Fannie Mae is in the market with its fourth offering of Connecticut Avenue risk sharing notes, according to a presale report published by Fitch Ratings.

The notes are general obligations of Fannie Mae but performance is subject to the credit risk on $78.2 billion of mortgages that the agency guarantees.  As loans become 180 day delinquent or other credit events occur, the outstanding principal balance of the debt notes will be reduced by a pre-defined, tiered loss severity percentage related to those credit events.

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