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​Credit Risk Transfer​


In 2012, the Federal Housing Finance Agency (FHFA) initiated development of a credit risk transfer program intended to reduce Fannie Mae's and Freddie Mac’s (the Enterprises’) overall risk and, therefore, the risk they pose to taxpayers while in conservatorship.  Fannie Mae and Freddie Mac implemented their credit risk transfer programs in 2013 and now transfer to private investors a substantial amount of the credit risk the Enterprises assume in targeted loan acquisitions.  The programs include credit risk transfers via debt issuances, insurance/reinsurance transactions, senior-subordinate securitizations, and a variety of lender collateralized recourse transactions.  As outlined in the annual Scorecard, the Enterprises continue to innovate and experiment with different structures and the scope of credit risk transfer as part of their efforts to reduce even more risk, where economically sensible.


Links:


FHFA Updates Progress on Fannie Mae and Freddie Mac Credit Risk Transfer Programs (3/29/2018)

Credit Risk Transfer Progress Report Fourth Quarter 2017  (3/29/2018)

FHFA Updates Progress on Fannie Mae and Freddie Mac Credit Risk Transfer Programs (11/22/2017)

Credit Risk Transfer Progress Report Second Quarter 2017  (11/22/2017)

FHFA Updates Progress on Fannie Mae and Freddie Mac Credit Risk Transfer Programs (7/26/2017)

Credit Risk Transfer Progress Report March 2017  (7/26/2017)

FHFA Updates Progress on Fannie Mae and Freddie Mac Credit Risk Transfer Programs (3/27/2017)

Credit Risk Transfer Progress Report  (3/27/2017)  

FHFA Extends Response Period for Credit Risk Transfer Request for Input (8/10/2016)

News Release about Progress Report & RFI (6/29/2016)

Single-Family Credit Risk Transfer Progress Report  (6/29/2016)

Single-Family Credit Risk Transfer Request for Input  (6/29/2016) Response period closed 10/13/2016

Review Input Submitted (select Single-Family Credit Risk Transfer in pull down menu)

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​​Related Documents:


2017 Scorecard for Fannie Mae, Freddie Mac, and Common Securitization Solutions (12/15/2016)

2016 Scorecard for Fannie Mae, Freddie Mac, and Common Securitization Solutions  (12/17/15)

2015 Scorecard Progress Report (3/3/16)

All Scorecards

All Scorecard Progress Reports​

Overview of Fannie Mae and Freddie Mac Credit Risk Transfer Transactions  (8/21/15) 

FHFA Statements on Credit Risk Transfer​​

Enterprise Credit Risk Transfer information:


Freddie Mac

​​Fannie Mae 


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