Fannie Mae Announces 2024 Connecticut Avenue Securities (CAS) Issuance Calendar

WASHINGTON, DC – Fannie Mae (FNMA/OTCQB) announced today its 2024 Connecticut Avenue Securities® (CAS) Issuance Calendar as part of its efforts to ensure transparency in the market. Fannie Mae has the option to issue, or forgo issuance of, one or more CAS deals during each window. The company does not plan to issue additional credit risk transfer (CRT) transactions in 2023.

"Fannie Mae will be dynamic in its strategic approach to CRT issuance in 2024. We currently expect total CAS volume of around $4 billion across 5-7 transactions, reflecting reduced single-family mortgage loan acquisitions in 2023," said Kathleen Pagliaro, Vice President of Credit Risk Transfer, Fannie Mae. "We expect to return to market in mid-to-late January, with CAS 2024-R01, a low-LTV transaction. Volumes and decisions to utilize or forgo available windows continue to be dependent on market conditions and other factors."

Since 2013, Fannie Mae has transferred a portion of the credit risk on single-family mortgages with an unpaid principal balance of approximately $3.3 trillion through its CRT efforts, including CAS, Credit Insurance Risk Transfer™ (CIRT™), and other forms of risk transfer.

About Connecticut Avenue Securities:
CAS REMIC notes are issued by a bankruptcy-remote trust. The amount of periodic principal and ultimate principal paid by Fannie Mae is determined by the performance of a large and diverse reference pool. For more information on our approach to credit risk management, individual CAS transactions, and EU and UK investor resources, visit our website.