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Fannie Mae Multifamily Kicks Off 2013 with Robust Issuance in the First Quarter

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By Andrew Wilson

Fannie Mae announced recently that the company issued approximately $8.2 billion1 of multifamily MBS in the first quarter of 2013, backed by new multifamily loans delivered by its lenders. Fannie Mae also resecuritized $3.2 billion of DUS® MBS through its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMS™) program in the first quarter.

“The momentum in the Agency CMBS market carried over year-end and into 2013, and DUS issuance continued to be robust in the first quarter,” says Kimberly Johnson, Senior Vice President of Multifamily Capital Markets, Fannie Mae. “Resecuritization activity has remained stable in the first quarter despite interest rate volatility, and we are on pace to exceed $10 billion in GeMS issuance this year.”

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 (ACES®) and multifamily Mega securities.

Highlights of Fannie Mae’s multifamily activity in the first quarter of 2013 include the following:

1) Multifamily MBS Backed by New Multifamily Acquisitions
New multifamily MBS business volumes in the first quarter of 2013 totaled approximately $8.2 billion.

2) Fannie Mae GeMS & Aces Issuance
Issuance of Fannie Mae’s structured multifamily securities created from collateral selected by Fannie Mae Capital Markets totaled $3.2 billion in the first quarter of 2013. This includes three Fannie Mae GeMS REMIC transactions. In addition, Fannie Mae issued one multifamily REMIC backed by $300 million of dealer-contributed DUS MBS in the first quarter of 2013, adding to the liquidity of Fannie Mae DUS MBS.

3) Fannie Mae Sales
Fannie Mae Capital Markets sold approximately $3.7 billion of multifamily mortgage securities from its portfolio in the first quarter of 2013.2

For more information, visit www.fanniemae.com.

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