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Credit Risk Transfer

Fannie Mae partners with private sources of capital to transfer mortgage credit risk, develop broad and liquid markets, and reduce taxpayer risk.


Through our credit risk transfer (CRT) transactions, we facilitate the flow of private capital between Fannie Mae's lender customers and a diverse group of investors.

As the largest credit risk manager in the mortgage industry, we employ prudent standards and advanced technologies to acquire quality loans, prevent defaults, and reduce losses. We continuously evolve our CRT programs to broaden the types of loans covered and promote growth in the credit risk transfer market. Through our suite of credit risk transfer vehicles, we offer opportunities for investors to share in the credit performance of our book of business.


$3.33T of total unpaid principal balance of mortgage loans have been partially covered by Single-Family CRT vehicles at issuance as of Q1 2024.

In addition to DUS risk sharing, $184.7B of total unpaid principal balance of Multifamily mortgage loans, measured at the time of the transactions, has been covered through MCAS and MCIRT as of Q1 2024.

What is credit risk transfer?

What is credit risk transfer?

What are the goals and benefits?

CRT goals and benefits

How do we manage risk?

Our Single-Family and Multifamily businesses set standards in credit risk management. Dig deeper into the fundamentals supporting Fannie Mae's credit risk transfer vehicles by clicking on the graphics below.

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Our suite of credit risk transfer vehicles

To support the market demand for mortgage credit risk, we have developed multiple innovative forms of risk transfer and created a market for securitized mortgage credit risk. Our programs include:

Single-Family Credit Risk Management Vehicles

Multifamily Credit Risk Management Vehicles