Freddie Mac, Fannie Mae and Ginnie Mae in over $8.3 Billion of Mortgage-Backed Securities Deals in October

November 1, 2016

In October, Cleary Gottlieb represented underwriters in over 22 Freddie Mac, Fannie Mae and Ginnie Mae mortgage-backed transactions worth $8.3 billion.

The underwriters included 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 $97.5 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.