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

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.

You May Also Like

Latest Stories