Freddie Mac, Fannie Mae and Ginnie Mae in over $10.2 Billion Mortgage-Backed Securities Deals in July

August 1, 2016

In July, Cleary Gottlieb represented underwriters in 23 Freddie Mac, Fannie Mae and Ginnie Mae mortgage-backed transactions, representing over $10.2 billion of mortgage-backed securities. 

The underwriters included Amherst Pierpont, Citigroup, Goldman Sachs, Jefferies, JP Morgan, Morgan Stanley, Mizuho and Nomura. This activity brings total agency mortgage-backed deals handled by the firm in 2016 to more than $64.1 billion.

In general, the “agency” transactions involve the issuance of mortgage-backed securities, in each case guaranteed by Freddie Mac, Fannie Mae or Ginnie Mae.  Ginnie Mae is part of the U.S. government, while Freddie Mac and Fannie Mae are government-sponsored, publicly-owned companies.  In each transaction, the underlying assets were residential mortgage loans.  The cash flows on these mortgages support the issuance of securities.  The securities were issued in multiple classes.