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Washington, D.C. – The Federal Housing Finance Agency (FHFA) today issued two documents designed to enhance public awareness of, and involvement in, Fannie Mae and Freddie Mac’s (the Enterprises) credit risk transfer programs. The Single-Family Credit Risk Transfer Progress Report provides an overview of how the Enterprises share credit risk with the private sector through primary mortgage insurance and through credit risk transfer transactions and details the status and volume of credit risk transfers through year-end 2015. The report also discusses different transaction structures and investor participation in this market and includes an examination of the cost of credit risk transfer transactions to the Enterprises.
FHFA also issued a Single-Family Credit Risk Transfer Request for Input (RFI) to assist FHFA and the Enterprises in their ongoing analysis of front-end credit risk transfer transactions in which a portion of the credit risk is transferred prior to Enterprise acquisition of the underlying mortgage. The RFI lays out FHFA’s principles of credit risk transfer and seeks feedback from stakeholders on proposals to adopt additional front-end structures, such as a deeper mortgage insurance structure, as well as on other credit risk transfer policy issues.
“The Credit Risk Transfer Progress Report demonstrates transparency and documents that there has been a great deal of progress in the credit risk transfer market in a short period of time, even though the market is still relatively young,” said FHFA Director Melvin L. Watt. “The Request for Input demonstrates our commitment to build upon the progress and expand the array of credit risk transfer products. Feedback from stakeholders is critical as we explore additional ways to enhance these programs and expand the investor base,” Watt said.
FHFA invites interested parties to provide written responses to the questions and additional input on topics identified in the RFI within 60 days of this release, no later than Aug. 29, 2016. Input should be submitted electronically or via mail to the Federal Housing Finance Agency, Office of Financial Analysis and Modeling, 400 7th Street, S.W., 9th floor, Washington, D.C., 20219.
Request for Input
Media: Corinne Russell (202) 649-3032 / Stefanie Johnson (202) 649-3030
Consumers: Consumer Communications or (202) 649-3811
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