Fannie Mae has priced its fifth Connecticut Avenue Series (CAS) credit-risk transfer deal of 2022, a $952 million note offering backed by a reference pool of single-family mortgages valued at $38.5 billion.
The offering is slated to close May 11, according to a presale review by the Kroll Bond Rating Agency (KBRA). A credit-risk transfer deal involves transferring a portion of the reference loan-pool risk to private investors through the CAS real estate mortgage investment conduit, or REMIC.
This latest transaction, CAS 2022-R05, involves a reference pool of 127,166 single-family mortgage loans. The states with the largest concentrations of mortgages in the loan pool for the details ⇒
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