WASHINGTON, November 9, 2011 /PRNewswire/ --
Fannie Mae (OTC Bulletin Board: FNMA) priced its seventh Multifamily DUS REMIC in 2011 totaling $719 million under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMS™) program on November 8, 2011.
"The deal cleared quickly and priced well. Demand for securities with high credit quality and low spread volatility remains strong. We continue to see new participants investing in Agency CMBS," said Kimberly Johnson, Vice President of Multifamily Capital Markets.
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 in the table below.
Weighted Average Coupon Offered Class CUSIP Original Face Life Coupon Type Spread Price Fixed A1 3136A1W76 $75,001,834 5.40 1.977 Rate +53 100.50 Fixed A2 3136A16X8 $397,772,166 9.70 2.922 Rate +72 100.50 Fixed AB 3136A16Y6 $64,469,874 9.02 2.905 Rate +88 99.75 1mo L+70 Floating FA 3136A16Z3 $181,799,413 9.02 7.0% Cap Rate +70 100.00 Inverse Interest Not Not SA 3136A17A7 $181,799,413 8.59 n/a Only offered offered Interest Not Not X 3136A17B5 $719,043,287 8.60 n/a Only offered 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
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 Investor Relations 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