, Freddie Mac has transferred roughly $118 billion of credit risk on more than $3.6 trillion of single-family mortgages through over 200 STACR and ACIS transactions.
Looking forward to 2026, Freddie Mac plans to continue its CRT activities, targeting one to two STACR and ACIS transactions per quarter. The company also intends to maintain its tender offer program and evaluate calls when eligible, further advancing its strategy of shifting credit risk to private capital markets and enhancing the robustness of the housing finance system.
