Fannie Mae Prices $1.06 Billion Multifamily DUS REMIC (FNA 2015-M4) Under Its Fannie Mae GeMS™ Program

News provided by

Mar 16, 2015, 04:06 ET

WASHINGTON, March 16, 2015 /PRNewswire/ -- Fannie Mae (OTC Bulletin Board: FNMA) priced its third Multifamily DUS^® REMIC in 2015 totaling $1.06 billion under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMS) program on March 12, 2015.

"The bid for short duration, high quality paper is really strong right now," said Josh Seiff, Fannie Mae's Vice President of Capital Markets and Trading. "Fannie Mae has the only CRE lending program that has a fully built out risk retention program, aligning investors with lenders, and it shows in this kind of execution."

All classes of FNA 2015-M4 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	$393,055,092	3.34	0.385	Floater/ WAC Cap	1mL+21	100.00
SA	$393,055,092	2.37	5.187	Inverse IO	Not Offered	Not Offered
AV1	$43,618,683	3.76	2.013	Fixed	S+22	101.00
AV2	$542,473,854	6.84	2.509	Fixed/AFC	S+38	101.00
ABV1	$5,948,002	3.76	1.761	Fixed	S+32	99.75
ABV2	$73,973,708	6.84	2.369	Fixed/AFC	S+44	99.75
X2	$666,014,247	6.18	0.679	WAC IO	Not Offered	Not Offered
Total	$1,059,069,339

Group 1 Collateral

UPB:	$393,055,092
Collateral:	78 Fannie Mae DUS MBS
Geographic Distribution:	CA (28.0%), IL (9.8%), WA (9.1%)
Weighted Average
Debt Service Coverage Ratio (DSCR):	1.74x
Weighted Average
Loan-to-Value (LTV):	62.4%

Group 2 Collateral

UPB:	$666,014,247
Collateral:	74 Fannie Mae DUS MBS
Geographic Distribution:	CA (13.5%), CT (12.1%), CO (10.7%)
Weighted Average
Debt Service Coverage Ratio (DSCR):	1.91x
Weighted Average
Loan-to-Value (LTV):	65.6%

Settlement Date:	March 31, 2015

Lead Manager:	Morgan Stanley
Co-Managers:	Citigroup and BofA Merrill Lynch

For additional information, please refer to the Fannie Mae GeMS REMIC Term Sheet (FNA 2015-M4) 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.

SOURCE Fannie Mae