WASHINGTON, Oct. 17, 2014 /PRNewswire/ -- Fannie Mae
(OTC Bulletin Board: FNMA) priced its tenth Multifamily
DUS® REMIC in 2014 totaling $1.32
billion under its Fannie Mae Guaranteed Multifamily
Structures (Fannie Mae GeMS) program on October 10, 2014.
"FNA 2014-M12 is our second securitization of ARM
7-6™ collateral. The ARM 7-6 is an innovative product
that allows us to provide competitive floating-rate funding to
multifamily borrowers of all sizes. The flexibility is great for
borrowers, and the deal was well received by investors," said
Josh Seiff, Fannie Mae Vice
President of Multifamily Capital Markets.
All classes of FNA 2014-M12 are guaranteed by Fannie Mae with
respect to the full and timely payment of interest and
principal. The structure details for the multi-tranche
offering are in the table below:
|
Class
|
Original
Face
|
Weighted
Average Life
|
Coupon
(%)
|
Coupon
Type
|
Spread
|
Offered
Price
|
|
FA
|
$719,949,655
|
5.67
|
0.453
|
Floater/AFC
|
S+30
|
100.00
|
|
FX
|
$719,949,655
|
0.27
|
1.318
|
WAC IO
|
Not
Offered
|
Not
Offered
|
|
ASV1
|
$53,300,000
|
3.52
|
1.928
|
Fixed
|
S+28
|
101.00
|
|
ASV2
|
$548,180,025
|
6.73
|
2.614
|
Fixed/AFC
|
S+38
|
101.00
|
|
X2
|
$601,480,025
|
5.99
|
0.393
|
WAC IO
|
Not
Offered
|
Not
Offered
|
|
Total
|
$1,321,429,680
|
|
|
|
|
|
|
Group 1
Collateral
|
|
|
|
|
UPB:
|
$719,949,655
|
|
Collateral:
|
105 Fannie Mae DUS
MBS
|
|
Geographic
Distribution:
|
TX (32.0%), CA
(22.4%), TN (7.7%)
|
|
Weighted
Average
Debt Service Coverage Ratio (DSCR):
|
|
|
1.93x
|
|
Weighted
Average
|
|
|
Loan-to-Value
(LTV):
|
70.2%
|
|
|
|
|
|
Group 2
Collateral
|
|
|
|
|
UPB:
|
$601,480,025
|
|
Collateral:
|
52 Fannie Mae DUS
MBS
|
|
Geographic
Distribution:
|
IL (20.6%), CA
(17.6%), NY (9.1%)
|
|
Weighted
Average
Debt Service
Coverage Ratio (DSCR):
|
|
|
1.73x
|
|
Weighted
Average
Loan-to-Value
(LTV):
|
|
|
67.9%
|
|
|
|
|
|
Settlement
Date:
|
October 30,
2014
|
|
|
|
Lead
Manager:
|
Credit
Suisse
|
|
Co-Managers:
|
Citigroup and
Deutsche Bank Securities
|
For additional information, please refer to the Fannie Mae GeMS
REMIC Term Sheet (FNA 2014-M12) available on the Fannie Mae GeMS
Archive page on 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 Investor
Relations page of our Web site at www.fanniemae.com
and on the SEC's Web site at www.sec.gov.
Fannie Mae enables people to buy, refinance, or rent a
home.
Visit us at: www.fanniemae.com/progress
Follow us on Twitter:
http://twitter.com/FannieMae.
SOURCE Fannie Mae