Fannie Mae is marketing its second offering of the year of Connecticut Avenue Securities (CAS) transferring the risk on mortgages that it insures.

CAS are general obligations of Fannie Mae, but the performance of the notes is linked to credit performance of a pool of reference loans. The Series 2016-C02 is also Fannie Mae’s the third transaction offering exposure to actual losses on a pool of mortgages, as opposed to estimated losses, according to Moody’s Investors Service, which is rating the deal.

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