Freddie Mac, Fannie Mae and Ginnie Mae in over $11.3 Billion Mortgage-Backed Securities Deals in September
October 1, 2016
In September, Cleary Gottlieb represented the underwriters in 25 Freddie Mac, Fannie Mae and Ginnie Mae mortgage-backed transactions, representing over $11.3 billion of mortgage-backed securities.
This activity brings total agency mortgage-backed deals handled by the firm in 2016 to more than $89.2 billion. The underwriters included Amherst, Citigroup, Goldman Sachs, Jefferies, JP Morgan, Morgan Stanley, Mizuho and Nomura.
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.