Fannie Mae Prices $977 Million Multifamily DUS REMIC Under Its GeMS Program

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News Release

February 15, 2012

Fannie Mae Prices $977 Million Multifamily DUS REMIC Under Its GeMS Program

Katherine Constantinou

202-752-5403

WASHINGTON, D.C. – Fannie Mae (FNMA/OTC) priced its second Multifamily DUS REMIC in 2012 totaling $977 million under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMS™) program on February 15, 2012. 

“This month's GeMS deal was the program's largest to date, and several new investors participated.  Increasing deal sizes and issuing with higher frequency has enhanced liquidity over the past six months, and participation has grown steadily.  Wells Fargo was a seamless partner in 2012-M2, and their collaborative efforts led to broader distribution and excellent execution," said Kimberly Johnson, Vice President of Multifamily Capital Markets.

All classes of FNA 2012-M2 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

A1

$151,800,000

5.51

1.846

Fixed Rate

+45

101.00

A2

$707,699,966

9.80

2.784

Fixed Rate

+65

101.00

AB

$117,204,000

9.04

2.632

Fixed Rate

+77

99.75

X

$976,703,966

9.04

0.646

Interest Only

Not  yet offered

Not yet offered

Total

$976,703,966

 

 

 

 

 

Collateral:                                                            190 Fannie Mae DUS MBS

Geographic Distribution:                                 CA (20%), TX (11%), NY (10%)

Weighted Average
Debt Service Coverage Ratio (DSCR):          2.01x

Weighted Average
Loan-to-Value (LTV):                                        64.5%

Settlement Date:                                               February 29, 2012

Lead Manager:               Wells Fargo Securities  

Co-Managers:              J.P. Morgan and Morgan Stanley

For additional information, please refer to the Fannie Mae GeMS REMIC Term Sheet (FNA 2012-M2) 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.