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Credit Risk Transfer Progress Report

Credit Risk Transfer Progress Report 4Q2019

Published: 4/3/2020

​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 end of 2019, Fannie Mae and Freddie Mac have transferred a portion of credit risk on $3.5 trillion of unpaid principal balance (UPB), with a combined Risk in Force (RIF) of about $115 billion, or 3.3 percent of UPB. An additional $1.6 trillion of UPB and $398 billion of RIF has been transferred to primary mortgage insurers from 2013 through the end of 2019.

Through the end of 2019, Fannie Mae and Freddie Mac transferred 85 percent and 89 percent, respectively, of the allocated credit risk capital on 2018 acquisitions covered by credit risk transfer.

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