Fannie Mae Delegated Underwriting and Servicing credit facilities structured and executed as mortgage-backed securities have been scarce, but there have been signs they may be making a comeback. PNC said recently it originated a $420 million Fannie Mae DUS MBS credit facility for Houston-based multifamily real estate investment trust Camden Property Trust. It represents the first Fannie Mae DUS credit facility of this type since 2007. The Pittsburgh-based PNC said the facility was structured using 11 separate Camden multifamily assets with a combined total of nearly 5,000 units located in California, Colorado, Georgia, Maryland and Texas.
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