Freddie Mac announced a new credit-risk transfer program this week that expands on the GSE’s popular Structured Agency Credit Risk offering and is more conducive to a variety of investor types, including real estate investment trusts. The $50 million STACR- Securitized Participation Interests transaction is unique in that it is backed by mortgage loans. “STACR SPI is another offering in our CRT toolbox to help shift risk away from taxpayers and give more options to investors who prefer a securitization backed by mortgage-related assets,” said Mike Reynolds, vice president of credit risk transfer.