Fannie Mae Prices $584 million Multifamily DUS REMIC under its GeMS Program
WASHINGTON, D.C. — Fannie Mae (FNMA/OTC) priced its first Multifamily DUS REMIC in 2011 totaling $584 million under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMS™) program on Tuesday, May 17, 2011. Structure details for the multi-tranche offering are included in the table below.
|Class||CUSIP||Original Face||Weighted Average Life||Coupon||Coupon Type||Spread||Price|
|FA||31397UPG8||140,122,610||9.31||1mo L+45, 7% Cap||Floating Rate||L+45||100|
|SA||31397UPH6||140,122,610||9.31||6.353%||Inverse Interest Only||Not offered||Not offered|
|X||31397UPJ2||583,990,075||9.31||0.272%||Interest Only||Not offered||Not offered|
Collateral: 109 DUS Pools
Geographic Distribution: NY (22.9%), CA (18.7%), TX (10.7%)
Debt Service Coverage Ratio (DSCR): 1.79x
Loan-to-Value (LTV): 62%
Settlement Date: 5/27/2011
Lead Manager: Credit Suisse
Co-Managers: Amherst Securities Group, L.P. and Deutsche Bank Securitieswww.fanniemae.com and on the SEC's Web site at www.sec.gov. Fannie Mae exists to expand affordable housing and bring global capital to local communities in order to serve the U.S. housing market. Fannie Mae has a federal charter and operates in America's secondary mortgage market to enhance the liquidity of the mortgage market by providing funds to mortgage bankers and other lenders so that they may lend to home buyers. Our job is to help those who house America.