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Fannie Mae Prices $584 million Multifamily DUS REMIC under its GeMS(TM) Program


News provided by

Fannie Mae

18 May, 2011, 16:41 GMT

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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.

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