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Credit Risk Transfer Progress Report

Metadata Updated: January 25, 2023

The credit risk transfer (CRT) programs at Fannie Mae and Freddie Mac (the Enterprises) wer​e established to reduce taxpayer exposure to risks arising from credit guarantees extended by the Enterprises through their normal courses of business. The Federal Housing Finance Agency (FHFA) initiated development of a CRT program in 2012 to reduce risk at the Enterprises during their conservatorships, and Fannie Mae and Freddie Mac began implementing their CRT programs in 2013. Under FHFA’s oversight through guidelines, instructions, strategic plans, and Scorecard objectives, the programs have since become a core part of the Enterprises’ single-family guarantee businesses, similar to how risk sharing with the private sector is an integral part of the Enterprises’ multifamily businesses. Using a range of different transaction structures, the Enterprises have transferred to private investors a substantial amount of credit risk assumed through the acquisition of single-family loans in targeted loan categories. The programs include or have included CRTs via capital markets issuances (both corporate debt and bankruptcy remote trust structures), insurance/reinsurance transactions, senior/subordinate transactions, and a variety of lender collateralized recourse transactions. The Enterprises continue to evaluate the scope of their CRT programs and innovate within the CRT market by employing different structures as part of their efforts to further reduce risk, all while using transactions that are economically sensible.​

Access & Use Information

Public: This dataset is intended for public access and use. License: No license information was provided. If this work was prepared by an officer or employee of the United States government as part of that person's official duties it is considered a U.S. Government Work.

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Dates

Metadata Created Date January 25, 2023
Metadata Updated Date January 25, 2023
Data Update Frequency R/P3M

Metadata Source

Harvested from FHFA JSON

Additional Metadata

Resource Type Dataset
Metadata Created Date January 25, 2023
Metadata Updated Date January 25, 2023
Publisher Federal Housing Finance Agency
Maintainer
Identifier FHFA5408
Language en-US
Data Last Modified 2023-01-20T20:29:32.063Z
Rights true
Public Access Level public
Data Update Frequency R/P3M
Bureau Code 015:11
Metadata Context https://project-open-data.cio.gov/v1.1/schema/catalog.jsonld
Schema Version https://project-open-data.cio.gov/v1.1/schema
Catalog Describedby https://project-open-data.cio.gov/v1.1/schema/catalog.json
Data Quality True
Harvest Object Id 228300ed-2664-4feb-aeda-2eea1db1dc2b
Harvest Source Id f37782a8-9657-4976-8077-936b628b3973
Harvest Source Title FHFA JSON
Homepage URL https://www.fhfa.gov/AboutUs/reportsplans/Pages/All-Reports.aspx#0154543c-431f-47c7-bbcf-c828383bfa6d=%7B%22k%22%3A%22%22%2C%22r%22%3A%5B%7B%22n%22%3A%22ReportPlanCategoryOWSCHCS%22%2C%22t%22%3A%5B%22%5C%22%C7%82%C7%82437265646974205269736b205472616e736665722050726f6772657373205265706f7274%5C%22%22%5D%2C%22o%22%3A%22and%22%2C%22k%22%3Afalse%2C%22m%22%3Anull%7D%5D%7D
Program Code 015:001
Publisher Hierarchy Federal Housing Finance Agency > Federal Housing Finance Agency
Source Datajson Identifier True
Source Hash 80aa7d47452e91b8050a61363b54987af28b1bbe
Source Schema Version 1.1
Temporal 2017-04-01/2021-12-31

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