The Report provides a comprehensive picture of how Fannie Mae and Freddie Mac (the Enterprises) transfer a substantial portion of credit risk to the private sector through a variety of transactions in both the single-family and multifamily markets.
From the beginning of the Enterprises’ Single-Family CRT programs in 2013 through the end of 2023, the Enterprises transferred a portion of credit risk on approximately $6.7 trillion of unpaid principal balance (UPB), with a combined Risk in Force (RIF) of $210 billion, or 3.2 percent of UPB. In 2023, the Enterprises collective single-family CRT issuance volume decreased 60 percent from the previous year primarily due to lower single-family acquisition volumes. The Enterprises transferred a portion of credit risk on $422 billion of UPB in 2023.
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