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What We're Reading: The Good Friday edition

Items Tagged with 'Risk Sharing'


Global investors taking risk from Freddie Mac

Risk-sharing bond transactions gain attention
April 2, 2014
"Our goal is to have regular, consistent issuances at least quarterly," said Donna Corley, senior vice president of single-family pricing, risk transfer and securitization for Freddie Mac. And this goal is now more of a possibility given the reinsurer appetite to support Freddie Mac.
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More investors buy into Freddie Mac risk-sharing deal

Placing credit risk in the private market is officially a good idea
February 6, 2014
The deal is backed by 140,000 residential loans, representing an unpaid principal balance of approximately $32.4 billion. This STACR pool consists of a subset of 30-year fixed-rate single-family mortgages acquired by Freddie Mac in the second quarter of 2013.
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Freddie Mac launches third risk-sharing deal

LTVs are a little high in comparison to other RMBS
February 4, 2014
STACR 2014-DN1 risk-sharing tranches are rated either single-A or triple-B. There are seven such tranches representing $2.4 billion of the $32.44 billion deal.
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Investors jump on Fannie Mae risk-sharing deal

Spreads keep narrowing
January 15, 2014
"Today's trading activity has been very brisk on the break with investor demand reportedly strong, particularly for the M2 tranche," said Interactive Data. "As of mid-day, indicative bids appear to have tightened significantly since initial pricing to +152 and +427."
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Fannie Mae launches second risk-sharing transaction

Private investors can buy more mortgage credit risk
January 13, 2014
Fitch reports that Fannie is improving its quality control. And with housing expected to continue to perform adequately, Fitch does not see Fannie Mae having any difficulties paying the private investors who take on this credit risk.
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Fannie Mae readies second risk-sharing transaction

Officially expected to be marketed in early 2014
January 9, 2014
The vehicle for issuing these deals is referred to as Connecticut Avenue Securities, which typically includes a mezzanine slice marketed to private credit risk investors.
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Freddie Mac continues to offload credit risk

GSE inks insurance deal to cover $77M in risk
November 12, 2013
Freddie Mac made headway in limiting its credit risk after inking a deal with a private insurer to guaranty a pool of single-family loans funded in the third quarter of 2012.
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Latest Redwood RMBS features most diverse issuers yet

High quality of loans fuels new sellers to spread risk
November 4, 2013
While there are benefits to seller diversification, well-established sellers with historical performance profiles are becoming a smaller component of the Redwood pools, according to Kroll Bond Ratings.
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Fitch will rate second Freddie Mac risk-sharing deal

STACR (part two) will carry a triple-B rating
October 31, 2013
Freddie Mac will be responsible for making monthly payments of interest and principal to investors based on the payment priorities set forth in the transaction documents.
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Fannie Mae prices risk-sharing deal

More than 70 investor groups participate
October 15, 2013
"Pricing for the M-1 tranche was one-month LIBOR plus a spread of 200 basis points. Pricing for the M-2 tranche was one month LIBOR plus a spread of 525 basis points," Fannie Mae noted.
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