News Release

September 15, 2015

Fannie Mae Prices $1.08 Billion Multifamily DUS REMIC (FNA 2015-M12) Under Its GeMS Program

Pete Bakel

202-752-2034

WASHINGTON, D.C. – Fannie Mae (FNMA/OTC) priced its eighth Multifamily DUS® REMIC in 2015 totaling $1.08 billion under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMS) program on September 10, 2015.

“We knew that it was going to be a challenge to get focus from investors this month – there are a flood of other offerings out there. It really helps that we offer something different than other securitized commercial real estate platforms,” said Josh Seiff, Fannie Mae’s Vice President of Capital Markets and Trading. “Risk sharing with our lenders sets the Fannie Mae Multifamily platform apart. Our ability to quickly place $1Bn worth of GeMS securities in this market is a testament to the market’s understanding of, and confidence in, the Fannie Mae risk sharing model; it is easier to invest when you’re confident that everyone is working towards the same goals.”

All classes of FNA 2015-M12 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

$634,129,442

3.51

0.540

Floater / WAC Cap

34 DM

99.96

SA

$634,129,442

2.56

4.862

Inverse IO

Not Offered

Not Offered

A1

$31,000,000

5.77

2.331

Fixed

S+58

100.00

A2

$416,292,899

9.64

2.792

WAC

S+75

98.97

X2

$447,292,899

8.91

0.032

WAC IO

Not Offered

Not Offered

Total

$1,081,422,341

 

 

 

 

 

 

Group 1 Collateral

UPB $634,129,442
Collateral 117 Fannie Mae DUS MBS
Geographic Distribution CA (46.3%), PA (5.63%), IN (5.36%)
Weighted Average
Debt Service Coverage Ratio (DSCR)
1.73x
Weighted Average
Loan-to-Value (LTV)
59.7%

 

Group 2 Collateral

UPB $447,292,899
Collateral 44 Fannie Mae DUS MBS
Geographic Distribution LA (25.1%), SC (16.1%), CA (14.7%)
Weighted Average
Debt Service Coverage Ratio (DSCR)
2.25x
Weighted Average
Loan-to-Value (LTV)
63.8%

 

Settlement Date September 30, 2015
Lead Manager BofA Merrill Lynch
Co-Managers Barclays
Goldman, Sachs & Co.
CastleOak Securities, L.P.

For additional information, please refer to the Fannie Mae GeMS REMIC Term Sheet (FNA 2015-M12) 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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