The government-sponsored enterprises' risk-sharing deals are being hailed as an innovative approach for Fannie Mae and Freddie Mac to offload credit exposure to private markets. But their growing popularity is raising questions about how these transactions should be reported in financial statements.

Currently, the risk-sharing bond transactions costs are included in net interest income, a metric defined by generally accepted accounting principles. And so far, the transactions haven't been deemed material enough to break out as a standalone item in its non-GAAP financial details. But if these activities become a more significant component of the GSEs' businesses, it's unclear at this point how they would be reported.

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