Fannie Mae Prices $977 Million Multifamily DUS REMIC Under Its GeMS™ Program
February 16, 2012
Fannie Mae priced its second Multifamily DUS REMIC in 2012 totaling $977 million under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMS™) program on February 15, 2012.
Washington, D.C.—Fannie Mae priced its second Multifamily DUS REMIC in 2012 totaling $977 million under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMS™) program on February 15, 2012.
All classes of FNA 2012-M2 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 included in the table below.
| Class | Original Face | Weighted Average Life | Coupon | Coupon Type | Spread | Offered
Price |
| A1 | $151,800,000 | 5.51 | 1.846 | Fixed Rate | +45 | 101.00 |
| A2 | $707,699,966 | 9.80 | 2.784 | Fixed Rate | +65 | 101.00 |
| AB | $117,204,000 | 9.04 | 2.632 | Fixed Rate | +77 | 99.75 |
| X | $976,703,966 | 9.04 | 0.646 | Interest Only | Not yet offered | Not yet offered |
| Total | $976,703,966 |
| Collateral: | 190 Fannie Mae DUS MBS |
| Geographic Distribution: | CA (20 percent), TX (11 percent), NY (10 percent) |
| Weighted Average | |
| Debt Service Coverage Ratio (DSCR): | 2.01x |
| Weighted Average | |
| Loan-to-Value (LTV): | 64.5 percent |
| Settlement Date: | February 29, 2012 |
| Lead Manager: | Wells Fargo Securities |
| Co-Managers: | J.P. Morgan and Morgan Stanley |
