Single-Family and Multifamily Connecticut Avenue Securities Update
Today Fannie Mae announced updates related to its Single-Family and Multifamily Connecticut Avenue Securities® (CAS) programs. Pursuant to Federal Housing Finance Agency (FHFA) guidance, Fannie Mae will cease issuing London Interbank Offered Rate (LIBOR)-indexed Single-Family and Multifamily CAS products by the end of the fourth quarter of 2020. We expect to begin issuing Single-Family Secured Overnight Financing Rate (SOFR)-based CAS products in the first quarter of 2021 and Multifamily SOFR-based CAS products no earlier than the first quarter of 2021, subject to market conditions. We will share additional details in the coming months.
Fannie Mae supports the Alternative Reference Rates Committee's (ARRC) recommendation to replace the LIBOR with a new index based on the SOFR and today's announcement continues our commitment to prepare our customers for a successful transition.
Visit Fannie Mae's new LIBOR Transition webpage, which serves as the centralized location for information, updates and resources to assist stakeholders in preparing for the transition from LIBOR to an alternative reference rate.
Contact us with any questions.
Fannie Mae LIBOR Transition webpage
Statement on Fannie Mae's New LIBOR Transition Resources
FHFA Press Release
Single-Family Connecticut Avenue Securities
Multifamily Connecticut Avenue Securities