The Urban Institute is warning against Fannie Mae and Freddie Mac putting all of their eggs into one credit-risk transfer basket. The CRT programs at the two government-sponsored enterprises have relied heavily on structured debt notes sold to capital market investors – Freddie’s Structured Agency Credit Risk and Fannie’s Connecticut Avenue Securities – as well as reinsurance. Although the influx of private capital is a good thing, Karan Kaul, research associate with UI, said...