Freddie Mac, the No 2 US mortgage finance company, on Monday said it will shutter its broker-dealer business unit in a step back from the US multi-trillion-dollar mortgage bond market.
The McLean, Virginia-based firm said in a statement it would cease the market-making activities of its Securities Sales & Trading Group business unit to help it focus on its core business of acting as an intermediary between mortgage lenders and buyers of bonds pooling home loans.