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Freddie Mac issues high-grade Multifamily securities including K Certificates, Multifamily Variable Rate Securities (backed by tax-exempt bonds) and PCs.

K Certificates

Multifamily K Certificates are regularly-issued structured pass-through securities backed by multifamily mortgage loans. K-Deals feature a wide range of investor options which include guaranteed senior and interest only bonds. The related underlying private label trust includes unguaranteed mezzanine, subordinate and interest only bonds, and is not issued by Freddie Mac. K-Deal Structured Pass-Through Certificates carry Freddie Mac’s guarantee of timely payment of interest and ultimate payment of principal.

M Certificates (formerly Multifamily Variable Rate Certificates)

Freddie Mac's Class A Multifamily M Certificates are fully guaranteed tax-exempt and taxable securities supported by pools of unenhanced tax-exempt and taxable multifamily housing collateral. Multifamily M Certificates offer Freddie Mac's guarantee of timely payment of principal and interest.


Multifamily PCs are secured by structures with five or more units designed principally for residential use, with terms generally ranging from five to 30 years. All Multifamily Gold PCs and all Multifamily ARM PCs offer the Freddie Mac guarantee of timely payment of interest and full and final payment of scheduled principal. Freddie Mac is currently not actively issuing these securities.

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