Multifamily Connecticut Avenue Securities

Multifamily Connecticut Avenue Securities (MCAS) is an additional credit risk transfer vehicle that further supports our focus on capital management.

$17B

of unpaid principal balance was covered through MCAS as of Q4 2019.

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

Multifamily Connecticut Avenue Securities Deal Structure


Elements of a typical MCAS deal*

Elements of a typical MCAS deal


Learn More

Are you an institutional investor who wants to learn more about our CAS program? Contact us here