KBRA Assigns Preliminary Ratings to FMC GMSR ISSUER TRUST, MSR COLLATERALIZED NOTES, Series 2019-GT2

NEW YORK--()--Kroll Bond Rating Agency (KBRA) assigns preliminary ratings of ‘BBB- (sf)’ to the Series 2019-GT2 Class A and Class B Term Notes from FMC GMSR ISSUER TRUST, Freedom Mortgage Corporation’s (FMC) master trust issuer of notes backed by a participation certificate evidencing a participation interest in mortgage servicing rights (MSR) on loans underlying Ginnie Mae guaranteed mortgage backed securities.

KBRA’s rating on the Series 2019-GT2 Term Notes is primarily dependent on the credit rating of FMC (KBRA Rating: BB+/Stable) as repurchase obligor under a repo facility in support of the Issuer’s rights to MSRs granted by Ginnie Mae to FMC, with certain transaction features described more fully in KBRA’s presale report providing one notch uplift on the rating of the notes.

To access ratings, reports and disclosures, click here.

Related Publications: (available at www.kbra.com)

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About KBRA and KBRA Europe

KBRA is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider and is a certified Credit Rating Agency (CRA) by the European Securities and Markets Authority (ESMA). Kroll Bond Rating Agency Europe Limited is registered with ESMA as a CRA.

Contacts

Analytical Contacts:

Vincent Arscott, Senior Director
(646) 731-2473
varscott@kbra.com

Sharif Mahdavian, Senior Director
(646) 731-2301
smahdavian@kbra.com

Jack Kahan, Managing Director
(646) 731-2486
jkahan@kbra.com

Contacts

Analytical Contacts:

Vincent Arscott, Senior Director
(646) 731-2473
varscott@kbra.com

Sharif Mahdavian, Senior Director
(646) 731-2301
smahdavian@kbra.com

Jack Kahan, Managing Director
(646) 731-2486
jkahan@kbra.com