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Press Release

Fannie Mae Prices $1.07 Billion Multifamily DUS REMIC (FNA 2020-M14) Under Its GeMS Program

April 9, 2020

WASHINGTON, DC – April 9, 2020 – Fannie Mae (FNMA/OTCQB) priced its fourth Multifamily DUS® REMIC in 2020 totaling $1.07 billion under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMS™) program on April 8, 2020.

“We were pleased with the ability of market participants to focus on our April GeMS deal, the M14 this week,” said Dan Dresser, Senior Vice President, Multifamily Capital Markets & Pricing. “Following several weeks of rate volatility and spread widening, the appeal of conservatively underwritten, Fannie Mae multifamily collateral was key in getting this deal in and out of the market at attractive levels. Going forward, we remain committed to transparent disclosure for our investors as we navigate the challenges of the current commercial real estate market.”

All classes of FNA 2020-M14 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:


Group 1 Collateral

UPB $624,528,838
Collateral 43 Fannie Mae DUS MBS
Geographic Distribution CA (34.07%), NC (13.86%), WA (10.54%)
Weighted Average
Debt Service Coverage Ratio (DSCR)
Weighted Average
Loan-to-Value (LTV)


Group 2 Collateral

UPB $448,329,958
Collateral 70 Fannie Mae DUS MBS
Geographic Distribution VA (12%), NY (11.39%), FL (11.03%)
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 2020-M14) 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 Americans. We partner with lenders to create housing opportunities for families 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