Freddie Mac, Fannie Mae and Ginnie Mae in Over $10 Billion Mortgage-Backed Securities Deals in December
January 1, 2015
In December, Cleary Gottlieb represented the underwriters, including Barclays, Citigroup, Goldman Sachs, Jefferies, JP Morgan, Mizuho, Morgan Stanley and Nomura, in 19 Freddie Mac, Fannie Mae and Ginnie Mae mortgage-backed transactions, representing more than $10 billion of mortgage-backed securities. This activity brings total agency mortgage-backed deals handled by the firm in 2014 to more than $140 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.