The GSEs proposed changes to their credit-risk transfer programs last week making them more conducive for real estate investment trusts to participate. Analysts say the changes will help create REIT demand for CRTs. REITs have long argued that regulatory rules have kept them out of the CRT market. Currently the structure of the GSEs’ popular CRT programs don’t meet the income test for REITs since they are structured as agency debt securities The proposed enhancements to Fannie’s Connecticut Avenue Securities program and Freddie’s Structured Agency Credit Risk would let their future CAS and STACR offerings qualify as real estate mortgage investment conduits.