Fannie Mae's final multifamily issuance numbers for 2011 are in and they reflect a 50% increase from the previous year, according to an executive at the government-sponsored enterprise.
“We didn't see liquidity dry up over yearend as we sometimes do, so I think that's a real positive for the market,” Kimberly Johnson, vice president of multifamily capital markets at Fannie, told this publication when asked what the flow of issuance during the year was like.
Total new multifamily issuance for 2011 was generally in the range previously expected at $23.8 billion, up from $16.4 billion in 2010. Fannie Mae also resecuritized $6 billion of delegated underwriting and servicing (DUS) MBS through its Fannie Mae Guaranteed Multifamily Structures (GeMS) program in 2011.
GeMS issuance was somewhat steady throughout the course of last year, with a fairly large amount in the second half, said Johnson.
She said that she currently expects an increased number of larger GeMS deals this year and that there will be more regular monthly issuance. Right now it looks like new issue DUS will probably be in the same range in 2012, according to Johnson.
