Fannie Mae Prices $1.01 Billion Multifamily DUS REMIC Under Its Fannie Mae GeMS Program

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News Release

November 13, 2012

Fannie Mae Prices $1.01 Billion Multifamily DUS REMIC Under Its Fannie Mae GeMS Program - Update

Katherine Constantinou

202-752-5403

Updated: The Coupon values have been updated in the table from Friday's preliminary values based on the final pricing of FNA 2012-M17.

WASHINGTON, D.C. – Fannie Mae (FNMA/OTC) priced its tenth Multifamily DUS REMIC in 2012 totaling $1.01 billion under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMSTM) program on November 9, 2012. 

“FNA 2012-M17 was well over-subscribed in the front end and pricing tightened a few basis points.  Given the rally in rates this week, the longer tranches were more moderately received and priced close to expectations.  We were pleased with the execution,” said Kimberly Johnson, Fannie Mae Vice President of Multifamily Capital Markets.                  

All classes of FNA 2012-M17 are guaranteed by Fannie Mae with respect to the full and timely payment of interest and principal.  The structure details for the multi-tranche offering are included in the table below: 

Class

Original Face

Weighted Average Life

Coupon (%)

Coupon Type

Spread

Offered

Price

ASQ1

$13,274,000

1.43

1.238

Fixed Rate

S+10

101.00

ASQ2

$385,774,467

2.80

0.953

Fixed Rate

S+13

101.00

X1

$399,048,467

2.27

4.114

WAC IO

Not Offered

Not Offered

A1

$107,250,000

5.72

1.364

Fixed Rate

S+25

101.00

A2

$431,779,988

9.82

2.184

Fixed Rate

S+43

101.00

AB1

$14,600,000

5.72

1.234

Fixed Rate

S+35

99.75

AB2

$58,800,000

9.82

2.222

Fixed Rate

S+61

99.75

X2

$612,429,988

8.59

0.504

WAC IO

Not Offered

Not Offered

Total

$1,011,478,455

 

 

 

 

 

Group 1 Collateral

UPB :                                                                $399,048,467

Collateral:                                                       41 Fannie Mae 10/9.5 DUS MBS

Geographic Distribution:                             TX (24.8%), CA (13.5%), VA (10.7%)

Weighted Average
Debt Service Coverage Ratio (DSCR):     1.69x

Weighted Average
Loan-to-Value (LTV):                                    66.57%

 

Group 2 Collateral

UPB :                                                                $612,429,988

Collateral:                                                       96 Fannie Mae 10/9.5 DUS MBS

Geographic Distribution:                             FL (18.9%), TX (13.8%), CA (12.9%)

Weighted Average
Debt Service Coverage Ratio (DSCR):     1.86x

Weighted Average
Loan-to-Value (LTV):                                    67.48%

 

Settlement Date:                                          November 30, 2012

Lead Manager:                                             Citigroup

Co-Managers:                                               Amherst Securities Group & Barclays Capital

For additional information, please refer to the Fannie Mae GeMS REMIC Term Sheet (FNA 2012-M17) 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.