SEC Form ABS-15G Filed with the SEC to Disclose Repurchase Activity
February 10, 2012
As a Freddie Mac Seller, you should be aware of disclosures that Freddie Mac is required to make that may contain data concerning your organization. Today, we filed our initial report on Form ABS-15G with the Securities and Exchange Commission (SEC) in compliance with SEC Rule 15Ga-11. This report discloses Freddie Mac mortgages with repurchase activity during the period of January 1, 2009 – December 31, 2011.
Sell & Deliver
SEC Rule 15Ga-1, part of the Dodd-Frank Wall Street Reform and Consumer Protection Act, requires that all securitizers, including the GSEs, must publicly disclose information regarding asset-backed securities (ABS) loan repurchase requests, including disclosing the identity of the originator. Following today's initial report filing, Freddie Mac will begin filing quarterly reports in May 2012.
SEC Rule 15Ga-1 requires the following information be included in Form ABS-15G:
- Fulfilled and unfulfilled repurchase requests across all trusts, aggregated by the originator within each trust.
- The number of loans and total unpaid principal balance within each security as they fall in the required categories, including "pending," "in dispute," "rejected," and "withdrawn."
With the Form ABS 15-G report, you'll notice the following key differences from the Freddie Mac Single-Family Quality Control (QC) Repurchase report you currently receive:
- While each report uses the same data, it is classified differently within the two reports.
- The content of the two reports follows different reporting guidelines and the securities represented will not match one-for-one.
As a result of these differences, the data between the two files cannot be reconciled.
Beginning November 26, 2012, for mortgages with applications received on or after August 1, 2012, Freddie Mac will obtain additional data using Uniform Loan Delivery Dataset (ULDD) data points to identify the entity funding the applicable mortgage, and will include that information with future reporting.
Details on the SEC data classifications, including column and field definitions, can be found in the explanatory notes we provide with our SEC filing.
For More Information
- Review Freddie Mac SEC Filings on FreddieMac.com.
- Read Single-Family Seller/Servicer Guide Bulletin 2012-3 for details on the related ULDD requirements.
1 76 Fed. Reg. 4489 (January 26, 2011) (to be codified at 17 CFR §240.15Ga-1)