Freddie Mac Hits Credit Risk Transfer Milestone

first_img Scott Morgan is a multi-award-winning journalist and editor based out of Texas. During his 11 years as a newspaper journalist, he wrote more than 4,000 published pieces. He’s been recognized for his work since 2001, and his creative writing continues to win acclaim from readers and fellow writers alike. He is also a creative writing teacher and the author of several books, from short fiction to written works about writing. The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, News, Secondary Market Previous: FHA Makes Enhancements to Distressed Loan Sales Program Next: Fannie Mae’s Mortgage Portfolio Value Tumbles Share Save June 30, 2016 943 Views Related Articles Data Provider Black Knight to Acquire Top of Mind 2 days ago Credit Risk Transfer Freddie Mac 2016-06-30 Brian Honea Tagged with: Credit Risk Transfer Freddie Mac Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Freddie Mac Hits Credit Risk Transfer Milestone Demand Propels Home Prices Upward 2 days agocenter_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Home / Daily Dose / Freddie Mac Hits Credit Risk Transfer Milestone The Week Ahead: Nearing the Forbearance Exit 2 days ago About Author: Scott Morgan Freddie Mac has obtained three new insurance policies under its Agency Credit Insurance Structure (ACIS) program, representing the largest aggregate transaction to date, and a new milestone reached.The new policies provide a combined maximum limit of approximately $788 million of losses on single-family loans and transfer much of the remaining credit risk associated with three of the Structured Agency Credit Risk debt issuances this year. These transactions, aided by Chicago-based risk management firm Aon Benfield, transfer “a significant portion of mortgage credit risk on approximately $75 billion of unpaid principal balance on single-family mortgages” Freddie Mac announced Thursday.All this means that Freddie Mac has now placed $5 billion in insurance coverage through 20 ACIS transactions since the program’s inception in 2013.”We are pleased to have reached another significant issuance milestone in our single-family credit risk transfer program,” said Kevin Palmer, senior vice president of single-family credit risk transfer for Freddie Mac. “Our evolving and maturing ACIS program continues to attract a growing amount of capital from domestic and foreign insurers and reinsurers, as evidenced by the record number of counterparties who helped to make today’s announcement possible.”Aon Benfield CEO Eric Andersen said, “After a period of educating insurers and reinsurers on U.S. mortgage credit risk, we have found they have become comfortable and very receptive to this new line of business. We are pleased to have the opportunity to continue to work alongside Freddie Mac to create sustainable re-insurance capacity in this sector, and consequently an ever more stable U.S. housing market environment.”Freddie Mac was the first agency to such types of credit risk transfer transactions as ACIS. Since 2013, through ACIS and other programs such as the Structured Agency Credit Risk (STACR) series, Freddie Mac has transferred a substantial portion of credit risk on more than $525 billion of unpaid principal balances on single-family mortgages. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago  Print This Post Sign up for DS News Daily Subscribelast_img read more

