Fannie Mae this week priced its second capital markets risk-sharing transaction, offering a total of $750 million in tranches for sale based off a reference pool of $29.31 billion in agency mortgages. The deal uses the same synthetic structure seen on previous risk-sharing transactions from the government-sponsored enterprises. Edward DeMarco, the former acting director of the Federal Housing Finance Agency, had been pushing the GSEs to issue risk-sharing deals using a senior-subordinate structure that would not be eligible for the to-be announced market. With Mel Watt now the director of the FHFA, non-TBA risk-sharing transactions from the GSEs could be even less likely. Laurel Davis, vice president for credit risk transfer at Fannie, said...