Fannie Mae issued approximately $3.5 billion of multifamily mortgage-backed securities (MBS) in the first quarter of 2014, the company said in a press release Monday. The securities are backed by new multifamily loans delivered by the company's lenders.
The company also resecuritized $3.3 billion of DUS MBS through its Fannie Mae Guaranteed Multifamily Structures (GeMS) program in Q1 2014.
The GeMS program is made up of "structured multifamily securities created from collateral specifically selected by Fannie Mae Capital Markets," the company said. Features of the program include block size transactions, collateral diversity, and pricing close to par through Fannie Mae's multifamily real estate mortgage investment conduits (REMICs).
"We continued to be a consistent issuer of structured securities through our GeMS program, with higher issuance in Q1 2014 than Q1 2013, despite the broader market slowdown," said Manny Menendez, SVP of Multifamily Capital Markets and Pricing for Fannie Mae.
Fannie Mae Capital Markets sold roughly $3.9 billion of Fannie Mae multifamily mortgage securities in the first quarter of 2013.