On July 26, the Federal Housing Finance Agency (FHFA) released its Credit Risk Transfer Progress Report, presenting a comprehensive overview of the status and volume of credit risk transfer transactions to the private sector by Fannie Mae and Freddie Mac (the Enterprises) through the first quarter of 2017 in the single-family market. As outlined in the progress report, since the beginning of the Enterprises’ Single-Family Credit Risk Transfer Programs in 2013 through March 2017, the Enterprises have transferred more than $54.2 billion in credit risk to private investors, amounting to about 3.4 percent of $1.6 trillion in unpaid principal balance. In Q1 the Enterprises transferred about $5.5 billion worth of credit risk. Transfers occurred through “debt issuances, insurance/reinsurance transactions, senior-subordinate securitizations, and a variety of lender collateralized recourse transactions.” Additionally, the report examines the role of primary mortgage insurance in credit risk transfer transactions and the Enterprises’ debt issuances.