WASHINGTON, Jan. 21, 2015 /PRNewswire/ -- Fannie Mae
(OTC Bulletin Board: FNMA) priced its first Multifamily
DUS® REMIC in 2015 totaling $1.22
billion under its Fannie Mae Guaranteed Multifamily
Structures (Fannie Mae GeMS™) program on January 14, 2015.
"We saw strong demand for FNA 2015-M1 despite the tough market
conditions. Rates are moving fast and there's a tremendous
amount of new issue paper out there. Investors have a lot of
choices – it is hard to get their focus – but this deal clearly
did," said Josh Seiff, Fannie Mae's
Vice President of Multifamily Capital Markets Trading. "No
other securitized product has a comparable requirement for lenders
to hold a first-loss piece – the DUS lender, the investor and
Fannie Mae all have an interest in the strong performance of the
underlying mortgage loans. This is evident in the
performance of DUS MBS over the last twenty some years and you can
see this in the resilience and liquidity of our GeMS deals in the
market."
All classes of FNA 2015-M1 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
|
ASQ1
|
$60,000,000
|
2.03
|
0.782
|
Fixed
|
E+5
|
100.00
|
ASQ2
|
$309,201,864
|
2.94
|
1.626
|
Fixed
|
S+26
|
101.00
|
X1
|
$369,201,864
|
2.79
|
3.833
|
WAC IO
|
Not
Offered
|
Not
Offered
|
A1
|
$99,809,000
|
5.66
|
2.177
|
Fixed
|
S+46
|
101.00
|
A2
|
$649,702,289
|
9.61
|
2.532
|
Fixed/AFC
|
S+52
|
101.00
|
AB1
|
$13,610,000
|
5.66
|
2.038
|
Fixed
|
S+56
|
99.75
|
AB2
|
$88,596,085
|
9.61
|
2.465
|
Fixed/AFC
|
S+60
|
99.75
|
X2
|
$851,717,374
|
9.09
|
0.444
|
WAC IO
|
Not
Offered
|
Not
Offered
|
Total
|
$1,220,919,238
|
|
|
|
|
|
Group 1
Collateral
|
|
|
|
UPB:
|
$369,201,864
|
Collateral:
|
91 Fannie Mae DUS
MBS
|
Geographic
Distribution:
|
NY (36%), CA (15%),
PA (14%)
|
Weighted
Average
|
|
Debt Service
Coverage Ratio (DSCR):
|
1.55x
|
Weighted
Average
|
|
Loan-to-Value
(LTV):
|
59.7%
|
|
|
|
|
Group 2
Collateral
|
|
|
|
UPB:
|
$851,717,374
|
Collateral:
|
65 Fannie Mae DUS
MBS
|
Geographic
Distribution:
|
CA (21%), VA (13%),
FL (10%)
|
Weighted
Average
|
|
Debt Service
Coverage Ratio (DSCR):
|
1.54x
|
Weighted
Average
|
|
Loan-to-Value
(LTV):
|
70.4%
|
|
|
|
|
Settlement
Date:
|
January 30,
2015
|
|
|
Lead
Manager:
|
Bank of America
Merrill Lynch
|
Co-Managers:
|
Citigroup and Goldman
Sachs & Co.
|
For additional information, please refer to the Fannie Mae GeMS
REMIC Term Sheet (FNA 2015-M1) 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
homes.
Visit us at: www.fanniemae.com/progress
Follow us on Twitter:
http://twitter.com/FannieMae.
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visit:http://www.prnewswire.com/news-releases/fannie-mae-prices-122-billion-multifamily-dus-remic-fna-2015-m1-under-its-fannie-mae-gems-program-300023693.html
SOURCE Fannie Mae