Fannie Mae and JPMorgan Chase announced this week they are partnering in a new risk-sharing vehicle that features recourse provided to the government-sponsored enterprise on nearly $1 billion of new Chase originations. Separately, Freddie Mac has priced two more Structured Agency Credit Risk Transactions. JPMorgan Madison Avenue Securities Trust 2014-1 will simulate the behavior of a $989 million pool of JPMorgan-originated mortgages delivered into Fannie-guaranteed MBS. While similar to Fannie’s Connecticut Avenue Securities program, there are...