The GSEs are preparing to issue their first credit-risk transfer under the real estate mortgage investment conduit structure in 2019 and analysts predict, while it will be a boon for new investors, it’ll take time to ramp up. Freddie Mac plans to issue its first credit-risk transfer deal as a trust execution this month in preparation for the new REMIC structure, according to Michael Reynolds, vice president of credit-risk transfers. The GSE has been issuing its Structured Agency Credit Risk notes as debt and the new structure will be a more traditional trust issuance.