Fannie Mae Prices $767 Million Multifamily DUS REMIC Under Fannie Mae GeMS Program

March 16, 2012

Fannie Mae priced its third Multifamily DUS REMIC in 2012 totaling $767 million under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMS) program on March 14, 2012.

Washington, D.C.—Fannie Mae priced its third Multifamily DUS REMIC in 2012 totaling $767 million under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMS) program on March 14, 2012.

FNA 2012-M3 marks the first time the Fannie Mae GeMS program has employed a grouped collateral structure, offering separate tranches backed by seven-year and ten-year collateral.

All classes of FNA 2012-M3 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 listed below.

Class Original Face Weighted Average Life Coupon Type Spread Offered

Coupon Price

— —— —–

$70,282,951 5.56 2.098 Fixed Rate S+40 101.00

1A1

—

1A2 $342,043,694 9.77 3.044 Fixed Rate S+63 101.00

— ———— —- —– ———- —- ——

1AB $56,226,361 9.05 2.911 Fixed Rate S+73 99.88

— ———– —- —– ———- —- —–

X1 $468,553,006 9.05 0.470 Interest Only T+250 2.55

— ———— —- —– ————- —– —-

2A1 $46,481,734 4.94 1.934 Fixed Rate S+38 101.00

— ———– —- —– ———- —- ——

2A2 $216,168,254 6.67 2.444 Fixed Rate S+51 101.00

— ———— —- —– ———- —- ——

2AB $35,815,908 6.36 2.292 Fixed Rate S+61 99.88

— ———– —- —– ———- —- —–

X2 $298,465,896 6.36 0.726 Interest Only T+240 3.39

— ———— —- —– ————- —– —-

Total $767,018,902

—– ————

Group 1 Collateral

——————

UPB: $468,553,006

Collateral: 83 Fannie Mae 10/9.5 DUS MBS

Geographic Distribution: CA (13%), NY (10%), TX (10%)

Weighted Average

Debt Service Coverage Ratio (DSCR): 1.77x

Weighted Average

Loan-to-Value (LTV): 65.7%

Group 2 Collateral

——————

UPB: $298,465,896

Collateral: 44 Fannie Mae 7/6.5 DUS MBS

Geographic Distribution: CA (23%), VA (13%), FL (13%)

Weighted Average

Debt Service Coverage Ratio (DSCR): 1.48x

Weighted Average

Loan-to-Value (LTV): 69.0%

Lead Manager: Morgan Stanley

Co-Managers: Citigroup and J.P. Morgan

Settlement Date: March 30, 2012

For additional information, please refer to the Fannie Mae GeMS REMIC Term Sheet (FNA 2012-M3) available on Fannie Mae’s GeMS Archives page at www.fanniemae.com.