Will the GSEs Repeat 2007 - 2009’s Large Losses?
The Stoop (NYU Furman Center)
NOVEMBER 7, 2022
They have a credit box 8 that is akin to what existed around 2000 - 2002, i.e., before the GSEs loosened it up as mortgage bubble distortions showed up. The GSEs now engage in extensive credit risk transfer (CRT) transactions, whereby institutional investors take on portions of their single-family mortgage credit risk.
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