Fannie Mae Prices First CAS REMIC…

Fannie Mae has priced Connecticut Avenue Securities (CAS) Series 2022-R01, an approximately $1.5 billion note offering that represents Fannie Mae’s first CAS REMIC transaction of the year.

CAS is Fannie Mae’s benchmark issuance program designed to share credit risk on its single-family conventional guaranty book of business.

The reference pool for CAS Series 2022-R01 consists of approximately 180,000 single-family mortgage loans with an outstanding unpaid principal balance of nearly $54 billion. The reference pool includes collateral with loan-to-value ratios of 60.01% to 80%, which were acquired in January through March 20211. The loans included in this transaction are fixed-rate, generally 30-year term, fully amortizing mortgages and were underwritten using rigorous credit standards and enhanced risk controls.

Fannie Mae will retain a portion of the 1M-1, 1M-2, 1B-1 and 1B-2 tranches, and will retain the full 1B-3H first-loss tranche.

BofA Securities Inc. is the lead structuring manager and joint bookrunner. Nomura Securities International Inc. is the co-lead manager and joint bookrunner. Co-managers are Barclays Capital Inc., Citigroup Global Markets Inc., Morgan Stanley & Co. LLC and StoneX Financial Inc.​ Selling group members are CastleOak Securities L.P. and Siebert Williams Shank & Co. LLC.

With the completion of this transaction, Fannie Mae will have brought 45 CAS deals to market, issued over $51 billion in notes, and transferred a portion of the credit risk to private investors on just under $1.7 trillion in single-family mortgage loans, measured at the time of the transaction.

Photo by Dillon Kydd on Unsplash

Source

Hippo Sighting Report

Help us out, we really appreciate it.

Help contribute to our research, and let us know if you have seen similar situations that we may have missed. Our team will review the details you provide and add to our main list once we verify the information.

stay informed

Subscribe and get the updated Hippo List.

Get notified when we release our updated lists by email.

Make a Donation

Thank you for subscribing!

We will send you an email to confirm your details.  Welcome aboard!

Thanks for sending us your report.

We will review your information, and publish in on our list once we validate the details.