Adjustments to Fannie Mae's SMBS Deal 401

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MBS News and Announcements

Adjustments to Fannie Mae's SMBS Deal 401

Fannie Mae will make certain adjustments in the ongoing monthly disclosures for Fannie Mae Guaranteed Stripped Mortgage-Backed Securities Trust Number 401. Effective with the disclosures that will be posted for June 2012, we will adjust our calculations with respect to “loan count” and “unpaid principal balance” for Loan Group 6 and Loan Group 19. Investors should note that these adjustments will have no effect on payments to investors in the related classes of SMBS certificates.

Approximately 1,663 of the mortgage loans relating to Loan Group 6 (with a current aggregate unpaid principal loan balance of approximately $405,014,187 as of April 2012) and approximately 2,097 of the mortgage loans relating to Loan Group 19 (with a current aggregate unpaid principal loan balance of approximately $436,322,147 as of April 2012) had erroneously been included in our monthly disclosures. These loans had previously been listed as being included in Loan Group 6 and Loan Group 19, respectively; however, none of these loans contribute excess yield payments to Loan Group 6 and Loan Group 19 in the trust. Accordingly, payments in those classes will not be affected by this adjustment, nor will the calculation of notional principal balances of the related classes be impacted. Moreover, the exclusion of these mortgage loans from the related calculations will not impact the calculation of notional principal balances or payments to investors in the future. As a result of this adjustment, the weighted average maturity (WAM) for Loan Group 6 will be reduced by approximately one month.

Information on these loans can be accessed in PoolTalk. Inquiries regarding this Announcement should be directed to the Fannie Mae Fixed-Income Securities Helpline at 1-800-237-8627 or fixedincome_marketing@fanniemae.com.

Originally published: 05/31/12