News Release

April 17, 2015

Fannie Mae Prices $1.01 Billion Multifamily DUS REMIC (FNA 2015-M7) Under Its GeMS Program

Katherine Constantinou

202-752-5403

WASHINGTON, D.C. – Fannie Mae (FNMA/OTC) priced its fourth Multifamily DUS® REMIC in 2015 totaling $1.01 billion under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMS) program on April 15, 2015.

“This deal represented a great value for investors – it would be tough for us to structure a higher quality collateral pool at a more fair level,” said Josh Seiff, Fannie Mae’s Vice President of Capital Markets and Trading. “The credit quality of the 10-year collateral was excellent - with a DSCR of 1.74x and an LTV of 65.9% – you don’t see that in other lending programs at this point in the cycle.  That credit culture is really what sets Fannie Mae’s DUS program apart from other Commercial Real Estate lending platforms.”

All classes of FNA 2015-M7 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

ASQ1

$67,950,850

2.14

0.882

Fixed

S+5

100.00

ASQ2

$245,812,862

2.82

1.550

Fixed

S+15

101.00

X1

$313,763,712

2.20

3.986

WAC IO

Not Offered

Not Offered

A1

$70,485,005

5.72

2.113

Fixed

S+33

101.00

A2

$539,538,900

9.58

2.590

Fixed

S+52

101.00

AB1

$9,611,592

5.72

1.897

Fixed

S+35

99.75

AB2

$73,573,485

9.58

2.502

Fixed

S+58

99.75

X2

$693,208,982

8.69

0.530

WAC IO

Not Offered

Not Offered

Total

$1,006,972,696

 

 

 

 

 

Group 1 Collateral
UPB:                                                                     $313,763,713
Collateral:                                                           86 Fannie Mae DUS MBS
Geographic Distribution:                                 CA (30.1%), NY (20.6%), PA (12.5%)
Weighted Average
Debt Service Coverage Ratio (DSCR):          1.52x
Weighted Average
Loan-to-Value (LTV):                                         61.9%

 

Group 2 Collateral
UPB:                                                                      $693,208,983
Collateral:                                                            67 Fannie Mae DUS MBS
Geographic Distribution:                                  TX (26.9%), NY (12.9%), CA (10.6%)
Weighted Average
Debt Service Coverage Ratio (DSCR):          1.74x
Weighted Average
Loan-to-Value (LTV):                                         65.9%

 

Settlement Date:                                                April 30, 2015

 

Lead Manager:                                                   Deutsche Bank Securities
Co-Managers:                                                    Goldman, Sachs & Co.
                                                                               Jefferies
                                                                               Loop Capital Markets

 

For additional information, please refer to the Fannie Mae GeMS REMIC Term Sheet (FNA 2015-M7) 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.

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