Case Studies Case Studies Fannie Mae: Expanding Securities Offerings When Fannie Mae undertook to offer REMIC-eligible credit risk transfer securities, it turned to an international and interdisciplinary team of Katten professionals to accomplish that goal. In 2017, Fannie Mae announced a plan that would permit real estate investment trusts (REITs) to purchase its Connecticut Avenue Securities (CAS®). The CAS program is Fannie Mae's benchmark issuance program for sharing credit risk on its single-family conventional mortgage loan guaranty book of business. Until recently, CAS issuances were structured in a way that did not provide for the real estate mortgage investment conduit (REMIC) elections commonly used to pool mortgage loans and issue mortgage-backed securities. Without such

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