The mortgage was originally financed with tax-exempt proceeds from a bond sold by the Illinois Housing Development Authority. According to Pete Evans, vice president of Glaser Financial, the borrower wanted to close the deal quickly and, Freddie Mac was able to accommodate their timing and deal structuring needs. Our competitive pricing and ability to meet the transaction s tight deadlines won us this business, said Mitchell Kiffe, vice president of Loan Production at Freddie Mac. We re pleased that the flexibility of our Bond Credit Enhancement Program has proven to be very attractive to our Program Plus correspondents and their customers. Freddie Mac s Bond Credit Enhancement Program was one of its stand-out products in 1999.
Flexibility is a key strength of the product.
The North Harbor Tower transaction was bond credit enhancement for a floating-rate product. We are eager to work with Program Plus correspondents to deliver creative financing solutions to borrowers looking for bond credit enhancement, said Rick Martinez, director of Freddie Mac s North Central Region office. Freddie Mac is a stockholder-owned corporation chartered by Congress in 1970 to create a continuous flow of funds to mortgage lenders. By supplying lenders with the money to make mortgages and packaging the mortgages into marketable securities, Freddie Mac sustains a stable mortgage credit system and reduces the mortgage rates paid by homebuyers. Over the years, Freddie Mac has opened the doors for one in six homebuyers in America and two million renters.