CRT-Eligible Profile Summary

Insurance Policy Structural Overview Illustration (CIRT 2023-9) 4.00% detachment Loan Pool $11.52 billion loans, 80-97 LTV Acquired Oct-Dec 2022 Catastrophic losses (retained by Fannie Mae) Key Features: ■ ■ ☐ Simple loss structure Structured with retention layer and an aggregate limit of liability Fannie Mae retains first loss (retention) layer If retention layer is exhausted, reinsurers cover actual losses up to aggregate limit of liability ■ Actual loss is determined after property disposition 2.35% 1.65% attachment Aggregate limit of liability (transferred to reinsurers) $271 million First loss layer (retained by Fannie Mae) $190 million ■ Limit may step down on first anniversary and monthly thereafter depending on level of delinquencies and pool paydowns Partial collateralization of risk exposure, based upon external ratings of reinsurer Termination option at any time on/after a specified anniversary date (typically 60 months) with a fee paid to reinsurers "Clean up" call once covered balance <=10% initial covered balance without a termination fee 31 © 2024 Fannie Mae

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