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Article

Credit Risk Transfer: A Fork in the Road

Laurie S. Goodman
The Journal of Structured Finance Summer 2018, 24 (2) 15-24; DOI: https://doi.org/10.3905/jsf.2018.24.2.015
Laurie S. Goodman
is the co-director of the Housing Finance Policy Center at the Urban Institute in Washington, DC
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Abstract

The Fannie Mae and Freddie Mac credit risk transfer (CRT) programs have been a huge success. Starting in 2013, the government-sponsored enterprises (GSEs) have transferred the risk on increasing amounts of reference collateral. But rising interest rates and declining origination volumes suggest that, over the next few years, the GSEs will struggle to keep CRT volumes flat. This will require the GSEs to choose between increasing their capital markets transactions and increasing CRT at the point of acquisition. Moreover, although the GSEs may continue to broaden their offerings, the growth in the market is likely to come from outside the GSE space. There has already been a notable expansion in CRT by the mortgage insurance companies and we could eventually see trading in CRT indexes and the emergence of CRT issuance by banks, should they get capital relief. This article examines the landscape for CRT with that in mind.

  • Copyright © 2018 Urban Institute. All rights reserved. Not to be reproduced or redistributed without permission.
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The Journal of Structured Finance: 24 (2)
The Journal of Structured Finance
Vol. 24, Issue 2
Summer 2018
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Credit Risk Transfer: A Fork in the Road
Laurie S. Goodman
The Journal of Structured Finance Jul 2018, 24 (2) 15-24; DOI: 10.3905/jsf.2018.24.2.015

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Credit Risk Transfer: A Fork in the Road
Laurie S. Goodman
The Journal of Structured Finance Jul 2018, 24 (2) 15-24; DOI: 10.3905/jsf.2018.24.2.015
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  • Article
    • Abstract
    • QUANTIFYING THE GROWTH AND OUTLOOK FOR THE GSE CRT BUSINESS
    • CAN THE GSEs SUSTAIN CURRENT CRT PRODUCTION LEVELS?
    • WE EXPECT TENSION IN THE BACK-END AND FRONT-END DECISIONS GOING FORWARD
    • CRT DONE BY MORTGAGE INSURERS
    • CREDIT RISK TRANSFER BY BANKS
    • CRT INDEX TRADING
    • CONCLUSION
    • ENDONTES
    • REFERENCES
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  • PDF (Subscribers Only)

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