WASHINGTON, May 18, 2011 /PRNewswire/ -- Fannie Mae (OTC Bulletin Board: FNMA) priced its first Multifamily DUS REMIC in 2011 totaling $584 million under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMS(TM)) program on Tuesday, May 17, 2011. Structure details for the multi-tranche offering are included in the table below.
Class CUSIP Original Weighted Coupon Face Average Life A1 31397UPD5 $30,225,000 4.09 1.981% A2 31397UPE5 59,800,000 8.76 3.607% A3 31397UPF0 353,842,465 9.84 3.763% FA 31397UPG8 140,122,610 9.31 1mo L+45, 7% Cap SA 31397UPH6 140,122,610 9.31 6.353% X 31397UPJ2 583,990,075 9.31 0.272% Total $583,990,075 Class CUSIP Coupon Type Spread Price A1 31397UPD5 Fixed Rate S+45 99.5 A2 31397UPE5 Fixed Rate S+67 99.5 A3 31397UPF0 Fixed Rate S+65 99.5 FA 31397UPG8 Floating Rate L+45 100 SA 31397UPH6 Inverse Interest Not offered Not offered Only X 31397UPJ2 Interest Only Not offered Not offered Total Collateral: 109 DUS Pools Geographic Distribution: NY (22.9%), CA (18.7%), TX (10.7%) Debt Service Coverage Ratio (DSCR): 1.79x Loan-to-Value (LTV): 62% Settlement Date: 5/27/2011 Lead Manager: Credit Suisse Co-Managers: Amherst Securities Group, L.P. and Deutsche Bank Securities
For additional information, please refer to the Fannie Mae GeMS REMIC Term Sheet (FNA 2011-M1 (http://www.fanniemae.com/mbs/pdf/gems_remic_term_sheet_051811.pdf)) available on Fannie Mae's Basics of Multifamily MBS (http://www.fanniemae.com/mbs/mbsmultifamily/index.jhtml?p=Mortgage-Backed+Securities&s=Basics+of+Multifamily+MBS) site at http://www.fanniemae.com.
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