Fannie Mae Prices $719 Million Multifamily DUS REMIC Under Its GeMSTM Program
- Nov 10, 2011
Washington, D.C.–Fannie Mae priced its seventh Multifamily DUS REMIC in 2011 totaling $719 million under its Fannie Mae Guaranteed Multifamily Structures program on November 8, 2011.
All classes of FNA 2011-M8, are guaranteed by Fannie Mae with respect to the full and timely payment of interest and principal. Yield maintenance prepayment premiums apply to all underlying loans. The structure details for the multi-tranche offering are included below.
Class CUSIP Original Face Weighted Average Life Coupon Coupon Type Spread Offered Price
A1 3136A1W76 $75,001,834 5.40 1.977 Fixed Rate +53 100.50
A2 3136A16X8 $397,772,166 9.70 2.922 Fixed Rate +72 100.50
AB 3136A16Y6 $64,469,874 9.02 2.905 Fixed Rate +88 99.75
FA 3136A16Z3 $181,799,413 9.02 1mo L+70 7.0% Cap Floating Rate +70 100.00
SA 3136A17A7 $181,799,413 8.59 n/a Inverse Interest Only Not offered Not offered
X 3136A17B5 $719,043,287 8.60 n/a Interest Only Not offered Not offered
Collateral: 105 Fannie Mae DUS MBS
Geographic Distribution: TX (21%), VA (19%), NY (17%)
Debt Service Coverage Ratio (DSCR): 1.75x
Loan-to-Value (LTV): 63.4%
Settlement Date: 11/30/2011
Lead Manager: Morgan Stanley
Co-Managers: Amherst Securities and Citigroup
Fannie Mae exists to expand affordable housing and bring global capital to local communities in order to serve the U.S. housing market. Fannie Mae has a federal charter and operates in America’s secondary mortgage market to enhance the liquidity of the mortgage market by providing funds to mortgage bankers and other lenders so that they may lend to homebuyers.