Steven Nesmith

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While the FHFA’s conservatorships of Fannie Mae and Freddie Mac are unlikely to end before 2017, the Enterprises continue to transfer more credit risk from their single-family residential mortgages to private insurers. Both GSEs have exceeded their credit-risk transfer goals for calendar year 2015, largely because of Fannie Mae’s CAS series and Freddie Mac’s Structured Agency Credit Risk (STACR) series. Fannie Mae has transferred credit risk on $205 billion in single-family mortgages as of October…