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Press Release

Fannie Mae Announces 2020 Connecticut Avenue Securities Issuance Calendar

November 19, 2019

Matthew Classick

WASHINGTON, DC – Fannie Mae (FNMA/OTCQB) announced today its 2020 Connecticut Avenue Securities® (CAS) Issuance Calendar as part of continued 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 publication of our issuance calendar has become a key part of the program, providing investors with transparency and allowing them to plan for the year," said Laurel Davis, Vice President for Credit Risk Transfer, Fannie Mae. "In 2020, we expect to continue our ongoing benchmark CAS REMIC issuance program to transfer credit risk on newly acquired loans. Given the growth in acquisitions volume we have experienced in recent months as a result of strong originations in the primary mortgage market, we expect a moderate increase in our on-the-run CAS issuance in 2020. Subject to market conditions, we look forward to bringing seven to eight deals to market, for a total of approximately $7-9 billion in CAS REMIC notes."

Credit risk transfer and other credit enhancements have reduced Fannie Mae's capital requirement for credit risk on recently purchased eligible loans by more than 80% for single-family loans through the third quarter of 2019, as measured under FHFA's proposed capital rule. As part of our ongoing capital management efforts, we expect to begin transferring credit risk on certain populations of seasoned loans, beginning with our CAS 2019-HRP1 transaction, which covers loans acquired under our Refi Plus program from 2009 through 2012 and is expected to price next week. Subject to market conditions and other factors, we anticipate bringing three to five seasoned loan deals of varying sizes and loan types to market in 2020.

Month Issuance Window Benchmark CAS REMIC Seasoned Loan Deal
January/February Mid-January to early February ✔*  
March/April Early March to early April
May/June Early May to late June ✔*
July/August Mid-July to early August
September/October Early September to mid-October ✔*
November/December Mid-November to early December

*Issuance windows in which Fannie Mae may issue up to two on-the-run CAS deals, subject to market conditions.

Since 2013, Fannie Mae has transferred a portion of the credit risk on single-family mortgages with an unpaid principal balance close to $1.9 trillion through its credit risk transfer 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 individual CAS transactions, visit our credit risk transfer website.

Statements in this release regarding the company's future CAS transactions are forward-looking. Actual results may be materially different as a result of market conditions or other factors listed in "Risk Factors" or "Forward-Looking Statements" in the company's annual report on Form 10-K for the year ended December 31, 2018. This release does not constitute an offer or sale of any security. Before investing in any Fannie Mae issued security, potential investors should review the disclosure for such security and consult their own investment advisors.

Fannie Mae helps make the 30-year fixed-rate mortgage and affordable rental housing possible for millions of Americans. We partner with lenders to create housing opportunities for families across the country. We are driving positive changes in housing finance to make the home buying process easier, while reducing costs and risk. To learn more, visit and follow us on