Connecticut Avenue Securities Investor Presentation

High LTV Refinance Eligibility Timeline The CAS program has been designed so that the impact of a borrower's ability to refinance an underwater loan is consistent across all CAS deals Loan time period Acquired on or before 5/31/2009 6/1/2009 through 9/30/2017 Note date on or after 10/1/2017 Borrower Options Do borrowers have the ability to refinance a loan where the LTV based on current property value exceeds standard Fannie Mae eligibility? Applicable refinance program name Borrower Options Yes HARP / Refi Plus CAS Treatment CAS Treatment How does the borrower's refinance option (or lack thereof) impact CAS Deals? N/A, no eligible loans are included in CAS deals Applicable CAS Deals Applicable CAS Reference Pool time period 49 © 2021 Fannie Mae. None No Yes None High LTV Refinance Option Loan remains in CAS deal because borrower does not have ability to refi CAS 2013-C01 through CAS 2018-C01 When borrower exercises high LTV refinance option, loan remains in CAS deal CAS 2018-C02- forward N/A 7/1/2012 through 9/30/2017 10/1/2017 - forward

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