Fannie Mae Prices $900.95 Million Multifamily DUS REMIC (FNA 2015-M15) Under Its GeMS™ Program

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Nov 12, 2015, 09:15 ET

WASHINGTON, Nov. 12, 2015 /PRNewswire/ -- Fannie Mae (OTC Bulletin Board: FNMA) priced its tenth Multifamily DUS^® REMIC in 2015 totaling $900.95 million under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMS) program on November 6, 2015.

"With 68 loans in 25 states, a $9M average loan size, a 1.58 average DSCR and a 67% average LTV, the M-15, 10-year collateral group reflected the diversity and solid credit quality that has come to characterize the DUS program," said Josh Seiff, Fannie Mae's Vice President of Capital Markets and Trading. "Fannie Mae's unique multifamily risk-sharing model consistently generates high-quality collateral in a supply-heavy market."

All classes of FNA 2015-M15 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	$214,601,000	1.39	0.848	Fixed	E+7	99.88
ASQ2	$90,034,592	2.54	1.898	Fixed	S+31	101.00
X1	$304,635,592	1.35	4.323	WAC IO	Not Offered	Not Offered
A1	$65,043,000	5.72	2.623	Fixed	S+62	101.00
A2	$459,715,000	9.73	2.923	Fixed/AFC	S+80	99.24
AB1	$8,870,000	5.72	2.383	Fixed	S+62	99.75
AB2	$62,688,668	9.73	2.980	WAC	S+86	99.60
X2	$596,316,668	8.80	0.092	WAC IO	Not Offered	Not Offered
Total	$900,952,260

Group 1 Collateral

UPB:	$304,635,592
Collateral:	117 Fannie Mae DUS MBS
Geographic Distribution:	NY (44.1%), CA (10.2%), FL (6.2%)
Weighted Average
Debt Service Coverage Ratio (DSCR):	1.57x
Weighted Average
Loan-to-Value (LTV):	45.6%

Group 2 Collateral

UPB:	$596,316,668
Collateral:	67 Fannie Mae DUS MBS
Geographic Distribution:	CA (22.8%), FL (16.8%), VA (10.0%)
Weighted Average
Debt Service Coverage Ratio (DSCR):	1.58x
Weighted Average
Loan-to-Value (LTV):	66.9%


Settlement Date:	November 30, 2015


Lead Manager:	Goldman, Sachs & Co.
Co-Managers:	BofA Merrill Lynch
	Jefferies
	Loop Capital Markets

For additional information, please refer to the Fannie Mae GeMS REMIC Term Sheet (FNA 2015-M15) 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