The recent investor reception to Fannie Mae and Freddie Mac's risk-sharing securities addresses an initial, key concern about them last year—whether they would draw enough buyers.

More than 65 investors participated in a Freddie Mac transaction in February. The oversubscribed offering of credit protection on a $31 billion reference pool of mortgages was the third Structured Agency Credit Risk transaction the government-sponsored enterprise has offered since their inception last year. Similar Fannie Mae deals, known as Connecticut Avenue Securities transactions, also have done well, analysts say. Fannie has issued two of these, one last year and one this year.

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