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Credit Risk Transfer Progress Report

Credit Risk Transfer Progress Report 2Q2019

Published: 11/12/2019

​The Report provides a comprehensive picture of how Fannie Mae and Freddie Mac (the Enterprises) transfer a substantial portion of credit risk to the private sector through a variety of transactions in both the single-family and multifamily markets. 

From the beginning of the Enterprises' Single-Family CRT programs in 2013 through the second quarter of 2019, Fannie Mae and Freddie Mac have transferred a portion of credit risk on $3.1 trillion of unpaid principal balance (UPB), with a combined Risk in Force (RIF) of about $102 billion, or 3.3 percent of UPB. An additional $1.4 trillion of UPB and $346 billion of RIF has been transferred to primary mortgage insurers from 2013 through the second quarter of 2019. Through CRT and mortgage insurance, the majority of the underlying mortgage credit risk on mortgages targeted for CRT has been transferred to private investors.

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