Green Bonds
Our green efforts support the Single-Family and Multifamily housing markets by financing homes and rental communities that meet energy- and water-saving standards.
Multifamily Green MBS
Offered through our Multifamily Delegated Underwriting and Servicing (DUS®) business, each DUS MBS is generally secured by a single Green mortgage loan collateralized by one property and features guaranty of timely payments, stable cash flows, and liquidity. Our Multifamily Green Bond Framework received a Light Green Second Opinion from S&P Global Shades of Green.
Since issuing our first Multifamily Green Bond in 2012, Fannie Mae has infused over $138 billion into the global green bonds market through over 5,300 individual bonds (through June 30, 2025). We also established many of the standards and processes adopted industrywide.
HIGHLIGHTS
- Guaranty of timely payment of principal and interest.
- Stable cash flows that are easy to model.
- Lower spread volatility relative to other products with similar collateral.
- Superior call and extension protection.
S&P Global Multifamily Green Bond Second Opinion
Multifamily Green Bond Framework
Green GeMS
Green Guaranteed Multifamily Structures (GeMS™) are backed by blocks of previously issued Green DUS MBS and offer collateral diversity, tight maturity profiles, and guaranty of timely payments of principal and interest.
HIGHLIGHTS
- Composed of numerous DUS MBS and maintain the characteristics of DUS MBS.
- More diversified than a single Green MBS, featuring geographic and borrower diversity.
- Customizable cash flows based on duration, average life, coupon, convexity profile, yield, and price.
- Backed by collateral selection with consistent credit quality and tight maturity profiles.
Single-Family Green MBS
Single-Family Green MBS include either purchase money or refinance mortgage loans backed primarily by newly constructed single-family residential homes receiving approved green building certifications within the last five years. Our Single-Family Green Bond Framework received a Light Green Second Opinion from S&P Global Shades of Green.
Since the launch on April 22 and through June 30, 2025, Fannie Mae has issued over $6.6 billion of Single-Family Green MBS.
HIGHLIGHTS
- Guaranty of timely payment of principal and interest.
- Bolstered by independent third-party verification that underlying properties received eligible certifications.
Case study — Pax Futura
Pax Futura is Seattle, Washington’s first certified Passive House apartment project — and a real-world demonstration that ultra-high-performance green building can be done at scale. The project is the first Fannie Mae green mortgage loan secured by a property with a green building certification in our Towards Zero Group.

This communication is for informational purposes only. It does not constitute an offer to sell securities. In particular, it does not constitute an offer to the general public in the European Union. Before considering an investment in any Fannie Mae security, prospective investors should obtain and ensure they have read and understood the offering documents and any related disclosure information related to such securities.