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Fannie Mae (OTC Bulletin Board: FNMA) recently announced that the company issued $7.1 billion of multifamily MBS in the first quarter of 2012, backed by new multifamily loans delivered by our lenders. Fannie Mae also resecuritized $2.6 billion of DUS MBS through its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMS™) program in the first quarter.

“The strength of the Agency CMBS market is evidenced by robust volumes coincident with improving credit quality,” said Kimberly Johnson, Fannie Mae Vice President of Multifamily Capital Markets. “Issuance in the first quarter of this year is up 44 percent over last year’s first quarter, and outstanding Multifamily MBS is nearly $110 billion. Resecuritization activity is also increasing. We are on pace to exceed $10 billion in GeMS issuance this year.”

“Fundamentals in the rental housing market remain strong. New construction is subdued and tight supply is supporting rent growth as vacancy rates continue to decline,” says Jeff Hayward, Fannie Mae Senior Vice President and Head of Multifamily.

Fannie Mae is the market leader in financing U.S. multifamily mortgages. The company’s DUS MBS securities provide market participants with easily-modeled 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 2012 include the following:

1) Multifamily MBS Backed By New Multifamily Acquisitions
New multifamily MBS business volumes in the first quarter of 2012 totaled $7.1 billion.

2) Fannie Mae GeMS Issuance
Issuance of Fannie Mae’s structured multifamily securities created from collateral selected by Fannie Mae Capital Markets totaled $2.6 billion in the first quarter of 2012, including $2.5 billion in Fannie Mae GeMS REMICs and $100 million in Fannie Mae GeMS Megas.

3) Fannie Mae Sales
Fannie Mae Capital Markets sold $2.8 billion of multifamily mortgage securities from its portfolio in the first quarter of 2012.

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