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Fannie Mae Completes Final CIRT Transaction
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Fannie Mae completes its final CIRT transaction of 2023, transferring $270.7 million of mortgage credit risk to private insurers and reinsurers. The firm has acquired $3.66 billion of insurance coverage on $121 billion of single-family loans from nine CIRT deals issued across 2023. The covered loan pool consists of approximately 34,000 single-family mortgage loans with an outstanding unpaid principal balance of approximately $11.5 billion.
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How does Fannie Mae's CIRT transactions impact the mortgage market and the risk management strategies of private insurers and reinsurers?
How might the completion of Fannie Mae's final CIRT transaction of 2023 affect its financial position and overall risk management strategy?
What are the potential implications of Fannie Mae's retention of risk for the first 165 basis points of loss on the covered loan pool?
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