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""National Mortgage Insurance Corporation"":http://www.nationalmi.com/ (National MI) announced Wednesday it will insure about $5 billion in residential mortgages in its first risk transfer transaction with ""Fannie Mae"":http://www.fanniemae.com/portal/index.html.
National MI received the offer through a formal bid process to private mortgage insurers. According to a company release, Fannie Mae's decision was based on the mortgage insurer's favorable terms and conditions, and beneficial risk share attributes.
Emeryville, California-based National MI is a newer company that was approved by the GSEs as a qualified mortgage insurer in January of this year and began writing business in April.
