What is "structured agency CMBS"
Is that literally every loan originated by Freddie Mac and Fannie Mae or is that not all GSE loans but a specific subset of GSE loans? Thank you!
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Based on the most helpful WSO content, Freddie Mac and Fannie Mae, often referred to as the agencies, are involved in the origination and securitization of loans, particularly in the multi-family lending space. They purchase loans from DUS (Delegated Underwriting and Servicing) listed banks and then securitize them via Mortgage-Backed Securities (MBS).
When you read about "Freddie Mac provided a 65m dollar loan for an apartment complex", it means the loan was originated through one of their lenders and ultimately funded by the agencies. The lenders retain the servicing, and typically if they have in-house originators, split the loan fee as well.
As for your question about "structured agency CMBS", it's not explicitly mentioned in the WSO threads. However, CMBS (Commercial Mortgage-Backed Securities) are a type of mortgage-backed security that is secured by mortgages on commercial properties instead of residential real estate. The agencies, Freddie Mac and Fannie Mae, do play a role in this market, but it's not clear from the context whether all loans originated by these agencies fall under "structured agency CMBS".
For more specific details, I would recommend diving deeper into the WSO Courses or WSO Academy, or perhaps reaching out to experienced professionals in the field.
Sources: https://www.wallstreetoasis.com/forum/real-estate/fannie-maefreddie-mac?customgpt=1, So you want to work in CRE Debt? Here are the options..., https://www.wallstreetoasis.com/forum/real-estate/state-of-the-cre-debt-markets?customgpt=1
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