The Federal National Mortgage Association’s quarterly securitizations of apartment loans tumbled from a year earlier. Business was up, however, on a quarter-over-quarter basis.
The secondary lender said its multifamily mortgage-backed securities issuance was $4.6 billion during the three months ended June 30.
Multifamily issuance leapt from the first quarter, when the Washington, D.C.-based company generated $3.5 billion in volume.
But activity sank compared to the second-quarter 2013 — a period when Fannie Mae multifamily issuances were $7.6 billion.
The second-quarter 2014 additionally included $3.2 billion in resecuritizations of DUS MBS through its Fannie Mae Guaranteed Multifamily Structures.
“The company’s DUS MBS securities provide market participants with highly predictable cash flows and call protection in defined maturities of five, seven and ten years,” the report stated. “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 and multifamily Mega securities.”
Separately, Freddie Mac announced a new offering of Structured Pass-Through Certificates. The McLean, Va.-based company said it expects to offer around $1.2 billion in these KÂ Certificates. The deal, which was expected to be priced on Monday, is expected to settle on Aug. 25.
Freddie said its life-to-date K Certificate securitizations now exceed $80 billion.
