Fannie Mae Prices $719 Million Multifamily DUS REMIC Under Its GeMS Program

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News Release

November 09, 2011

Fannie Mae Prices $719 Million Multifamily DUS REMIC Under Its GeMS Program

Katherine Constantinou

202-752-5403

WASHINGTON, D.C. – Fannie Mae (FNMA/OTC) priced its seventh Multifamily DUS REMIC in 2011 totaling $719 million under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMS™) program on November 8, 2011.  

"The deal cleared quickly and priced well. Demand for securities with high credit quality and low spread volatility remains strong. We continue to see new participants investing in Agency CMBS," said Kimberly Johnson, Vice President of Multifamily Capital Markets.

All classes of FNA 2011-M8, 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

Spread

 Offered

Price

A1

3136A1W76

$75,001,834

5.40

1.977

Fixed Rate

+53

100.50

A2

3136A16X8

$397,772,166

9.70

2.922

Fixed Rate

+72

100.50

AB

3136A16Y6

$64,469,874

9.02

2.905

Fixed Rate

+88

99.75

 

FA

 

3136A16Z3

$181,799,413

9.02

1mo

L+70

7.0% Cap

Floating Rate

+70

100.00

 

SA

 

3136A17A7

$181,799,413

8.59

n/a

Inverse Interest Only

Not

offered

Not

offered

X

3136A17B5

$719,043,287

8.60

n/a

Interest Only

Not offered

Not offered

Total

 

$719,043,287

 

 

 

 

 

 

Collateral:                                                            105 Fannie Mae DUS MBS

Geographic Distribution:                                 TX (21%), VA (19%), NY (17%)

Weighted Average
Debt Service Coverage Ratio (DSCR):          1.75x

Weighted Average
Loan-to-Value (LTV):                                        63.4%

Settlement Date:                                               11/30/2011

Lead Manager:               Morgan Stanley  

Co-Managers:              Amherst Securities and Citigroup

For additional information, please refer to the Fannie Mae GeMS REMIC Term Sheet (FNA 2011-M8) 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 Investor Relations 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.