Fannie Mae Shares Further Details on the LIBOR Transition

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Fannie Mae Shares Further Details on the LIBOR Transition

PR Newswire

WASHINGTON, Jan. 13, 2023

WASHINGTON, Jan. 13, 2023 /PRNewswire/ -- Fannie Mae (OTCQB: FNMA) today reminded the market, as announced on December 22, 2022, that it will transition its legacy LIBOR loans and securities to the SOFR-indexed benchmark replacements recommended by the Federal Reserve Board. Additionally, in alignment with the Federal Reserve Board's final rule pursuant to the Adjustable Interest Rate (LIBOR) Act and based on guidance from Fannie Mae's Conservator, the Federal Housing Finance Agency (FHFA), Fannie Mae will not include term SOFR as a benchmark for new loans or floating-rate securities.

As a result, Fannie Mae also will not take any steps to convert existing 30-day Average SOFR-indexed floating-rate loans or securities from the 30-day Average SOFR to term SOFR. The preceding sentences apply to the following products: Multifamily Adjustable-Rate Mortgages (ARMs) and related MBS, Single-Family and Multifamily Credit Risk Transfer (CRT) securities, Single-Family and Multifamily Collateralized Mortgage Obligations (CMOs), Stripped MBS (SMBS), and any other new floating rate loans or securities (excluding Single-Family ARMs and related MBS). The selected replacement index for each legacy LIBOR product can be found in the December 22 announcement.

Fannie Mae will update its LIBOR Transition webpages in the coming weeks.

About Fannie Mae

Fannie Mae advances equitable and sustainable access to homeownership and quality, affordable rental housing for millions of people across America. We enable the 30-year fixed-rate mortgage and drive responsible innovation to make homebuying and renting easier, fairer, and more accessible. To learn more, visit:
fanniemae.com | Twitter | Facebook | LinkedIn | Instagram | YouTube | Blog

Fannie Mae Newsroom
https://www.fanniemae.com/news

Photo of Fannie Mae
https://www.fanniemae.com/resources/img/about-fm/fm-building.tif

Fannie Mae Resource Center
1-800-2FANNIE (800-232-6643)

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/fannie-mae-shares-further-details-on-the-libor-transition-301720996.html

SOURCE Fannie Mae

Copyright CNW Group 2023

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