Fannie Mae Prices $577 Million Multifamily DUS REMIC Under Its GeMS™ Program

Oct 14, 2011, 15:34 ET from Fannie Mae

WASHINGTON, Oct. 14, 2011 /PRNewswire/ -- Fannie Mae (OTC Bulletin Board: FNMA) priced its sixth Multifamily DUS REMIC in 2011 totaling $577 million under its Fannie Mae Guaranteed Multifamily Structured (Fannie Mae GeMS) program on October 13, 2011.  

"The Agency CMBS market has been resilient through a tough period of global economic uncertainty and heightened market volatility.  Fannie Mae has issued four GeMS deals since July, and they have all been very well received.  This 7-year transaction took advantage of demand in the belly of the curve, and the execution was even better than expected," said Kimberly Johnson, Vice President Multifamily Capital Markets.

All classes of FNA 2011-M7, are guaranteed by Fannie Mae with respect to the full and timely payment of interest and principal.  Yield maintenance prepayment premiums apply to all underlying loans.  The structure details for the multi-tranche offering are included in the table below.

.

Class

CUSIP

Original Face

Weighted

Average Life

Coupon

Coupon Type

Pricing

Spread

Offered

Price

A1

3136A1F67

$90,000,000

4.95

2.049%

Fixed Rate

+55

100.5

A2

3136A1F75

$418,140,000

6.60

2.578%

Fixed Rate

+70

100.5

AB

3136A1F83

$69,281,000

6.31

2.508%

Fixed Rate

+82

99.75

X

3136A1F91

$577,421,000

6.31

1.331%

Interest Only

Not offered

Not offered

Total

$577,421,000

Collateral:

104 Fannie Mae DUS MBS

Geographic Distribution:

CA (25.60%), VA (8.94%), CO (7.65%)

Weighted Average

Debt Service Coverage Ratio (DSCR):

1.50x

Weighted Average

Loan-to-Value (LTV):

65.65%

Settlement Date:

10/28/2011

Lead Manager:

Credit Suisse

Co-Manager:

Citigroup

For additional information, please refer to the Fannie Mae GeMS REMIC Term Sheet (FNA 2011-M7) available on Fannie Mae's Basics of Multifamily MBS site at www.fanniemae.com.

Certain statements in this release may be considered forward-looking statements within the meaning of federal securities laws. In addition, not all securities will have the characteristics discussed in this release. Before investing in any Fannie Mae issued security, you should read the prospectus and prospectus supplement pursuant to which such security is offered. You should also read our most current Annual Report on Form 10-K and our reports on Form 10-Q and Form 8-K filed with the U.S. Securities and Exchange Commission ("SEC") available on the Investors page of our Web site at www.fanniemae.com and on the SEC's Web site at www.sec.gov.

Fannie Mae exists to expand affordable housing and bring global capital to local communities in order to serve the U.S. housing market. Fannie Mae has a federal charter and operates in America's secondary mortgage market to enhance the liquidity of the mortgage market by providing funds to mortgage bankers and other lenders so that they may lend to home buyers. Our job is to help those who house America.

SOURCE Fannie Mae



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