Fannie Mae Prices $1.15 Billion Multifamily DUS REMIC Under Its Fannie Mae GeMS Program

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News Release

October 17, 2012

Fannie Mae Prices $1.15 Billion Multifamily DUS REMIC Under Its Fannie Mae GeMS Program

Katherine Constantinou

202-752-5403

WASHINGTON, D.C. – Fannie Mae (FNMA/OTC) priced its ninth Multifamily DUS REMIC in 2012 totaling $1.15 billion under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMS™) program on October 11, 2012. 

“FNA 2012-M14 is Fannie Mae’s first REMIC offering 5, 10, and 15-year tranches, designed to meet investor demand for high credit quality assets across the curve,” said Kimberly Johnson, Fannie Mae Vice President of Multifamily Capital Markets.

All classes of FNA 2012-M14 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

$28,000,000

2.12

0.538

Fixed Rate

S+12

100.00

ASQ2

$471,894,566

4.21

1.114

Fixed Rate

S+20

101.00

X1

$499,894,566

3.62

4.418

Interest Only

Not Offered

Not Offered

A1

$87,735,000

5.50

1.361

Fixed Rate

S+24

101.00

A2

$405,353,650

9.79

2.301

Fixed Rate

S+45

101.00

AB1

$11,964,000

5.50

1.233

Fixed Rate

S+35

99.75

AB2

$55,275,362

9.79

2.278

Fixed Rate

S+57

99.75

X2

$560,328,012

8.61

0.646

Interest Only

Not Offered

Not Offered

AL

$89,511,907

14.07

2.987

Fixed Rate

S+60

101.61

Total

$1,149,734,485

 

 

 

 

 

Group 1 Collateral

UPB:                                                               $499,894,566

Collateral:                                                     76 Fannie Mae 10/9.5 DUS MBS

Geographic Distribution:                           CA (17.9%), AL (9.7%), WA (8.4%)

Weighted Average
Debt Service Coverage Ratio (DSCR):    1.71x

Weighted Average
Loan-to-Value (LTV):                                   67.9%

 

Group 2 Collateral

UPB:                                                               $560,328,012

Collateral:                                                     94 Fannie Mae 10/9.5 DUS MBS

Geographic Distribution:                           TX (17.5%), CA (15.8%), PA (11.8%)

Weighted Average
Debt Service Coverage Ratio (DSCR):    1.76x

Weighted Average
Loan-to-Value (LTV):                                   66.4% 

 

Group 3 Collateral

UPB:                                                               $89,511,907

Collateral:                                                     8 Fannie Mae 15/14.5 DUS MBS

Geographic Distribution:                           NY (85.6%), CA (7.6%), IL (6.5%)

Weighted Average
Debt Service Coverage Ratio (DSCR):   1.55x

Weighted Average
Loan-to-Value (LTV):                                  61.3%

 

Settlement Date:                                          October 30, 2012

Lead Manager:                                              Bank of America Merrill Lynch

Co-Managers:                                               Jefferies and Morgan Stanley

For additional information, please refer to the Fannie Mae GeMS REMIC Term Sheet (FNA 2012-M14) 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.