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Press Release

Fannie Mae Prices $975 Million Multifamily DUS REMIC (FNA 2015-M10) Under Its GeMS Program

June 17, 2015

Pete Bakel

202-752-2034

WASHINGTON, D.C. – Fannie Mae (FNMA/OTC) priced its sixth Multifamily DUS® REMIC in 2015 totaling $975 million under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMS™) program on June 12, 2015.

“This deal really highlighted the flexibility of the Fannie Mae Multifamily platform,” said Josh Seiff, Fannie Mae’s Vice President of Capital Markets and Trading. “For borrowers, our MBS execution provides loan structures that other securitized platforms can’t match – like the 12-year collateral featured in this deal. The versatility of our GeMS securitization program allows Fannie Mae to match borrower demand for longer-term loans with investor appetite for call-protected, high-quality bonds.” 

All classes of FNA 2015-M10 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

$488,671,969

3.33

0.434

Floater/WAC Cap

S+25

100

SA

$488,671,969

3.33

4.975

Inverse IO

Not Offered

Not Offered

A1

$74,165,000

7.24

2.631

Fixed

S+45

99.75

A2

$412,357,071

11.51

3.092

Fixed/AFC

S+65

99

X2

$486,522,071

10.86

0.171

WAC IO

Not Offered

Not Offered

Total

$975,194,040

 

 

 

 

 

 

Group 1 Collateral

UPB $488,671,969
Collateral 109 Fannie Mae DUS MBS
Geographic Distribution CA (32.2%), TX (11.7%), WA (11.5%)
Weighted Average
Debt Service Coverage Ratio (DSCR)		 1.71x
Weighted Average
Loan-to-Value (LTV)		 63.4%

 

Group 2 Collateral

UPB $486,522,071
Collateral 44 Fannie Mae DUS MBS
Geographic Distribution MD (23.5%), TX (20.8%), IN (11.8%)
Weighted Average
Debt Service Coverage Ratio (DSCR)		 1.34x
Weighted Average
Loan-to-Value (LTV)		 74.1%

 

Settlement Date June 30, 2015
Lead Managers Citigroup Global Markets, Inc
Co-Managers Deutsche Bank Securities
Amherst Pierpont Securities
Drexel Hamilton

 

Group 1 Collateral

UPB:                                                                    $488,671,969

Collateral:                                                          109 Fannie Mae DUS MBS
Geographic Distribution:                                CA (32.2%), TX (11.7%), WA (11.5%)
Weighted Average
Debt Service Coverage Ratio (DSCR):         1.71x
Weighted Average
Loan-to-Value (LTV):                                        63.4%

 

Group 2 Collateral

UPB:                                                                     $486,522,071
Collateral:                                                           44 Fannie Mae DUS MBS
Geographic Distribution:                                 MD (23.5%), TX (20.8%), IN (11.8%)
Weighted Average
Debt Service Coverage Ratio (DSCR):         1.34x
Weighted Average
Loan-to-Value (LTV):                                         74.1%

 

Settlement Date:                                                June 30, 2015

Lead Manager:                                                   Citigroup Global Markets, Inc

Co-Managers:                                                     Deutsche Bank Securities
                                                                               Amherst Pierpont Securities
                                                                               Drexel Hamilton

For additional information, please refer to the Fannie Mae GeMS REMIC Term Sheet (FNA 2015-M10) 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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