Fannie Mae Prices $1.32 Billion Multifamily DUS REMIC (FNA 2014-M12) Under Its Fannie Mae GeMS™ Program

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Oct 17, 2014, 09:00 ET

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):
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.

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SOURCE Fannie Mae