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Fannie Mae Sets Effective Date of May 1, 2018 for Its Amended & Restated 2016 Single-Family MBS Master Trust Agreement and Updated Single-Family MBS Prospectus

Changes Support Connecticut Avenue Securities REMIC Structure

In May 2017, Fannie Mae proposed changes to its Connecticut Avenue Securities(CAS) structure to enable the company to issue future CAS deals as notes that qualify as interests in a Real Estate Mortgage Investment Conduit (REMIC). In order to effectuate this change to the CAS structure, certain targeted changes needed to be made to our Single-Family MBS Trust Agreement. Accordingly, we socialized the changes to the CAS structure and our proposed trust agreement revisions. In response, we received positive market feedback. In April 2018, SIFMA's TBA Guideline Steering Committee confirmed via a vote that it has not identified any issues that would impair the TBA eligibility of MBS under this new structure.

As a result, Fannie Mae is releasing an updated Single-Family MBS Prospectus, effective for fixed-rate and adjustable-rate mortgage single-family pools with issue dates on or after May 1, 2018. These pools are issued under our Amended and Restated 2016 Single-Family Master Trust Agreement.

For more details regarding the new CAS structure, please read our initial announcement from May 8, 2017. For more details regarding the targeted changes to the trust agreement, please refer to the updated documents (links above) and the associated memorandum from Katten Muchin Rosenman LLP.

Market participants may contact the Fannie Mae Investor Help Line at 1-800-232-6643 or by e-mail with questions.