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Former Fannie Mae Headquarters. Photo by Wikipedia.

WASHINGTON, DC–For years Fannie Mae and Freddie Mac have been expanding and tweaking their investment product lines to make them more attractive to a broader array of investors. Recently Fannie Mae made a change to its benchmark Connecticut Avenue Securities (CAS) structure so that REITs, mortgage REITs in particular, would find them appealing for their own portfolios.

Under a change that was first proposed last year Fannie Mae will be able to structure future CAS offerings as notes issued by trusts that qualify as Real Estate Mortgage Investment Conduits (REMICs). “In order to continue to promote the objective of creating a broad and liquid market for credit risk, we are exploring ways to expand the investor base, notably for REITs, which are a natural pool of capital for mortgage risk,” Fannie Mae wrote in its FAQ about the new structure.

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Erika Morphy

Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.

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