Fannie Mae closes 2015 risk-sharing program with latest deal with insurers

 · Considering Fannie Mae has paid the government $134.5 billion to Treasury for drawing $116.1 billion and Freddie Mac has paid the government $91.0 billion to Treasury for drawing $71.3 billion.

The two deals, CIRT 2018-2 and CIRT 2018-3, which together cover $10 billion of loans, are a part of Fannie Mae’s ongoing effort to reduce taxpayer risk by increasing the role of private capital in the mortgage market. To date, Fannie Mae has acquired about $6.2 billion of insurance coverage on $254 billion of loans through the CIRT program.

Fannie Mae recently completed its first tranched multifamily credit risk sharing transaction – a pool of approximately $10.9 billion of existing multifamily loans. It was the company’s fourth multifamily credit insurance risk Transfer (CIRT) transaction and the first to be offered in tranches.

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established guidelines governing singlefamily credit risk sharing by Fannie Mae and Freddie Mac (the Enterprises) with the intent of reducing their overall risk and, therefore, the risk they pose to taxpayers while they are in conservatorship. Fannie Mae and Freddie Mac started

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Deal structures have also changed. For the first time, the junior mezzanine tranches in the new deals – known as 1M-2 and 2M-2 – have been publicly rated, a move that has been well received by investors. Our goal for developing a credit risk transfer program was to help build a stronger and more resilient company laurel davis, Fannie Mae

Risk Sharing, Or Not. Then, in the CAS deal done last month, Fannie paid one group of investors LIBOR plus 1175 points (that’s not a misprint) to split the first 100 basis points of losses, and paid two other groups of investors an average of LIBOR plus 500 basis points for coverage against 95 percent of losses over 100 and up to 400 basis points.

The two deals. insurers, reflecting the strong and growing interest in our CIRT program," said Rob Schaefer, Vice President for Credit Enhancement Strategy & Management, at Fannie Mae. "Fannie Mae.

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