With FHFA’s blessing, Freddie Mac yesterday announced a very tentative foray into front-end risk shares with private MIs.  Most of the most interesting details about the deal structure are to be found in a Bloomberg story rather than the official releases.  Piecing these together with some insight from those in this mix, we conclude that Freddie is willing to do business with any MI willing to bid so low to get so little as to make a front-end risk share worth Freddie’s while.

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