Freddie Mac, Fannie Mae and Ginnie Mae in More Than $26 Billion of Mortgage-Backed Securities Deals in August

September 1, 2009

In August, Cleary Gottlieb represented the underwriters, including Bank of America, Barclays, Citigroup, Goldman Sachs, Jefferies, JP Morgan Chase, Morgan Stanley, RBC and RBS, in 20 Freddie Mac, Fannie Mae and Ginnie Mae mortgage-backed transactions, representing more than $26 billion of mortgage-backed securities. This activity brings total agency mortgage-backed deals handled by the firm in 2009 to more than $89 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.