Connecticut Avenue Securities Investor Presentation
REMIC Functionality in Data Dynamics
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Welcome to Fannie Mae's CAS REMIC™ MREIT investor reports, aimed to support our mortgage REIT investors in better understanding their investments in our Connecticut
Avenue Securities (CAS) program.
The CAS REMIC was designed in part to enable further mREIT participation in the program, providing favorable treatment under the REIT income and asset tests for tax
purposes. These reports support mREIT investors in monitoring the recognition of REIT income for tax purposes ("Good REIT Income").
In addition to these reports, Fannie Mae has added new exchangeable notes to its CAS REMIC offerings that may be used to convert certain classes into interest components
that distinguish income that counts favorably for purposes of the REIT income test from other income. Refer to the specific CAS offering documents for more detail here.
These tools are applicable to CAS deals issued beginning with CAS 2018 R07 and forward, or the "R" series. Previous CAS deals were issued as debt of Fannie Mae, and are
identified by a different offering series with a "C" designation, or the "C" series (e.g., CAS 2018 C06).
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Net Guarantee Fee Reporting and Analysis
This tool provides additional reporting to help REIT investors analyze the net guarantee fee income available to CAS REMIC trusts.
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