After the Federal Housing Finance Agency’s April warning against super-priority lien foreclosures, Moody’s Investors Service said the action is beneficial to future GSE risk-transfer deals where investors bear actual losses, including Freddie Mac’s latest STACR securitization. “The newest Freddie Mac deal, STACR 2015-DNA1, will benefit from lower losses owing to the Federal law defense to homeowner associations’ super lien foreclosures because investors bear losses commensurate with the actual, not formulaic, loss severities,” said Moody’s. Last week, the FHFA reiterated its original statement issued in December, alerting homeowners, financial institutions and state authorities on concerns about states creating super-priority liens. The warning noted that federal law prohibits state courts from involuntarily terminating GSE liens while they are operating in conservatorship, regardless of state laws that permit