Fannie Mae recently introduced the industry’s leading innovation in mortgage credit risk transfer, the CAS REMIC™ that furthers the ability to broaden the investor base. CAS deal structures from 2018-R07 forward are known as CAS REMICs, issued by a bankruptcy remote trust.
- CAS REMIC Notes satisfy all of the REIT income and asset tests for tax purposes
- Removal of tax withholding restrictions for non-U.S. investors in all tranches
- Helps insulate investors from potential future counterparty risk exposure to Fannie Mae
- Simplifies and aligns tax treatment of CAS with other mortgage related securities
This page consolidates all our published information related to the CAS REMIC proposal and structure for market participants.
In April 2018, SIFMA's TBA Guideline Steering Committee confirmed via a vote that it has not identified any issues that would impair the TBA eligibility of MBS under this new structure.
As a result, Fannie Mae released an updated Single-Family MBS Prospectus, effective for fixed-rate and adjustable-rate mortgage single-family pools with issue dates on or after May 1, 2018. These pools are issued under our Amended and Restated 2016 Single-Family Master Trust Agreement.