Fannie, Freddie Transfer $49 Billion in Credit Risk Through 2016

Since the Federal Housing Finance Agency launched a credit risk transfer program for GSEs Fannie Mae and Freddie Mac in 2013, the enterprises have transferred $49 billion in credit risk to private investors, amounting to about 3.4 percent of $1.4 trillion in unpaid principal balance.

In 2016, the GSEs transferred about $18 billion worth of credit risk. Transfers include debt issuances, insurance and reinsurance transactions, senior-subordinate securitizations and several kinds of lender-collateralized recourse transactions.