Freddie Mac Fannie Mae and Ginnie Mae in over 8 Billion Mortgage Backed Securities Deals in November

December 1, 2016

In November, Cleary Gottlieb represented the underwriters in 20 Freddie Mac, Fannie Mae and Ginnie Mae mortgage-backed transactions.

The underwriters included Amherst, Citigroup, Goldman Sachs, Jefferies, JP Morgan, Morgan Stanley, Mizuho and Nomura. These transactions represented over $8 billion of mortgage-backed securities, bringing total agency mortgage-backed deals handled by the firm in 2016 to more than $105.5 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.