Fannie Mae checked off another box on the Federal Housing Finance Agencies 2013 Conservatorship Scorecard by recently signing an agreement for credit risk coverage for over $5 billion of its single family mortgages. The agreement with National Mortgage Insurance Corporation (National MI) provides credit risk coverage for certain loans acquired by the company in the fourth quarter of 2012 with original loan to value (LTV) ratios between 70 and 80 percent. The terms of the policy, which became effective on September 1, will lower Fannie Mae's exposure on the loans to approximately 50 percent LTV subject to a deductible and aggregate loss limits and will further the score card goals of transferring at least $30 billion of its single-family mortgage risk to private sources of capital. Emeryville, California based NMI is a newcomer in the private mortgage insurance world.