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Press Release

Fannie Mae Priced $604 Million Multifamily DUS REMIC (FNA 2022-M13) Under Its GeMS Program

September 14, 2022

WASHINGTON, DC – Fannie Mae (FNMA/OTCQB) priced a $604 million Multifamily DUS® REMIC under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMS™) program on September 8, 2022. FNA 2022-M13 marks the seventh Fannie Mae GeMS issuance of 2022.

“The new issue market was crowded last week following the summer holidays, so we were pleased that investors were able to focus on the M13 deal with its discount, 10-year call-protected, fixed-rate collateral,” said Dan Dresser, Senior Vice President, Multifamily Capital Markets and Pricing, Fannie Mae. “The spreads on the DUS MBS, which serves as the collateral backing the GeMS transaction, remained strong relative to other asset classes during this volatile year, and investors appreciate the ability for the market to create larger, well-diversified pools of the DUS MBS through the GeMS resecuritization process.”

All classes of FNA 2022-M13 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 can be found in the table below:

Class Original Face Weighted Average Life Coupon (%) Coupon Type Spread Offered Price
A1 $50,000,000 6.03 2.593 WAC P+58 94.23
A2 $554,171,233 9.57 2.593 WAC P+93 89.20
Total $604,171,233          

*The spread on FNA 2022-M13 was priced using the SOFR swap curve

 

Group 1 Collateral

UPB $604,171,233
Collateral 65 Fannie Mae DUS MBS
Geographic Distribution TX (18.54%), CA (16.99%), FL (7.84%)
Weighted Average
Debt Service Coverage Ratio (DSCR)		 1.67x
Weighted Average
Loan-to-Value (LTV)		 61.8%

For additional information, please refer to the Fannie Mae GeMS REMIC Term Sheet (FNA 2022-M13) available on the Fannie Mae GeMS Archive page.

About Fannie Mae
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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.