The Federal Housing Finance Agency has released a report that found mortgages with "higher-risk characteristics" were less common in the portfolios guaranteed or bought by Fannie Mae and Freddie Mac than those packaged in private-label securities. "In almost every bucket of risk, the enterprise loan performed better than the private-label securitized loans," said Robert Collender, principal policy analyst for the FHFA. "That might speak to a difference of quality control in the private-label market."

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