Freddie Mac sold $500 million in non-guaranteed credit risk this week as part of an effort to eventually reduce the government-sponsored enterprises’ market share and help price their guaranty fees. While non-agency investor appetite for the transaction was strong, industry analysts suggest that the deal has limited usefulness for the long-term goals set by the Federal Housing Finance Agency. The Structured Agency Credit Risk Debt Notes Series 2013-DN1 included four tranches, all unrated. The two mezzanine ...