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Credit Risk Transfer Progress Report

Credit Risk Transfer Progress Report 4Q2020

Published: 8/10/2021

​​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 2020, Fannie Mae and Freddie Mac have transferred a portion of credit risk on $4.1 trillion of unpaid principal balance (UPB), with a combined Risk in Force (RIF) of about $137 billion, or 3.3 percent of UPB. Also, $2.1 trillion of UPB has been insured by, and $534 billion of RIF has been transferred to, primary mortgage insurers from 2013 through the end of 2020.​​

Through the end of 2020, the targeted UPB of 2019 single-family acquisitions covered by CRTs at Fannie Mae and Freddie Mac was 82 percent and 98 percent, respectively.

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