Fannie Mae Prices $1.15 Billion Multifamily DUS REMIC (FNA 2015-M3) Under Its Fannie Mae GeMS™ Program

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Feb 23, 2015, 11:38 ET

WASHINGTON, Feb. 23, 2015 /PRNewswire/ -- Fannie Mae (OTC Bulletin Board: FNMA) priced its second Multifamily DUS^® REMIC in 2015 totaling $1.15 billion under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMS) program on February 12, 2015.

"The M3 performed well in this market and we believe it is because of the Fannie Mae Multifamily model," said Josh Seiff Fannie Mae's Vice President of Capital Markets and Trading. "Unlike a conduit, Fannie Mae shares risk with its DUS^® lenders through the life of the loans – that model has worked for more than 25 years. We're also the largest Agency multifamily securitization platform. Investors clearly appreciate risk retention and experience. That showed in the way this deal cleared the market. We had more than three dozen investors in the deal, even though the market was crowded with other new issuance."

All classes of FNA 2015-M3 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	$315,891,089	3.10	0.392	Floater/ WAC Cap	1mL+22	100.00
SA	$315,891,089	2.14	4.777	Inverse IO	Not Offered	Not Offered
A1	$98,113,000	5.44	2.301	Fixed	S+36	101.00
A2	$639,223,000	9.66	2.723	Fixed	S+50	101.00
AB1	$13,380,000	5.44	2.141	Fixed	S+45	99.75
AB2	$87,166,295	9.66	2.625	Fixed	S+55	99.75
X2	$837,882,295	8.66	0.388	WAC IO	Not Offered	Not Offered
Total	$1,153,773,384

Group 1 Collateral

UPB:	$315,891,089
Collateral:	54 Fannie Mae DUS MBS
Geographic Distribution:	CA (58.4%), WA (7.8%), NY (6.4%)
Weighted Average
Debt Service Coverage Ratio (DSCR):	1.79x
Weighted Average
Loan-to-Value (LTV):	61.5%



Group 2 Collateral

UPB:	$837,882,295
Collateral:	70 Fannie Mae DUS MBS
Geographic Distribution:	CA (15.4%), VA (15.3%), WA (11.6%)
Weighted Average
Debt Service Coverage Ratio (DSCR):	1.74x
Weighted Average
Loan-to-Value (LTV):	66.5%


Settlement Date:	February 27, 2015

Lead Manager:	Goldman Sachs & Co.
Co-Managers:	Deutsche Bank and Wells Fargo

For additional information, please refer to the Fannie Mae GeMS REMIC Term Sheet (FNA 2015-M3) 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