News Release

March 16, 2015

Fannie Mae Prices $1.06 Billion Multifamily DUS REMIC (FNA 2015-M4) Under Its Fannie Mae GeMS Program

Katherine Constantinou

202-752-5403

WASHINGTON, D.C. – Fannie Mae (FNMA/OTC) priced its third Multifamily DUS® REMIC in 2015 totaling $1.06 billion under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMS) program on March 12, 2015.

"The bid for short duration, high quality paper is really strong right now," said Josh Seiff, Fannie Mae’s Vice President of Capital Markets and Trading.  "Fannie Mae has the only CRE lending program that has a fully built out risk retention program, aligning investors with lenders, and it shows in this kind of execution."

All classes of FNA 2015-M4 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 in the table below:

 

Class

Original Face

Weighted Average Life

Coupon (%)

Coupon Type

Spread

Offered

Price

FA

$393,055,092

3.34

0.385

Floater/

WAC Cap

1mL+21

100.00

SA

$393,055,092

2.37

5.187

Inverse IO

Not Offered

Not Offered

AV1

$43,618,683

3.76

2.013

Fixed

S+22

101.00

AV2

$542,473,854

6.84

2.509

Fixed/AFC

S+38

101.00

ABV1

$5,948,002

3.76

1.761

Fixed

S+32

99.75

ABV2

$73,973,708

6.84

2.369

Fixed/AFC

S+44

99.75

X2

$666,014,247

6.18

0.679

WAC IO

Not Offered

Not Offered

Total

$1,059,069,339

 

 

 

 

 

Group 1 Collateral

UPB $393,055,092
Collateral 78 Fannie Mae DUS MBS
Geographic Distribution CA (28.0%), IL (9.8%), WA (9.1%)
Weighted Average
Debt Service Coverage Ratio (DSCR)
1.74x
Weighted Average
Loan-to-Value (LTV)
62.4%

Group 1 Collateral

UPB:                                                                          $393,055,092
Collateral:                                                                78 Fannie Mae DUS MBS
Geographic Distribution:                                      CA (28.0%), IL (9.8%), WA (9.1%)
Weighted Average
Debt Service Coverage Ratio (DSCR):               1.74x
Weighted Average
Loan-to-Value (LTV):                                               62.4%

 

Group 2 Collateral

UPB:                                                                             $666,014,247
Collateral:                                                                   74 Fannie Mae DUS MBS
Geographic Distribution:                                         CA (13.5%), CT (12.1%), CO (10.7%)
Weighted Average
Debt Service Coverage Ratio (DSCR):                 1.91x
Weighted Average
Loan-to-Value (LTV):                                                65.6%

 

Settlement Date:                                                       March 31, 2015

Lead Manager:                                                          Morgan Stanley

Co-Managers:                                                           Citigroup and BofA Merrill Lynch

 

For additional information, please refer to the Fannie Mae GeMS REMIC Term Sheet (FNA 2015-M4) available on the Fannie Mae GeMS Archive page on 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 Investor Relations page of our Web site at www.fanniemae.com and on the SEC's Web site at www.sec.gov.

Fannie Mae enables people to buy, refinance, or rent homes.

Visit us at: http://www.fanniemae.com/progress.

Follow us on Twitter: http://twitter.com/FannieMae.