FEDERAL NATIONAL MORTGAGE ASSCTN FNNI ME October 28, 2014
Fannie Mae Multifamily MBS Issuance Nearly Doubled in the Third Quarter of 2014 Callie Dosberg 202-752-3117WASHINGTON, DC - Fannie Mae (FNMA/OTC) announced today that, in the third quarter, the company issued approximately $9.1 billion1of multifamily MBS backed by new multifamily loans delivered by its lenders, which is nearly double the volume issued in the second quarter of 2014. Fannie Mae also resecuritized $3.1 billion of DUS® MBS through its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMS™) program in the third quarter of the year.
"We are extremely pleased to report approximately $9.1 billion in Fannie Mae multifamily MBS for the third quarter," said Hilary Provinse, Senior Vice President for Multifamily Customer Engagement, Fannie Mae. "With the continued solid performance of our multifamily MBS and steady multifamily fundamentals, the third quarter presented a great opportunity for Fannie Mae to provide increased liquidity to the market."
The company's DUS MBS securities provide market participants with highly predictable cash flows and call protection in defined maturities of five, seven and ten years. Fannie Mae's GeMS program consists of structured multifamily securities created from collateral specifically selected by Fannie Mae Capital Markets. Features of Fannie Mae GeMS have included block size transactions, collateral diversity and pricing close to par through Fannie Mae's multifamily REMICs and multifamily Mega securities.
Highlights of Fannie Mae's multifamily activity in the third quarter of 2014 include the following:
1) MULTIFAMILY MBS BACKED BY NEW MULTIFAMILY ACQUISITIONS
New multifamily MBS business volumes in the third quarter of 2014 totaled approximately $9.1 billion.
2) FANNIE MAE GeMS ISSUANCE
Issuance of Fannie Mae's structured multifamily securities created from collateral selected by Fannie Mae Capital Markets totaled $3.1 billion in the third quarter of 2014. This issuance volume was generated from three Fannie Mae GeMS REMIC transactions. Through the third quarter of 2014, we have issued approximately $9.5 billion in GeMS REMICs. In addition, Fannie Mae issued one multifamily REMIC backed by $622.2 million of dealer-contributed DUS MBS in the third quarter of 2014, adding to the liquidity of Fannie Mae DUS MBS.
3) FANNIE MAE SALES
Fannie Mae Capital Markets sold $3.3 billion of Fannie Mae multifamily mortgage securities from its portfolio in the third quarter of 2014.2
For additional information about Fannie Mae's multifamily MBS products and issuance please refer to the Multifamily MBS webpage and the MBSenger® Publication "Over Twenty Years of Multifamily Mortgage Financing Through Fannie Mae's DUS Program" on FannieMae.com.
Fannie Mae GeMS Issuance in the Third Quarter of 2014
FNA 2014-M10, Priced on September 10, 2014
Class | Original Face | Weighted Average Life | Coupon (%) | Coupon Type | Spread | Offered Price |
ASQ1 | $152,963,000 | 3.13 | 1.518 | Fixed | S+20 | 99.94 |
ASQ2 | $833,442,248 | 4.99 | 2.171 | Fixed/AFC | S+23 | 100.00 |
X1 | $986,405,248 | 4.25 | 0.110 | WAC IO | T+50, 100CPY | 0.45 |
Total | $986,405,248 |
Lead Manager: Goldman, Sachs & Co.
Co-Managers: BofA Merrill Lynch and Barclays
FNA 2014-M9, Priced on August 13, 2014
Class | Original Face | Weighted Average Life | Coupon (%) | Coupon Type | Spread |
Offered |
ASQ1 | $75,241,882 | 1.82 | 0.678 | Fixed | E+5 | 100.00 |
ASQ2 | $426,370,666 | 2.42 | 1.462 | Fixed | S+18 | 101.00 |
X1 | $501,612,548 | 2.33 | 4.243 | WAC IO | Not Offered | Not Offered |
A1 | $57,767,509 | 5.86 | 2.511 | Fixed | S+37 | 101.00 |
A2 | $336,509,265 | 9.85 | 3.103 | Fixed/AFC | S+43 | 101.00 |
AB1 | $7,877,387 | 5.86 | 2.388 | Fixed | S+48 | 99.75 |
AB2 | $45,887,627 | 9.85 | 3.055 | Fixed/AFC | S+53 | 99.75 |
X2 | $448,041,788 | 8.83 | 0.266 | WAC IO | Not Offered | Not Offered |
Total | $949,654,336 |
Lead Manager: Morgan Stanley
Co-Managers: BNP Paribas and Credit Suisse
FNA 2014-M8, Priced July 11, 2014
Class | Original Face | Weighted Average Life | Coupon (%) | Coupon Type | Spread | Offered Price |
FA | $733,295,597 | 3.55 | 0.433 | Floater/ WAC Cap | 1mL+25 | 100.00 |
SA | $733,295,597 | 2.59 | 4.731 | Inverse IO | 1.75 ytf, 100CPY | 10.23 |
A1 | $58,189,598 | 5.30 | 2.382 | Fixed | S+32 | 101.00 |
A2 | $305,856,690 | 9.80 | 3.110 | Fixed/AFC | S+34 | 101.00 |
AB1 | $6,465,511 | 5.30 | 2.164 | Fixed | S+38 | 99.50 |
AB2 | $33,984,076 | 9.80 | 2.975 | Fixed | S+40 | 99.00 |
X2 | $404,495,875 | 8.67 | 0.494 | WAC IO | J+100 | 3.29 |
Total | $1,137,791,472 |
Lead Manager: Deutsche Bank
Co-Managers: Citigroup and Wells Fargo
1 Reflects unpaid principal balance of multifamily Fannie Mae MBS issued during the period. The number excludes Fannie Mae portfolio resecuritization transactions and conversions of adjustable-rate loans to fixed-rate loans and DMBS securities to MBS securities.
2 Includes Fannie Mae GeMS sold and excludes sales of CMBS.
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