Resources for EU Investors

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Resources for EU Institutional Investors

This information is intended to provide institutional investors located in the European Union (“EU Institutional Investors”) with resources to support their compliance with the EU Securitization Regulation (Regulation (EU) 2017/2402, effective January 1, 2019). Specifically, it describes how EU Institutional Investors or those managing funds subject to EU regulations can map the information disclosed for Fannie Mae’s Connecticut Avenue Securities® (CAS) deals issued since January 1, 2019 to certain investor due diligence requirements. Additionally, although Fannie Mae is not directly subject to the Securitization Regulation, this page also provides information regarding the obligations imposed on “originators”.

IMPORTANT NOTE

EU Institutional Investors should note that Fannie Mae makes no representation and provides no assurance about the suitability or completeness of the published information in relation to any investor due diligence requirements or the application of any specific provisions of the Securitization Regulation to a non-EU securitization. EU Institutional Investors must independently verify and assess the published information with respect to the suitability or completeness required for purposes of such investors’ compliance with any applicable due diligence framework or other regulation. EU Institutional Investors should consult with their own legal, accounting, and other advisors regarding the sufficiency of this information for their purposes.

Article 5 – Due Diligence Requirements

 Article 5.1 – Verifications
 Article 5.3 – Due Diligence Assessment
 Article 5.4 – Monitoring and Stress Testing

Article 6 – Risk Retention Requirements

 Article 6.1 – Retention of material net economic interest
 Article 6.2 – No adverse selection of securitized loans

Article 7 – Transparency Requirements

 Article 7.1 – Information Made Available to Holders and Potential Investors

Article 8 – Ban on Re-securitizations

 Article 8.1 – Underlying exposures in securitization shall not include securitization positions

Article 9 – Criteria for credit-granting

 Article 9.1 – Credit granting based on sound and well-defined criteria and clearly established processes, with effective systems to apply criteria and processes
 Article 9.2 – Verification of information for underwriting residential loans
 Article 9.3 – Ensuring compliance with Article 9.1 when purchasing exposures from third-party

PLEASE NOTE: References to third-parties, including rating agencies and vendors, are provided for information only; Fannie Mae does not specifically endorse any third-parties or their products/services. Fannie Mae is not responsible for the content or accuracy of external third-party websites.