Fannie Mae Prices $1.04 Billion Multifamily DUS REMIC (FNA 2015-M8) Under Its GeMS Program

May 18, 2015

WASHINGTON, D.C. – May 18, 2015 – (RealEstateRama) — Fannie Mae (FNMA/OTC) priced its fifth Multifamily DUS® REMIC in 2015 totaling $1.04 billion under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMS™) program on May 12, 2015.

“Rate volatility and supply were the big themes this week. Nevertheless, FNA 2015-M8 received good focus from a variety of investors,” said Josh Seiff, Fannie Mae’s Vice President of Capital Markets and Trading. “Nearly 30 investors participated in the deal – great recognition of the strong credit quality and relative value this deal offered.”

All classes of FNA 2015-M8 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	$332,214,052	3.12	0.356	Floater/ WAC Cap	S+17	100.00
SA	$332,214,052	5.11	5.113	Inverse IO	Not Offered	Not Offered
A1	$91,141,000	5.49	2.344	Fixed	S+32	101.00
A2	$525,395,000	9.59	2.900	Fixed/AFC	S+51	100.75
AB1	$12,701,000	5.49	2.097	Fixed	S+32	99.75
AB2	$71,644,844	9.59	2.829	Fixed/AFC	S+56	99.75
X2	$702,881,844	8.55	0.285	WAC IO	Not Offered	Not Offered
TOTAL	$1,035,095,896

Group 1 Collateral

UPB:                                                                    $332,214,052
Collateral:                                                          93 Fannie Mae DUS MBS
Geographic Distribution:                                NY (15.6%), CA (13.9%), PA (10.6%)
Weighted Average
Debt Service Coverage Ratio (DSCR):         1.52x
Weighted Average
Loan-to-Value (LTV):                                         61.1%

Group 2 Collateral

UPB:                                                                     $702,881,844
Collateral:                                                           76 Fannie Mae DUS MBS
Geographic Distribution:                                 MD (13.8%), TX (11.3%), NY (10.3%)
Weighted Average
Debt Service Coverage Ratio (DSCR):         1.46x
Weighted Average
Loan-to-Value (LTV):                                         71.1%

Settlement Date: May 29, 2015

Lead Manager: Credit Suisse Securities
Co-Managers: Jefferies

Morgan Stanley

Great Pacific Securities

For additional information, please refer to the Fannie Mae GeMS REMIC Term Sheet (FNA 2015-M8) 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 Relationspage 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: http://www.fanniemae.com/progress.

by Pete Bakel