Fannie Mae has transferred the credit risk on a $12 billion pool of mortgage to reinsurers. The two deals, Credit Insurance Risk Transfer 2015-4 and Credit Insurance Risk Transfer 2015-5, are the first in this program to provide reinsurance on a pool of only 30-year fixed-rate loans with loan-to-values ratios of over 80%. The loans were acquired by Fannie Mae from September through December of 2013 and April through December 2014. Participants in the two deals include a multi-line insurer and multiple reinsurers. Both deals became effective Oct. 1. In CIRT-2015-4, Fannie Mae retains risk for the first 50 basis points of loss on a $7.4 billion pool of loans. If this $37 million retention layer were exhausted, reinsurers would cover the next 250 basis points of loss on the pool, up to a maximum coverage of approximately $185 million. In CIRT-2015-5, Fannie Mae retains risk for the first 50 basis points of loss on a $4.9 billion pool of loans.