A $215 million commercial mortgage that was used to acquire the Ritz-Carlton Kapalua is being used as collateral for a transaction called GS Mortgage Securities 2018-LUAU

The unique approach Fannie Mae and Freddie Mac are each taking with their credit-risk transfer products is quickly becoming a key point of differentiation that's rekindling competition between the government-sponsored enterprises.

Laurel Davis, VP, credit risk transfer at Fannie Mae, explains why the switch to a REMIC structure for CAS is important, and why it took so long.

The company’s first transaction, Eagle Re 2018-1, transfers a portion of the credit risk on approximately $36.3 billion of mortgages, according to Morningstar Credit Ratings.

Tishman Hotel & Realty and MetLife are refinancing the Swan and the Dolphin, adjoining resort complexes with a total of 2,270 rooms.

Fannie Mae and Freddie Mac transferred a substantial amount of credit risk to the private sector through both single-family and multifamily market transactions in the first half of the year, with activity expected to rise in 2019, according to the Federal Housing Finance Agency.

While three deals matches 2017's output, the total $2.08B volume of 2018 issuance trails the 2017 level by more than $1B.

The firm's risk profile has not altered, executives said on a third-quarter earnings call Wednesday; it remains "appropriately cautious."

The $571 million transaction is backed by 915 loans originated from 2002 and 2008 that Waterfall Asset Management acquired over eight years.

The deal comes a year after the captive finance company began excluding low-FICO loans from its primary auto loan ABS platform.

It's the first time any of the rating agencies has assigned an AAA for any securitization of consumer loans by a marketplace lender.

When the mortgage giant will be released from government control is anyone's guess, but the company's third-quarter report shows signs of an easier transition.