WASHINGTON (dpa-AFX) - Fannie Mae (FNMA.OB) said that it priced its second Multifamily DUS REMIC in 2011 totaling $594 million under its Fannie Mae Guaranteed Multifamily Structures or Fannie Mae GeMS program on June 17, 2011.
All classes of this security, FNA 2011-M2, are guaranteed by Fannie Mae with respect to the full and timely payment of interest and principal. Yield maintenance prepayment premiums apply to all underlying loans. The structure includes four fixed-rate sequential pay classes, a floating rate class, an inverse IO class and a WAC/IO class.
FNA 2011-M2 employs a structure not previously used in a Fannie Mae GeMS transaction. For the fixed rate classes, all unscheduled principal payments and associated prepayment premiums will be distributed first to the AB class, thus enhancing the cash flow stability of the A1, A2 and A3 classes.
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