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23 Journal in August 2020, and then a second one just recently. ere was more investor interest than we thought there was going to be, and we sold in these auctions a handful of the securities that we had issued previously. In both cases, we did see a slight pay up on the securities that was more than the intrinsic value of the underlying collateral. What would you attribute as the primary thing that really helped increase interest from both investors and from the builder lenders? is program garnered the interest of both builder lenders and investors. It was something new, particularly for investors. ey already understand mortgage-backed securities, and I think as the investor community is given more funds for environmental, social, and corporate governance (ESG) investments, this is a good place for them to start investing. Now, we have an outlet for a green bond that they can invest in and these investors can easily understand the positive environmental impact for the securities that they're investing in. From a builder's perspective, they have that same vision. ey understand the importance of energy-efficient homes from two aspects. One is the positive environmental impact that benefits our communities. Second is the cost savings to the borrower. With lower utility costs, homeowners have more disposable income to be able to buy other things they need. is program provides another avenue to get both of those messages out there, which I think has enticed builder lenders to want to participate. With Earth Day around the corner on April 22, 2021, what are your revised goals now that you have reached this significant milestone? We are very optimistic that this program is going to continue to grow. Fannie Mae's SVP and Chief Economist Douglas G. Duncan had mentioned that in 2020, despite the pandemic, total single-family starts were at their highest point since 2007. is is expected to continue over the next several months. Energy Star indicated that in 2019, they certified more than two million single-family home properties, as well as apartments. With those two figures in mind, we just think that it's the right opportunity for growth. In addition, we continue to want to continue to add new builders and lenders participate in the program. We're now looking at other certifications that are equivalent or better to Energy Star Version 3.0, so that will give us more volume. Lastly, and this is sometime in the future, we know retrofits will be a big market. We are looking at how we can incorporate that into this program. e one thing we want to be mindful of, and it's what our guiding principle was in the very beginning, is that we want to be steady and consistent in our program. We want people to have confidence in it and make it a lasting program. Any closing thoughts as Fannie Mae expands its environmental, social, and governance efforts? I just want to emphasize that this is just another step in Fannie Mae's goal for introducing initiatives that are positive environmentally and socially. We know our multifamily side has been in this space since 2010, issuing green bonds up to $85 billion, which is very impressive. And, they just issued a new social bond. It's just a continuation of these programs building on our Fannie Mae ESG efforts. "We have an outlet for a green bond … and these investors can easily understand the positive environmental impact." GET YOUR DAILY DOSE OF DEFAULT SERVICING NEWS Start your day with the most current and critical news on the mortgage default servicing industry from DSNews.com. Sign up for our e-mail newsletter and get the top stories delivered direct to your inbox every day. Register to receive your Daily Dose at DSNews.com GET YOUR DAILY DOSE OF DEFAULT SERVICING NEWS Start your day with the most current and critical news on the mortgage default servicing industry from DSNews.com. Sign up for our email newsletter and get the top stories delivered direct to your inbox every day. Register to receive your Daily Dose at DSNews.com THEFIVESTARINSTITUTE

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