Fannie Mae Executes First Two Credit Insurance Risk Transfer Transactions of 2020 on $31 Billion of Single-Family Loans
"Over the past six years we have built a market for credit risk that, with each new transaction, continues to draw on the growing interest of insurers and reinsurers. We appreciate our partnership with the twenty-three insurers and reinsurers that wrote coverage for these deals, a new record-high level of participation for a single CIRT transaction," said
With CIRT 2020-1, which became effective
Coverage for these deals is provided based upon actual losses for a term of 12.5 years. Depending on the paydown of the insured pool and the principal amount of insured loans that become seriously delinquent, the aggregate coverage amount may be reduced at the one-year anniversary and each month thereafter. The coverage on each deal may be canceled by
As of
To promote transparency and to help insurers and reinsurers evaluate our program,
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Statements in this release about future credit risk transfer efforts and the impact of credit risk transfer transactions are forward-looking. Actual developments may differ materially from these statements as a result of market conditions or other factors, including those listed in "Risk Factors" or "Forward-Looking Statements" in the company's annual report on Form 10-K for the year ended
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