Read More →

SA landscape display takes root in UK

first_imgThe main entrance of the British Museum peeks over a display of Strelitzia reginae, the bird-of-paradise flower. (Image: Kew)A recreated South African landscape, on show at the British Museum until October 2010, is giving Londoners a taste of the country’s rich biodiversity, and expats a taste of home.A joint project of the museum and the Royal Botanic Gardens at Kew, the landscape is designed as a celebration of South Africa’s wealth of natural treasures. It coincides with the International Year of Biodiversity as well as the 2010 Fifa World Cup, which gets underway in Johannesburg in just under one month.The two institutions are aiming to promote understanding and respect for various cultures, and to heighten awareness of the need for biodiversity conservation around the world.The exhibit – which has a desert-like feel with sand, rocks and plants adapted for arid conditions – has been set up in the forecourt of the renowned historical and cultural institution and runs throughout the European summer, from the end of April until 10 October.Sponsored by Barclays, it’s open from 9h30 to 17h30 every day, and is free.Visitors will be able to wander among the indigenous plants and trees before moving inside and learning more about the country through the museum’s extensive South African and African galleries.Indigenous plantsAll plants and trees included in the display are native to South Africa.Highlights are the magnificent bird-of-paradise flower (Strelitzia reginae) – popular in flower arrangements, the prolific and dainty blue marguerite daisy (Felicia amelloides), and the quiver tree (Aloe dichotoma) – which grows in dry areas of South Africa and is favoured by the San Bushmen as quivers for their arrows.Other inclusions are the strange-looking bottle tree (Pachypodium lealii), the elephant’s foot yam (Dioscerea elephantipes), the mountain aloe (Aloe marlothii), hop bush (Dodonaea viscosa), red hot poker (Kniphofia caulescens), sweet thorn (Acacia karroo), and the cheerful yellow “Star of the Veldt” (Osteospermum hyoseroides), also a member of the daisy family.These curiosities are interspersed with a colourful display of popular South African plants, such as the African lily or agapanthus, the pelargonium or South Africa geranium – not to be confused with flowers of the geranium genus – and the prolific grower Carpobrotus, popularly known as sour fig. This plant has bright pink flowers and succulent triangle-shaped leaves, whose juice has a multitude of medicinal uses.Selected related items, such as rock art recreations and restios, which are part of the fynbos kingdom along with proteas and ericas, are scattered among the foliage.Careful planningKew’s Garden Development Unit head, Steve Ruddy, supervised the installation. All plants were shipped with the necessary permits and were sourced with the help of nurseries in South Africa. They underwent a strict examination to eliminate the risk of transporting insects or diseases, and were then wrapped with great care before being shipped to the UK in a temperature-controlled container.The journey by sea took a little less than the anticipated three weeks and the plants arrived in late March. Landscaping, which began on 29 March, took four weeks to complete.While construction was still underway, the UK weather threatened to turn frosty, forcing botanical staff to protect the ill-adapted plants with a cover of fleecy cloth.Once the landscape is dismantled, the plants will be given to the council of Camden, the London borough where the British Museum is located, to be planted in the area. Kew, meanwhile, will take in any specimens that may not survive the notoriously gloomy UK winter.A number of events have been planned to add value to the exhibition, including talks by Kew and British Museum experts on rock art, traditional uses of plants, conservation and more.African plant wealthEarlier in 2010 Kew reported that East and tropical Southern Africa were treasure troves of the botanical world, yielding more new species in 2009 than anywhere else. Of the 292 new species, two were discovered in South Africa. The greatest number – 67 – came from Tanzania.The botanical institution has a number of projects running in Southern Africa, with the cooperation of partners in the region. These include the Millennium Seed Bank project – which is helping to save endangered plants in South Africa, Botswana and Namibia by conserving seed, ongoing research into propagation of threatened plants, and a database of South Africa plant DNA.One of Kew’s most significant projects is one based near Grahamstown in the Eastern Cape province, which is promoting the sustainable use of plants for traditional purposes such as medicine, clothing, food and craft.The communities in this area have been hard hit by HIV/Aids and the demand for traditional medicine, to complement antiretroviral treatment, is high. Careful management of resources will ensure that there are enough plants to meet the needs of every patient.last_img read more

Read More →

Depleted India team arrives in West Indies, Raina says team motivated

first_imgA depleted Indian cricket team, sans senior players Sachin Tendulkar and regular captain Mahendra Singh Dhoni, arrived in Port of Spain, Trinidad, for a limited-over series against the West Indies, starting on Saturday.Smartly dressed in a tee and trousers, the Indian players landed at around 20.30 hrs (local time) on Wednesday at the Piarco International Airport and were received by officials of Trinidad and Tobago Cricket Board (TTCB) and sponsors Digicel.The Suresh Raina-led Indian side looked tired and exhausted after their long flight from Mumbai via London and Barbados.Stand-in skipper Raina’s eyes were blood-shot for lack of sleep and a few team members looked dishevelled from the exertions of a long, trans-Atlantic flight.Even though he looked tired and sleepless, Raina exuded confidence that his young team will do whatever it takes to win the lone Twenty20 game and the fivematch ODI series against the Caribbeans.”It’s a young side. The players want to do well for the country and themselves. They are extremely motivated,” said Raina on his arrival.Vice-captain Harbhajan Singh too opined that the starless Indian team would not be short of motivation in the upcoming series, irrespective of their relentless cricket schedule.”These are young boys who are looking to build a career for themselves. I don’t think tiredness or fatigue would be a factor,” said the off-spinner.Team manager Amitabh Chowdhary said that irrespective of the long flight, the side would attend its practice sessions as scheduled.India will play a Twenty20 match in Trinidad (June 4) and five ODIs on June 6 (Trinidad), June 8 (Trinidad), June 11 (Antigua), June 13 (Antigua) and June 16 (Jamaica).advertisementThe One-day series would be followed by a three-match Test series in Jamaica (June 20-24), Barbados (June 28-July 2) and Dominica (July 6-10).RAIN MARS PRACTICERain in the last few days hampered the West Indies in their practice session at the Queen’s Park Oval, the venue of the first three limited overs matches against India starting on Saturday, and they had to sweat it out at the indoor facilities.As West Indies trooped in Queen’s Park Oval for an intense training session, they were disappointed to know that rains of last few days had left the practice pitches unfit to use.The squad was left with no option but to train at Bryan Davis indoor nets but batting coach Desmond Haynes wasn’t ready to come to terms with the situation at the venue which will host a Twenty20 International and the first two ODIs of the series.Haynes sought out 22-year-old Darren Bravo, who is seen as next Brian Lara in this part of the world but had not done well against off-spinners in his career, for a batting tutorial on the least damaged pitch with a little mat rolled over the surface.- With PTI inputslast_img read more

Read More →