Fannie Mae Announces Pricing of CAS Series 2024-R05
WASHINGTON, DC – Fannie Mae (FNMA/OTCQB) has announced the pricing of its Connecticut Avenue Securities® (CAS) Series 2024-R05, a note offering valued at approximately $659 million. This marks Fannie Mae’s fifth CAS REMIC® transaction of the year. The CAS program is Fannie Mae’s primary issuance strategy for sharing credit risk on its single-family conventional guaranty book of business. So far this year, Fannie Mae has issued around $3.6 billion in notes through the CAS program.
The reference pool for the CAS Series 2024-R05 includes about 61,000 single-family mortgage loans with an unpaid principal balance of roughly $21.5 billion. These loans, acquired between July 2023 and December 2023, have loan-to-value ratios ranging from 80.01 percent to 97.00 percent. They are fixed-rate, fully amortizing mortgages, primarily with 30-year terms, underwritten with stringent credit standards and enhanced risk controls.
Fannie Mae will retain portions of the 2A-1, 2M-1, 2M-2, and 2B-1 tranches, as well as the full 2B-2H and 2B-3H first-loss tranches initially.
For more information, read the original press release from: https://www.fanniemae.com/newsroom/fannie-mae-news/connecticut-avenue-securities-2024-r05-deal