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Press Release

Fannie Mae Priced $640 Million Social Multifamily DUS REMIC (FNA 2021-M2S) Under Its GeMS Program

November 22, 2021
Transaction Represents Company's Second Social GeMS Deal of 2021

WASHINGTON, DC – Fannie Mae (FNMA/OTCQB) priced a $640 million Social Multifamily DUS® REMIC under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMS™) program on November 18, 2021. FNA 2021-M2S marks the twelfth Fannie Mae GeMS issuance of 2021.

“With the M2S, we are wrapping up our GeMS issuance for the year with our second Social GeMS deal,” said Dan Dresser, Senior Vice President, Multifamily Capital Markets & Pricing. “As we head into the holiday this week, we are thankful for our investor community who, despite a crowded quarter of competing issuances and increased pressure on spreads, was able to come out in support of the over 4,200 units of restricted affordable housing and 2,000 affordable manufactured housing community pads backing this deal. We remain committed to supporting affordable and workforce housing across the country, as well as providing capital market stakeholders with similar high credit quality structures and clear, timely disclosures.”

The M2S issuance aligns with Fannie Mae’s Sustainable Bond Framework, which governs Fannie Mae’s commitment to adhering to international standards in its issuance of green, social, and sustainable bonds. In 2020, Fannie Mae received a second party opinion on its Sustainable Bond Framework from independent third-party Sustainalytics. The framework builds on Fannie Mae’s 32-year history of supporting multifamily affordable housing, 10-year history of multifamily green financing, and its expansion into single-family green MBS issuance in 2020.

“In addition to the GeMS structured execution like the M2S, Fannie Mae also offers individual multifamily Social MBS through its DUS program,” said Lisa Bozzelli, Senior Director, Multifamily Capital Markets. “Currently, the Social MBS are backed by affordable housing properties with an income or rent restriction regulatory agreement or a manufactured housing community property. As the book of tradable Social DUS MBS surpasses the $9 billion mark, we are excited to provide a diverse group of investment opportunities for those GeMS investors who value both a socially responsible investment opportunity and appreciate the high quality of DUS collateral.”

All classes of FNA 2021-M2S 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 can be found in the table below:

Class Original Face Weighted Average Life Coupon (%) Coupon Type Spread Offered Price
A1 $40,000,000 6.77 1.627 Fixed/AFC S+14 100
A2 $379,710,447 9.55 1.807 WAC S+24 99.78
A3 $104,000,000 9.78 1.525 Fixed Not Available Not Available
X $40,000,000 6.61 0.180 WAC IO Not Offered Not Offered
X3 $104,000,000 9.28 0.282 WAC IO Not Offered Not Offered
2A1 $16,000,000 8.88 1.942 Fixed/AFC S+35 100
2A2 $100,078,670 14.68 2.386 Fixed/AFC S+48 102
2X1 $16,000,000 8.82 1.137 WAC IO Not Offered Not Offered
2X2 $100,078,670 14.18 0.693 WAC IO Not Offered Not Offered
Total $639,789,117          


Group 1 Collateral

UPB $523,710,448
Collateral 29 Fannie Mae DUS MBS
Geographic Distribution CA (25.5%), TX (20.24%), VA (13.98%)
Weighted Average
Debt Service Coverage Ratio (DSCR)
Weighted Average
Loan-to-Value (LTV)


Group 2 Collateral

UPB $116,078,670
Collateral 14 Fannie Mae DUS MBS
Geographic Distribution CA (40.07%), FL (29.52%), MO (10.79%)
Weighted Average
Debt Service Coverage Ratio (DSCR)
Weighted Average
Loan-to-Value (LTV)

For additional information, please refer to the Fannie Mae GeMS REMIC Term Sheet (FNA 2021-M2S) available on the Fannie Mae GeMS Archive page.

About Fannie Mae
Fannie Mae helps make the 30-year fixed-rate mortgage and affordable rental housing possible for millions of people in America. We partner with lenders to create housing opportunities for people across the country. We are driving positive changes in housing finance to make the home buying process easier, while reducing costs and risk. To learn more, visit: | Twitter | Facebook | LinkedIn | Instagram | YouTube | Blog

Media Contact
Christopher Davis

Fannie Mae Newsroom

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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 and on the SEC’s Web site at