Volatility from the war with Iran prompted a slowdown in CRT issuance and wider spreads on the deals Fannie Mae and Freddie Mac issued during the second quarter of 2026. (Includes data table.)

Banks are expected to increase their use of synthetic-risk transfers following greater clarity on the products from regulators.

A proposal to revise Basel capital requirements for banks included some provisions that could have a negative impact on credit-risk transfer activity, according to industry participants.