July 18, 2011Fannie Mae Prices $501 million Multifamily DUS REMIC under its GeMS Program
WASHINGTON, D.C. — Fannie Mae (FNMA/OTC) priced its third Multifamily DUS REMIC in 2011 totaling $501 million under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMS™) program on Thursday, July 14, 2011.
The deal structure for this Multifamily DUS REMIC incorporates the built-in flexibility characteristics of combinable and recombinable (RCR) classes. All classes of this security, FNA 2011-M4, 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||Price|
|FE||3136A0FL6||16,927,167||5.37||1mo L+60, 6.5% Cap||Floating Rate||L+60||100.00|
|FN||3136A0FN2||96,902,122||9.83||1mo L+80, 6.5% Cap||Floating Rate||L+80||100.00|
|SE||3136A0FM4||16,927,167||5.36||5.714%||Inverse Interest Only||Not Offered||Not Offered|
|SN||3136A0FP7||96,902,122||9.33||5.514%||Inverse Interest Only||Not Offered||Not Offered|
|X||3136A0FQ5||501,432,276||8.73||0.266%||Interest Only||Not Offered||Not Offered|
Collateral: 84 Fannie Mae DUS MBS
Geographic Distribution: CA (19.09%), NV (14.99%), FL (12.33%)
Weighted Average Debt Service Coverage Ratio (DSCR): 1.69x
Weighted Average Loan-to-Value (LTV): 63.04%
Settlement Date: 7/29/2011
Lead Manager: Bank of America Merrill Lynch
Co-Managers: Amherst Securities Group LP, Morgan Stanley