Multifamily Connecticut Avenue Securities

Multifamily Connecticut Avenue Securities (MCAS™) is an additional credit risk transfer vehicle that further supports our focus on capital management.

In 2019, Multifamily introduced its second back-end credit risk transfer vehicle, MCAS, which complements the MCIRT and the DUS loss-sharing program.

MCAS allows us to reach a broader and more diverse investor base, which creates a more liquid and stable market for multifamily credit risk.

Building out our back-end credit risk transfer capabilities gives Multifamily the tools to manage capital requirements effectively, enabling a resilient business that provides a strong return on capital.

$53B of unpaid principal balance was covered through MCAS transactions, measured at the time of the transactions, as of Q1 2024.

Illustrative MCAS deal structure

mcas deal structure

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MCAS typical deal elements

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Are you an institutional investor who wants to learn more about our CAS program? Contact us here.