Multifamily MBS Update: Information Regarding Fannie Mae Multifamily MBS Affected by SEC Action Involving Wendell A. Jacobson and Others

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Multifamily MBS Update: Information Regarding Fannie Mae Multifamily MBS Affected by SEC Action Involving Wendell A. Jacobson and Others

The seven mortgage loans that underlie the seven corresponding Fannie Mae MBS pools listed below are secured by mortgaged properties that have been placed in receivership at the request of the US Securities and Exchange Commission (the "SEC") by the United States District Court for the District of Utah.  The receivership is part of an enforcement action brought by the SEC against parties that own or control a number of multifamily properties, including the seven properties securing the loans listed below. At this time, Fannie Mae is not aware of any other mortgage loans backing Fannie Mae MBS that are affected by the receivership. 

Fannie Mae will continue to pass-through accrued interest and scheduled principal on the related MBS for as long as the underlying mortgage loans remain current. In the event any mortgage loan becomes delinquent and remains so for four consecutive payments, Fannie Mae will follow its standard procedure of repurchasing the loan from its MBS trust and paying the MBS holders all outstanding principal and accrued interest through the date of repurchase as described in Fannie Mae’s Multifamily MBS Prospectus. Fannie Mae provides a monthly report of loans backing Multifamily MBS that are 60 or more days delinquent. The MBS Loan Level Delinquency 60-Plus Days report can be accessed on our website. In addition, at-issuance disclosure and ongoing loan level performance data for individual Multifamily MBS can be obtained on our Multifamily Securities Locator Service

Investors in any of the affected MBS pools may contact Fannie Mae’s Fixed-Income Securities Marketing Help Line at 1-800-237-8627.

Affected Mortgage Loans and Multifamily MBS

Fannie Mae Loan No.         MBS Pool No.          Property Name

1689119978                            386303                 Abbie Lakes Apartments

1708062332                            957929                 Jefferson Chase Apartments

1710499207                            463891                 Meadow Walk Apartments

8300001955                            389120                 Oak Hill Apartments

1712963846                            466860                 Cleburne Terrace

1713846490                            467968                 Encinito Apartments

1713254225                            467174                 The Charlestonian at Lake Charles

Page originally published: 02/16/12