It's no secret that Fannie Mae and Freddie Mac are actively engaged in risk-sharing partnerships tied to their multifamily programs, but money-wise it amounts to a hill of beans.

The golden chalice of risk sharing lies within their bread-and-butter single-family programs where the two backstop $5.2 trillion of mostly residential loans with their government guarantees. The private sector — including several insurance conglomerates, megabanks, Wall Street firms and even REITs — are well aware of this. And quite frankly they wouldn't mind a piece of the action, provided that the Federal Housing Finance Agency (FHFA) comes up with some type of blueprint.

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