Share Freddie,Freddie Mac Cuts Taxpayers’ Exposure to Risk with Insurance Purchase In an effort to mitigate potential losses incurred by a questionable pool of single-family loans, “”Freddie Mac””:http://www.freddiemac.com announced Tuesday that it has obtained an insurance policy underwritten by “”Arch Reinsurance Ltd””:http://www.archreinsurance.bm/default.shtml. The policy will cover up to $77.4 million of credit losses for a portion of the credit risk associated with a pool of single-family loans funded in the third quarter of 2012, and is in line with the GSE’s goal of sharing credit risk with the private market. [IMAGE]This new insurance coverage is intended to attract new sources of private capital from non-mortgage guaranty insurers and reinsurers interested in assuming a portion of the credit risk on specified portions of Freddie Mac’s high-quality single-family mortgage loan portfolio.[COLUMN_BREAK]””This is part of our business strategy to expand risk-sharing with private firms, thus reducing taxpayers’ exposure to losses from mortgage foreclosures,”” said David Lowman, EVP of single-family business for Freddie Mac. “”We have brought to the market new sources of capital for transferring mortgage credit risk away from taxpayers. We’ve tapped into the global insurance community’s appetite for U.S. mortgage credit exposure, and would like to do more of these policies in the future.””This year Freddie Mac introduced new risk sharing initiatives with two STACR debt offerings and credit insurance. STACR debt notes were among the largest credit security offerings in the market.The credit risk initiatives support the “”Federal Housing Finance Agency’s””:http://www.fhfa.gov (FHFA) goals for the GSEs to demonstrate the viability of multiple types of risk transfer transactions involving single-family mortgages.””The completion of this deal is unique in that it is with a diversified non-mortgage insurer and it demonstrates yet another approach to risk sharing with investors,”” said Edward DeMarco, acting director of FHFA. “”The transaction supports FHFA’s 2013 conservatorship scorecard and FHFA’s strategic plan for the enterprise conservatorships, reducing Freddie Mac’s market footprint and ultimately protecting taxpayers.”” in Secondary Market November 13, 2013 432 Views Agents & Brokers Attorneys & Title Companies Edward DeMarco FHFA Freddie Mac Investors Lenders & Servicers Mortgage-Backed Securities Service Providers 2013-11-13 Ashley Harris
Holiday Inn ExpressIHGindia InterContinental Hotels Group (IHG) has partnered with SAMHI to rebrand approximately 2000 rooms (operating and under construction) within its India hotel portfolio, to Holiday Inn Express hotels.The recently signed portfolio comprises 14 hotels, including ten open hotels across key cities such as Ahmedabad, Bengaluru, Chennai, Delhi NCR, Hyderabad, Kolkata, and Mumbai. The additional four hotels are under construction. The signing sees IHG grow its pipeline to 41 hotels, positioning IHG as one of the largest players in India’s growing midscale hotel market.All hotels in the portfolio will be closed while they are being refurbished and upgraded with the latest design directives, to ensure the portfolio is fully representative of the Holiday Inn Express brand globally. The hotels will feature the next-generation design, several additional public areas and feature brand hallmarks to enhance guest service delivery.“It is with great pride and excitement that we are announcing our partnership with SAMHI for conversion of their existing mid-market hotel portfolio in India to Holiday Inn Express. This is a significant move towards establishing IHG as a leading player in the midscale hotel segment in India, while we continue to build on our upscale and luxury offering in the country with InterContinental Hotels & Resorts and Crowne Plaza Hotels & Resorts,” said Sudeep Jain, Vice President, Development, South West Asia.
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