Fannie Mae Prices $584 million Multifamily DUS REMIC under its GeMS Program

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News Release

May 18, 2011

Fannie Mae Prices $584 million Multifamily DUS REMIC under its GeMS Program

Katherine Constantinou

202-752-5403

WASHINGTON, D.C. — Fannie Mae (FNMA/OTC) priced its first Multifamily DUS REMIC in 2011 totaling $584 million under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMS™) program on Tuesday, May 17, 2011. Structure details for the multi-tranche offering are included in the table below.

ClassCUSIPOriginal FaceWeighted Average LifeCouponCoupon TypeSpreadPrice
A1 31397UPD5 $30,225,000 4.09 1.981% Fixed Rate S+45 99.5
A2 31397UPE5 59,800,000 8.76 3.607% Fixed Rate S+67 99.5
A3 31397UPF0 353,842,465 9.84 3.763% Fixed Rate S+65 99.5
FA 31397UPG8 140,122,610 9.31 1mo L+45, 7% Cap Floating Rate L+45 100
SA 31397UPH6 140,122,610 9.31 6.353% Inverse Interest Only Not offered Not offered
X 31397UPJ2 583,990,075 9.31 0.272% Interest Only Not offered Not offered
Total   $583,990,075          


Collateral: 109 DUS Pools

Geographic Distribution: NY (22.9%), CA (18.7%), TX (10.7%)

Debt Service Coverage Ratio (DSCR): 1.79x

Loan-to-Value (LTV): 62%

Settlement Date: 5/27/2011

Lead Manager: Credit Suisse

Co-Managers: Amherst Securities Group, L.P. and Deutsche Bank Securities

For additional information, please refer to the Fannie Mae GeMS REMIC Term Sheet (FNA 2011-M1) 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.