Multifamily Connecticut Avenue Securities (MCAS™) is an additional credit risk transfer vehicle that further supports our focus on capital management.
of unpaid principal balance was covered through MCAS transactions, measured at the time of the transaction as of Q1 2020.
In 2019, Multifamily introduced its second back-end credit risk transfer vehicle, MCAS, which complements the MCIRT and the DUS loss-sharing program.
MCAS allows us to reach a broader and more diverse investor base, which creates a more liquid and stable market for multifamily credit risk.
Building out our back-end credit risk transfer capabilities gives Multifamily the tools to manage capital requirements effectively, enabling a resilient business that provides a strong return on capital.
Illustrative MCAS deal structure
Elements of a typical MCAS deal*
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