“HARP is dead, long live High LTV Refinance programs!” That’s the title of a recent report by structured finance analysts at Bank of America Merrill Lynch on the impact HARP’s replacements will have on the government-sponsored enterprises’ credit-risk transfer programs.

Fannie/Freddie’s issuance of credit-risk transfer debt notes hit a record high of $15.19 billion in 2018. [Includes one data chart.]