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Press Release

Fannie Mae Prices $991.8 Million Multifamily DUS REMIC (FNA 2017-M12) Under Its GeMS Program

October 6, 2017

Matthew Classick

WASHINGTON, DC – Fannie Mae (FNMA/OTC) priced its tenth Multifamily DUS® REMIC in 2017 totaling $991.8 million under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMS) program on October 4, 2017.

"The M12 met with solid investor demand this week with both tranches over two times subscribed," said Dan Dresser, Vice President, Multifamily Credit Pricing and Capital Markets. "The 10-year fixed rate collateral behind this deal is the workhorse of the DUS world; it is a testimony to the product’s solid credit performance and call protection that it was so well received in the market."

All classes of FNA 2017-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
A1 $80,330,000 6.13 2.747 Fixed S+47 101.00
A2 $911,430,025 9.54 3.181 WAC S+60 102.07
X $80,330,000 6.11 0.434 WAC IO Not Offered Not Offered
Total $991,760,025          


Group 1 Collateral

UPB $991,760,025
Collateral 69 Fannie Mae DUS MBS
Geographic Distribution FL (18.34%), CA (14.20%), GA (14.13%)
Weighted Average
Debt Service Coverage Ratio (DSCR)
Weighted Average
Loan-to-Value (LTV)
Settlement Date October 30, 2017
Lead Manager Goldman Sachs & Co. LLC
Co-Managers KGS-Alpha Capital Markets
PNC Capital Markets LLC
Great Pacific Securities

For additional information, please refer to the Fannie Mae GeMS REMIC Term Sheet (FNA 2017-M12) available on the Fannie Mae GeMS Archive page

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

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