WASHINGTON, October 14, 2011 /PRNewswire/ --
Fannie Mae (OTC Bulletin Board: FNMA) priced its sixth Multifamily DUS REMIC in 2011 totaling $577 million under its Fannie Mae Guaranteed Multifamily Structured (Fannie Mae GeMS™) program on October 13, 2011.
"The Agency CMBS market has been resilient through a tough period of global economic uncertainty and heightened market volatility. Fannie Mae has issued four GeMS deals since July, and they have all been very well received. This 7-year transaction took advantage of demand in the belly of the curve, and the execution was even better than expected," said Kimberly Johnson, Vice President Multifamily Capital Markets.
All classes of FNA 2011-M7, 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 in the table below.
Class CUSIP Original Face Weighted Coupon Coupon Pricing Offered Average Type Spread Price Life A1 3136A1F67 $90,000,000 4.95 2.049% Fixed +55 100.5 Rate A2 3136A1F75 $418,140,000 6.60 2.578% Fixed +70 100.5 Rate AB 3136A1F83 $69,281,000 6.31 2.508% Fixed +82 99.75 Rate X 3136A1F91 $577,421,000 6.31 1.331% Interest Not Not Only offered offered Total $577,421,000
Collateral: 104 Fannie Mae DUS MBS Geographic Distribution: CA (25.60%), VA (8.94%), CO (7.65%) Weighted Average Debt Service Coverage Ratio (DSCR): 1.50x Weighted Average Loan-to-Value (LTV): 65.65% Settlement Date: 10/28/2011 Lead Manager: Credit Suisse Co-Manager: Citigroup
Certain statements in this release may be considered forward-looking statements within the meaning of federal securities laws. In addition, not all securities will have the characteristics discussed in this release. Before investing in any Fannie Mae issued security, you should read the prospectus and prospectus supplement pursuant to which such security is offered. You should also read our most current Annual Report on Form 10-K and our reports on Form 10-Q and Form 8-K filed with the U.S. Securities and Exchange Commission ("SEC") available on the Investors page of our Web site at http://www.fanniemae.com and on the SEC's Web site at http://www.sec.gov.
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 home buyers. Our job is to help those who house America.
SOURCE Fannie Mae