With a nonperforming loan sale, a reperforming loan sale and a social bond transaction, Fannie livened up an otherwise slow year.

Pricing on Fannie’s latest CRT offering topped out at average 30-day SOFR plus 685 bps for the 1B-2 class.

The transactions are sub-brokered by a new partner for the GSE, a minority-led reinsurer.

Spreads on the latest CRT from Fannie were wider than on the deal the GSE issued in April 2022.

Despite significant premiums offered by Fannie Mae, the GSE was only able to repurchase 62.7% of the notes in its latest CAS tender offer.

Fannie Mae and Freddie Mac released tables showing the replacement rates and tenor spreads for most legacy securities still indexed to LIBOR.

Fannie and Freddie in a joint comment letter expressed concerns that the SEC’s proposed rule on conflict of interest could prevent the GSEs from issuing credit-risk transfer notes in a post-conservatorship world.

Private insurers will assume the credit risk on up to $926 million in mortgage losses.

STACRs see the return of the B-1 class for the first time since June.

With better pricing incentives, investors sold Freddie Mac 87% of the STACRs in its latest cash tender offer. Freddie was able to repurchase less than 50% of the STACRs included in its previous tender offer.