Fannie Mae Prices $700 Million Multifamily DUS REMIC Under Its Fannie Mae GeMS Program

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News Release

September 10, 2012

Fannie Mae Prices $700 Million Multifamily DUS REMIC Under Its Fannie Mae GeMS Program

Katherine Constantinou

202-752-5403

WASHINGTON, D.C. – Fannie Mae (FNMA/OTC) priced its seventh Multifamily DUS REMIC in 2012 totaling $700 million under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMSTM) program on September 10, 2012.

“FNA 2012-M11 is the first Fannie Mae GeMS REMIC backed by floating rate collateral.  There was broad participation in the deal by depository institutions.  We expected interest for this type of issuance to be strong, and it was,” said Kimberly Johnson, Fannie Mae Vice President of Multifamily Capital Markets.

All classes of FNA 2012-M11 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

FA

$699,627,969

5.97

1mL + 50

Floating Rate

50 DM

99.951

FX

$699,627,969

5.97

Not Offered

Interest Only

Not Offered

Not Offered

Total

$699,627,969

 

 

 

 

 

 

Collateral Characteristics

UPB :                                                              $699,627,969

Collateral:                                                      97 FNMA Floating Rate DUS MBS Pools

Geographic Distribution:                           CA (23.7%), TX (21.2%), MN (9.9%)

Weighted Average Most Recent
Debt Service Coverage Ratio (DSCR):         1.81x

Weighted Average
Loan-to-Value (LTV):                                       70.8%

Settlement Date:                                               September 28, 2012

Lead Manager & Sole Bookrunner:              Morgan Stanley

For additional information, please refer to the Fannie Mae GeMS REMIC Term Sheet (FNA 2012-M11) 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.