""Fannie Mae"":http://www.fanniemae.com/ announced Monday that it provided $16.9 billion in debt financing for the rental housing market in 2010, through around 2,300 multifamily mortgage loans for 306,000 rental units across the nation.
[IMAGE]The company's mortgage backed securities execution accounted for 97 percent of total production, up from 81 percent of total production in 2009. And Fannie Mae's Delegated Underwriting and Servicing (DUS) system delivered $16.4 billion of the company's financing last year.
[COLUMN_BREAK]According to Fannie Mae's Web site, a DUS is ""an MBS option that provides prepayment protection to investors. The DUS MBS offers competitive yields and liquidity, as well.""
""We congratulate the DUS lenders for delivering solid results during this period of dynamic market and economic change,"" said Ken Bacon, EVP of Fannie Mae's Multifamily Mortgage Business. ""For 25 years, Fannie Mae has played a significant role in the multifamily rental housing market, providing effective, reliable financing solutions that help lenders and borrowers succeed. We continue to demonstrate our commitment to multifamily financing and providing housing to America's working families.""
About 91 percent of the multifamily units financed by the company last year were affordable to families who were at or below the median income of their communities.
Around $5.5 billion of the total 2010 investment went to large loans and structured loans (loans $25 million or higher), $2.4 billion went to small loans (up to $3 million, or $5 million in high cost areas). About $830 million went toward providing financing for rent-restricted properties for people earning 60 percent or less of their community's median income.