Freddie Mac (OTCQB:FMCC) takes a step back from the housing market, selling $500M of derivatives...

Freddie Mac (OTCQB:FMCC) takes a step back from the housing market, selling $500M of derivatives backed by mortgage loans. Unlike other securities issued by the GSEs (OTCQB:FNMA as well), these "Structured Agency Credit Risk" notes offer no guarantee of payment should the underlying loans default. "It's the beginning of an experiment," says Deutsche mortgage analyst Steven Abrahams. "If (it's) not an end to their existence, then (it's) a serious change in their role."