Each of Fannie Mae’s Structured Transactions is created as a trust and is governed by a trust agreement. Trust agreements are the documents pursuant to which the Fannie Mae certificates are issued. The assets backing the certificates are held in the trust. Trust agreements outline the rights and responsibilities of Fannie Mae and of the mortgage certificateholders in relation to the trust. These agreements define the terms of each deal and describe how the deal will be executed and the deal’s parameters or limitations.
For certain REMICs and Structured Transactions, each trust is governed by a separate trust agreement relating solely to the particular transaction. For the remaining REMICs and Structured Transactions, each trust is governed by a master trust agreement together with a separate issue supplement relating solely to the particular transaction.