Freddie Mac has kicked off - through a $350 million deal it expects to place with investors by Wednesday - a program under which it would bypass Wall Street and package its own mortgage securities.

The move is the first by Freddie Mac- working through its trading unit- to take on the key tasks of structuring, pricing, and distributing sophisticated investments known as real estate mortgage investment conduits, or Remics. The government-sponsored enterprise hopes to boost fee income and provide new options to lenders and investors.

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