Fannie Mae’s second front-end credit risk sharing transaction is much larger than its first deal as it shifts a portion of the risk on about $15 billion worth of single-family loans. The inaugural front-end CRT announced in October, involved about $3.7 billion of single-family loans. These two transactions use credit insurance risk transfer on the front end of the transaction. Most of the GSEs’ CIRT transactions have involved insurance contracts on pools of loans that have already been securitized. This deal, like the first, will be completed on a flow basis with the risk transfer taking place before Fannie acquires the covered loans. And the insurance coverage will begin immediately after acquisition.