Fannie Mae Prices $719 Million Multifamily DUS REMIC Under Its GeMSTM Program

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.

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
Total $719,043,287

Collateral: 105 Fannie Mae DUS MBS

Geographic Distribution: TX (21%), VA (19%), NY (17%)

Weighted Average

Debt Service Coverage Ratio (DSCR): 1.75x

Weighted Average

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.