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Freddie Mac says to sell $500 mln Reference REMIC

Sun Jun 15, 2008 8:18pm EDT

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NEW YORK, June 15 (Reuters) - Freddie Mac (FRE.N), the No. 2 U.S. home funding company said on Sunday it plans to sell a $500 million Reference Real Estate Mortgage Investment Conduit security, or REMIC.

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The REMIC will price on Thursday and settle on Tuesday, June 24. It will have a maturity date of June 2018.

The lead managers on the sale are J.P. Morgan Chase (JPM.N), Citigroup Global Markets, Inc. (C.N) and Merrill Lynch MER.N.

Feddie Mac said earlier this month it would sell its first monthly reference REMIC offering since February. REMIC mortgage bonds are securities structured to eliminate some interest rate risk.

(Reporting by Megan Davies, Editing by Jacqueline Wong)

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