Fannie inked just $5.26 billion in new credit-risk deals in 2020, and that total included a $425.6 million Connecticut Avenue Securities transaction...
VA refinance activity was the key driver in the government-insured market last year, as production rose 168% from 2019. Freedom rode the refi train to become the top FHA/VA lender in the market.
CLO issuance surged in the fourth quarter, fed by growth in restructured deals and the BSL market. Palmer Square ranked as the top manager of new issuance. (Includes data chart.)
In late 2020, Fannie came back into credit-risk transfers with a bespoke deal with one of its largest nonbank sellers. Freddie continued full speed ahead with more traditional STACR issuance. (Includes data chart.)
The conventional-conforming market — most of which is sold to Fannie and Freddie — accounted for 70% of first-lien originations in 2020. (Includes two data charts.)