Fannie Mae Provides Insight into Hurricane Idalia

September 27, 2023

Fannie Mae is committed to ensuring assistance is available to homeowners in need and we have reminded homeowners, renters, and mortgage servicers of disaster relief options for those affected by recent hurricanes. In response to the recent events surrounding Hurricane Idalia, we are providing transparency to the market community to assist in analysis of our Connecticut Avenue Securities® (CAS) and Credit Insurance Risk Transfer™ (CIRT™) programs.

This table provides the following information:

  • Active unpaid principal balance (UPB) percentage located in Federal Emergency Management Agency (FEMA) counties designated for Hurricane Idalia Individual Assistance (IA) for our outstanding CAS and CIRT transactions and the forthcoming CAS 2023-R07 transaction. The list of FEMA IA counties is as of September 11, 2023.
  • Percentage of FEMA counties UPB designated for Hurricane Idalia IA located in Special Flood Hazard Area (SFHA)s.
  • Deal-level estimates of the percentage of UPB where Fannie Mae has determined that the underlying properties have potentially been damaged by Hurricane Idalia*.
  • Percentage of UPB with potential damage from Hurricane Idalia located in SFHAs.

Additionally based on initial analysis, Fannie Mae currently anticipates the damage resulting from Hurricane Idalia will have minimal impact to the overall Multifamily Credit Risk Transfer (MCRT) book of business, including Multifamily Connecticut Avenue Securities® (MCAS) and Multifamily Credit Insurance Risk Transfer™ (MCIRT™) transactions; however, as is our standard process, we will continue to monitor the impact as further information about potentially affected properties is known.

For questions, please contact the Fannie Mae Investor Help Line at 1-800-232-6643, Option 3 or by e-mail.

*This analysis provides the estimated percentage of unpaid principal balance (UPB) of the underlying properties located in areas that Fannie Mae has determined may have experienced hurricane-force winds, storm surge, or rain-driven flood due to due to Hurricane Idalia. The figures were derived based principally on information about geographic areas affected by the storm. The figures do not purport to include all properties that were impacted by the storm and may include properties that were not impacted. In addition, flooding and other storm related hazards continue to cause damage to properties in surrounding areas, so properties that are not currently impacted may be impacted in the future. In addition, it is not certain that all loans associated with properties impacted by the storm will experience losses. These figures have been updated as of September 25, 2023.