X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

Clockwise, from top left: EVP Jeffery R. Hayward, heads up of Fannie Mae Multifamily, leading a team that includes Michele M. Evans, SVP and Chief Operating Officer; Rob Levin, SVP and Head, Customer Engagement; and Manuel Menendez, Jr. , SVP and Multifamily Chief Credit Officer.


Earlier this year Fannie Mae completed a transaction in which seven reinsurers and insurers took on about $166 million of multifamily credit risk on a pool of debt that totaled around $11.1 billion. The transaction, a credit insurance risk transfer, was the first time Fannie Mae widely marketed these assets to reinsurers and was pleasantly surprised to find the deal oversubscribed.

It shouldn’t have been. For years Fannie Mae, as well as its counterpart Freddie Mac, have been expanding and tweaking their investment product lines to make them more attractive to a broader array of investors. Fannie Mae, in particular, has gotten quite good at that, introducing a number of innovations that have appealed to investors outside of Fannie Mae’s usual audience in 2018 alone. For instance, it made a change to its benchmark Connecticut Avenue Securities structure so they would better suit mortgage REITs’ portfolios. Briefly, Fannie Mae is now structuring CAS offerings as notes issued by trusts that qualify as Real Estate Mortgage Investment Conduits.

Sule Aygoren

Aygoren oversees the editorial direction and content for ALM’s Real Estate Media Group, including Real Estate Forum and GlobeSt.com. In her tenure with ALM, she’s held roles of increasing responsibility, including Managing Editor. Aygoren has received several awards for her coverage including Best Trade Magazine Report from the National Association of Real Estate Editors and the James D. Carper Award for Young Journalists. Under her direction, Forum has received four national NAREE awards for Best Commercial Real Estate Trade Magazine.

More from this author

GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now

Copyright © 2018 ALM Media Properties, LLC. All Rights Reserved.