Fannie Mae Prices $1.02 Billion Multifamily DUS REMIC (FNA 2014-M6) Under Its Fannie Mae GeMS™ Program

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Jun 20, 2014, 10:06 ET

WASHINGTON, June 20, 2014 /PRNewswire/ -- Fannie Mae (OTC Bulletin Board: FNMA) priced its sixth Multifamily DUS^® REMIC in 2014 totaling $1.02 billion under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMS) program on June 12, 2014.

"Last month's M5 deal featured a floating-rate bond created from seasoned Fixed+1 collateral. Investor response was tremendous, so we included a very similar structure in group one of the M6 deal. Group two used our standard sequential/support structure with 7-year fixed-rate collateral. Demand was very strong for both groups," said Josh Seiff, Fannie Mae Vice President of Multifamily Capital Markets. "We are very pleased with the execution of this deal and we are excited about the inclusion of our securities in Barclays' indices, beginning in July."

All classes of FNA 2014-M6 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	$586,689,568	3.11	0.442	Floater/ WAC Cap	S+29	99.97
SA	$586,689,568	2.15	5.073	WAC IO (Inverse)	Not offered	Not offered
A1	$38,462,000	3.50	1.829	Fixed	S+31	101.00
A2	$346,171,000	6.75	2.679	Fixed/AFC	S+33	101.00
AB1	$5,245,000	3.50	1.468	Fixed	S+40	99.50
AB2	$47,205,293	6.75	2.432	Fixed/AFC	S+41	99.00
X2	$437,083,293	5.97	0.304	WAC IO	Not offered	Not offered
Total	$1,023,772,861

Group 1 Collateral

UPB:	$586,689,568
Collateral:	128 Fannie Mae DUS MBS
Geographic Distribution:	CA (30.6%), TX (12.3%), WA (11.3%)
Weighted Average
Debt Service Coverage Ratio (DSCR):	1.78x
Weighted Average
Loan-to-Value (LTV):	62.3%



Group 2 Collateral

UPB:	$437,083,293
Collateral:	71 Fannie Mae DUS MBS
Geographic Distribution:	FL (18.4%), TX (14.7%), CA (14.1%)
Weighted Average
Debt Service Coverage Ratio (DSCR):	1.63x
Weighted Average
Loan-to-Value (LTV):	67.7%


Settlement Date:	June 30, 2014

Lead Manager:	Goldman, Sachs & Co.
Co-Managers:	BNP Paribas and Deutsche Bank

For additional information, please refer to the Fannie Mae GeMS REMIC Term Sheet (FNA 2014-M6) 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.

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SOURCE Fannie Mae