Freddie Mac, Fannie Mae and Ginnie Mae in More Than $25 Million of Mortgage-Backed Securities Deals in February

March 1, 2011

In February, Cleary Gottlieb represented the underwriters, including Barclays, Citadel, Citigroup, Deutsche Bank, Goldman Sachs, Jefferies, Mizuho, JP Morgan, Morgan Stanley, Nomura, RBC, RBS, UBS and Wells Fargo, in 30 Freddie Mac, Fannie Mae and Ginnie Mae mortgage-backed transactions, representing more than $25 billion of mortgage-backed securities. This activity brings total agency mortgage-backed deals handled by the firm in 2011 to more than $44 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.