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Fannie Mae Executes First Credit Insurance Risk Transfer Transaction of 2024 on $9.0 Billion of Single-Family Loans

Fannie Mae Executes First Credit Insurance Risk Transfer Transaction of 2024 on $9.0 Billion of Single-Family Loans

房利美就90億美元的單戶家庭貸款執行了2024年的首筆信用保險風險轉移交易
PR Newswire ·  03/01 13:00

WASHINGTON, March 1, 2024 /PRNewswire/ -- Fannie Mae (OTCQB: FNMA) announced today that it has executed its first Credit Insurance Risk Transfer (CIRT) transaction of 2024. CIRT 2024-L1 transferred $355.6 million of mortgage credit risk to private insurers and reinsurers.

華盛頓,2024年3月1日 /PRNewswire/ — 房利美(場外交易代碼:FNMA)今天宣佈,它已經執行了2024年的第一筆信用保險風險轉移(CIRT)交易。CIRT 2024-L1 將3.556億美元的抵押貸款信用風險轉移給了私人保險公司和再保險公司。

"CIRT 2024-L1 begins another active year of CIRT issuance for Fannie Mae," said Rob Schaefer, Fannie Mae Vice President, Capital Markets. "We appreciate the support of the 24 insurers and reinsurers that committed to write coverage and supported the extension of the CIRT maturity term on this deal to 18 years, from the 12.5-year term that had been utilized for most CIRT deals executed since 2019."

房利美資本市場副總裁羅布·舍費爾表示:“CIRT 2024-L1 開始了房利美又一個活躍的CIRT發行年。”“我們感謝24家保險公司和再保險公司的支持,他們承諾提供保險,並支持將該交易的CIRT到期期限從2019年以來執行的大多數CIRT交易的12.5年期限延長至18年。”

The covered loan pool for CIRT 2024-L1 consists of approximately 28,000 single-family mortgage loans with an outstanding unpaid principal balance of approximately $9.0 billion. The covered pool includes collateral with loan-to-value (LTV) ratios of 60.01 percent to 80.00 percent acquired between January 2023 and April 2023. The loans included in this transaction are fixed-rate, generally 30-year term, fully amortizing mortgages and were underwritten using rigorous credit standards and enhanced risk controls.

CIRT 2024-L1 的擔保貸款池包括約28,000筆單戶抵押貸款,未償未付本金餘額約爲90億美元。承保資金池包括2023年1月至2023年4月期間收購的貸款與價值(LTV)比率爲60.01%至80.00%的抵押品。本次交易中包含的貸款是固定利率,期限通常爲30年,全部攤還抵押貸款,並使用嚴格的信用標準和加強的風險控制進行承保。

Beginning with this transaction, CIRT deals that cover existing pools of low-LTV loans will be identified by prefacing the CIRT deal number with the letter 'L,' and CIRT deals that cover existing pools of high-LTV loans will be identified by prefacing the CIRT deal number with the letter 'H.'

從本次交易開始,將通過在CIRT交易編號前面加上字母 “L” 來識別涵蓋現有低LTV貸款池的CIRT交易,而涵蓋現有高LTV貸款池的CIRT交易將通過在CIRT交易編號前面加上字母 “H” 來識別

With CIRT 2024-L1, which became effective January 1, 2024, Fannie Mae will retain risk for the first 150 basis points of loss on the $9.0 billion covered loan pool. If the $135.1 million retention layer is exhausted, 24 reinsurers will cover the next 395 basis points of loss on the pool, up to a maximum coverage of $355.6 million.

隨着2024年1月1日生效的CIRT 2024-L1,房利美將保留90億美元擔保貸款池前150個點子虧損的風險。如果1.351億美元的留存層用盡,24家再保險公司將彌補資金池中接下來的395個點子的損失,最高承保額爲3.556億美元。

Coverage for this deal is provided based upon actual losses for a term of 18 years. Depending on the paydown of the insured pool and the principal amount of insured loans that become seriously delinquent, the coverage amount may be reduced at the one-year anniversary and each month thereafter. The coverage on this deal may be canceled by Fannie Mae at any time on or after the five-year anniversary of the effective date by paying a cancellation fee.

這筆交易的保險是根據實際損失提供的,期限爲18年。根據投保資金池的還款額和嚴重拖欠的保險貸款的本金,保險金額可能會在一週年紀念日及其後的每個月減少。房利美可以在生效之日起五週年之日或之後隨時通過支付取消費用,取消該交易的保險。

Since inception to date, Fannie Mae has acquired approximately $26.2 billion of insurance coverage on $879.2 billion of single-family loans through the CIRT program, measured at the time of issuance for both post-acquisition (bulk) and front-end transactions. As of December 31, 2023, approximately $1.29 trillion in outstanding unpaid principal balance of loans in our single-family conventional guaranty book of business were included in a reference pool for a credit risk transfer transaction.

自成立至今,房利美已通過CIRT計劃爲8,792億美元的單戶家庭貸款購買了約262億美元的保險,該保險以收購後(批量)和前端交易的發行時計算。截至2023年12月31日,我們的單戶傳統擔保業務賬簿中約有1.29萬億美元的未償未償貸款本金餘額已包含在信用風險轉移交易的參考池中。

To promote transparency and to help insurers and reinsurers evaluate the CIRT program, Fannie Mae provides ongoing, robust disclosure data, as well as access to news, resources, and analytics through its credit risk transfer webpages. This includes Fannie Mae's innovative Data Dynamics tool that enables market participants to interact with and analyze both CIRT deals that are currently outstanding in the market and Fannie Mae's historical loan dataset. For more information on specific CIRT transactions, including pricing, please visit our Credit Insurance Risk Transfer webpage.

爲了提高透明度並幫助保險公司和再保險公司評估CIRT計劃,房利美提供持續、可靠的披露數據,並通過其信用風險轉移網頁訪問新聞、資源和分析。這包括房利美的創新數據動力學 該工具使市場參與者能夠與目前市場上未完成的CIRT交易和房利美的歷史貸款數據集進行互動和分析。有關特定CIRT交易(包括定價)的更多信息,請訪問我們的信用保險風險轉移網頁。

About Fannie Mae
Fannie Mae advances equitable and sustainable access to homeownership and quality, affordable rental housing for millions of people across America. We enable the 30-year fixed-rate mortgage and drive responsible innovation to make homebuying and renting easier, fairer, and more accessible. To learn more, visit:
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關於房利美
房利美促進美國數百萬人公平和可持續地獲得房屋所有權和優質、負擔得起的租賃住房。我們支持30年期固定利率抵押貸款,推動負責任的創新,使購房和租房更容易、更公平、更容易獲得。要了解更多信息,請訪問:
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