Moody's: FREMF 2010-K7, FREMF 2011-K702, FREMF 2011-K703, FREMF 2011-K704, FREMF 2012-K706 and FREMF 2012-K707 Ratings Unaffected by Freddie Mac's Proposed Amendment to the Intercreditor Agreements

New York, September 30, 2014 -- Moody's Investors Service was informed that The Federal Home Loan Mortgage Corporation ("Freddie Mac") proposes amending the Intercreditor Agreements to enable Freddie Mac to sell its interests in Junior Loans (as the Junior Lender) to a depositor, which in turn will sell the Junior Loans to a securitization trust, which will issue commercial mortgage-backed securities backed by the Junior Loans. The proposed Omnibus Amendment to the definition of "Qualified Transferee" and to Section 4(a) of each Intercreditor Agreement allows the Junior Lender to Transfer more than 49% of its interest in the Junior Loan to a Qualified Transferee. The proposed amendment will become effective upon satisfaction of the conditions precedent set forth in the governing documents.

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