Credit risk transfers earn bipartisan praise
Credit risk transfers, a means by which banks can move risk off their balance sheets, earned considerable bipartisan support in a House Financial Services subcommittee hearing Wednesday.
Credit risk transfers
Brandywine: CMBS and other floaters shine
As the inflation reduction campaign has miles to go, banks considering credit risk transfers referencing commercial real estate could find enthusiastic investors.
By
John Hintze
Pennymac REIT may fund asset acquisitions with new notes
The real estate investment trust arm of two affiliate mortgage-related companies could reduce other debt and finance purchases of loans, servicing or securities.
What the SEC’s conflict of interest proposal may mean for mortgages
The government-sponsored enterprises will likely have their mainstay bonds exempted from the potential securitization-related rule, but their credit-risk transfers could be subject to it, some experts say.
Fannie Mae doubles down on credit-risk insurance transfers
The two latest transactions follow in the wake of the government-sponsored enterprise’s first deal of the year and the release of a finalized capital rule aimed at facilitating broader risk-sharing.
GSE risk management strategy shows resilience after a tough year
Issuance of capital market instruments aimed at protecting one government-sponsored enterprise from distressed mortgage credit events staged a relatively quick rebound in 2020, a new Federal Housing Finance Agency report shows.
National Mortgage debuts MI-linked credit-risk transfer platform
Oaktree Re VI 2021-1 will market $531 million in CRT notes that will provide NMI with partial reinsurance on a $45B pool of GSE-eligible loans.
By
Glen Fest
Freddie Mac’s single-family CRT soared to record-high despite pandemic
The $16.9 billion in issuance marked the biggest annual number seen since the government-sponsored enterprise reconstituted its risk sharing program in 2013.
GSE CRT portfolios mark month-over-month improvement in delinquencies
The reference pools of mortgages supporting the credit-risk transfer notes sold by Fannie Mae and Freddie Mac were 'generally lower' in delinquencies per newly issued monthly reports, says DBRS Morningstar.
By
Glen Fest
Why is Fannie Mae abandoning a practice that shields it from risk?
Fannie hasn't completed any credit risk transfers to private investors since the second quarter. Some experts worry the decision — likely spurred by the company’s concerns about a recent capital regulation — could put the mortgage giant on unsteady footing.
Freddie Mac prices first-ever credit risk transfer linked to SOFR
While using the 30-day SOFR as its index, Freddie Mac structured the deal so it could shift to a one-month term if and when that rate is approved.
FHFA to hold listening sessions on capital plan feedback
Following its deadline for written comments on the topic last month, the Federal Housing Finance Agency is scheduling events that will focus on two key themes emerging in responses.
Arch prices $432M PMI-linked notes offering
Arch's second CRT transaction this year to obtain indemnity reinsurance for mortgage-insurance premiums comes at a time it is also experiencing rising 60-plus-day delinquencies on its outstanding securitized pools.
By
Glen Fest
Third upsized Freddie Mac deal confirms CRT demand is back on track
There were questions about the GSEs' use of structured credit risk transfers in the single-family market given an earlier pandemic-related market disruption.
Fannie-Freddie overseer puts squeeze on $50B bond market
A bond market once thought to be key to the futures of Fannie Mae and Freddie Mac — and the roughly $5 trillion of home loans they backstop — could instead find itself on the scrap heap due to their own regulator.
GSE regulator creates credit risk transfer capital retention tool
The FHFA looks to shed light on the amount of funds Fannie and Freddie will need to hold for their risk-sharing deals.
Profits drop in 1Q, but Freddie Mac is ‘withstanding the crisis’
While Freddie Mac stabilized liquidity in mortgage markets, coronavirus-related credit losses drove the GSE's income down in the first quarter of 2020.
Freddie Mac earnings mixed as it builds net worth
Freddie Mac saw a decline in net profit in 2019 due to decreased interest rate income, lower amortization revenue and risk-reducing investment costs, but its consecutive-quarter results improved.
Radian Guaranty to issue $646.3M in insurance-linked notes
Eagle Re 2020-1 is backed by the performance of a reference pool of 156,065 loans with an outstanding balance of $40 billion.
By
Glen Fest
A fast 2020 start for RMBS: Four deals totaling $2B
Fannie Mae is sponsoring a $1.03B CRT transaction, while Caliber Homes Loans, New Residential and Onslow Bay fill the non-QM pipeline
By
Glen Fest
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