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Nine years ago, we recognized the need in the U.S. for more affordable, environmentally sustainable and resilient housing, and committed to a bold approach to help address. We launched our Multifamily Green Financing Business with a mission to target positive, measurable impacts to financial, social and environmental outcomes – also known as the "Triple Bottom Line." To realize this mission, we created smart, innovative financing solutions that incorporated energy and water efficiency and energy-generation concepts into traditional mortgage lending and launched new capital market executions. Our Green Bond issuances support the retrofitting of U.S. rental housing stock to become more energy- and water-efficient, resulting in more affordable homes for families and individuals and more cost-effective properties for owners to operate.
Today, we measure success by the positive impact in our communities – financial, social, and environmental benefits to property owners, renters, lenders, and investors. Our first Green Bond Impact Report provides metrics on this impact. You'll read about how retrofitting existing properties and building new green building certified properties helps create new jobs, cuts utility costs for property owners, families and individuals, and reduces energy and water use and greenhouse gas emissions.
Most Fannie Mae Multifamily MBS are secured by a single multifamily loan collateralized by a single multifamily property. In addition to producing single-asset backed MBS, our Fannie Mae DUS business provides the opportunity for re-securitization of our MBS into structured products, like Megas (pass-through structure) or Real Estate Mortgage Investment Conduits (REMICs), which are backed by multiple MBS. The REMICs and Megas created from MBS owned by Fannie Mae's Multifamily Capital Markets Desk are called Guaranteed Multifamily Structures (GeMS).
As a result of the detailed requirements of our lending platform and our commitment to transparency, Fannie Mae is able to estimate the projected environmental impact of each Green MBS and Green REMIC CUSIP.