Freddie Changes Multilender Swap Program

Freddie Mac has announced a change in its Multilender Swap program under which lenders will swap conventional 15- and 30-year fixed-rate mortgages for Giant PCs instead of a pro rata share of a Gold PC.The program change will take effect with multilender pools posted on or after April 1 for settlements on or after July 1, the government-sponsored enterprise said. It will enable Freddie Mac to create Giant PCs by combining Gold PCs backed by mortgages purchased under its cash program with Gold PCs backed by mortgages purchased under the Multilender Swap program. "This capability will expand and enhance our Multilender Swap program by providing large, liquid, and more predictable Giant PCs in exchange for conventional 15- and 30-year mortgages," Freddie Mac explained. Details of the program can be found online at http://www.freddiemac.com/singlefamily.