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Credit Risk Transfer and De Facto GSE Reform

Through credit risk transfer (CRT) programs run by Fannie Mae and Freddie Mac, private-sector investors have assumed a portion of the credit risk on roughly $1.8 trillion of mortgages. David Finkelstein, Andreas Strzodka and James Vickery explain how these CRT programs have reduced the exposure of GSEs to mortgage credit risk without disrupting liquidity or stability.

November 29, 2021

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