Some in the industry have criticized Freddie Mac’s Integrated Mortgage Insurance credit-risk transfer program, but its founders recently spoke out to clear the air on a number of misconceptions. Top executives at both Arch Capital and Freddie defended the new credit-risk transfer program in which they are partners. A group of mortgage insurers complain that the program creates an unlevel playing field and promotes “capital arbitrage.” Andrew Rippert, CEO of Arch Capital, said during a recent industry conference that counterparties must keep up with changing times. He said one of the goals of IMAGIN is to deliver a more efficient form of mortgage insurance at a lower cost to borrowers.