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.
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.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/fannie-mae-prices-115-billion-multifamily-dus-remic-fna-2015-m3-under-its-fannie-mae-gems-program-300039679.html
SOURCE Fannie Mae