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Agency Commercial Mortgage-Backed Securities: Program Terms and Conditions

Effective September 4, 2020

Purchases

Effective March 23, 2020, the Federal Open Market Committee (FOMC) directed the Open Market Trading Desk (the Desk) at the Federal Reserve Bank of New York to purchase agency commercial mortgage-backed securities (agency CMBS) on behalf of the System Open Market Account (SOMA). The Desk will purchase in the open market agency CMBS secured primarily by multifamily home mortgages that are guaranteed fully as to principal and interest by Fannie Mae, Freddie Mac, and Ginnie Mae and that the Desk has determined are suitable for purchase.

Eligible Assets

The Desk will purchase agency CMBS that meet each of the following criteria at the time of purchase:

Issued by an eligible issuer
Fully guaranteed as to principal and interest by eligible issuer

Ineligible Assets

Re-securitization of real estate mortgage investment conduits (Re-REMICS)
Interest-only certificates
Principal-only certificates
Residual certificates

Eligible Issuers

Eligible issuers for purchases of agency CMBS are the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac) and the Government National Mortgage Association (Ginnie Mae).

Investment Manager

BlackRock Financial Management, Inc.

Custodian

JPMorgan Chase Bank, N.A.

Purchase Mechanism

Purchases will be conducted through a competitive process in which approved counterparties submit offers on specific securities for sale to the Desk via the Investment Manager. Offers will be evaluated for reasonable pricing and acceptance will be based on the most competitive offers.

Purchase Schedule

The schedule for, size, and composition of, purchases will be adjusted as appropriate to support smooth market functioning of agency CMBS markets.

Minimum Lot Size

The minimum lot size per CUSIP will be indicated in each operation announcement.

Program Terms and Conditions: March 26, 2020

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