Smith Barney Inc. - Fannie Mae
PROSPECTUS SUPPLEMENT(To Prospectus dated June 14, 1996) 200,000,000Guaranteed REMIC Pass-Through CertiÑcatesFannie Mae REMIC Trust 1997-27The Guaranteed REMIC Pass-Through CertiÑcates oÅered hereby (the ""REMIC CertiÑcates'') will represent beneÑcial ownership interests in oneof two trust funds. The REMIC CertiÑcates, other than the RL Class, will represent beneÑcial ownership interests in Fannie Mae REMIC Trust 1997-27(the ""Trust''). The assets of the Trust will consist of the ""regular interests'' in a separate trust fund (the ""Lower Tier REMIC''). The assets of theLower Tier REMIC will consist of certain Fannie Mae Guaranteed Mortgage Pass-Through CertiÑcates (the ""MBS''). Each MBS represents abeneÑcial interest in a pool (each, a ""Pool'') of Ñrst lien, single-family, Ñxed-rate residential mortgage loans (the ""Mortgage Loans'') having thecharacteristics described herein. The CertiÑcates will be issued and guaranteed as to timely distribution of principal and interest by Fannie Mae.Certain of the Classes of REMIC CertiÑcates may, upon notice and payment of an exchange fee, be exchanged for one Class (the ""RCR Class'') ofCombinable and Recombinable REMIC CertiÑcates (""RCR CertiÑcates'') as provided herein. Each RCR CertiÑcate issued in such an exchange willrepresent a beneÑcial ownership interest in, and will entitle the Holder thereof to receive a proportionate share of the distributions on, the related Classesof REMIC CertiÑcates. The characteristics of the RCR Class are set forth in Schedule 1 hereto. As used herein, unless the context requires otherwise,the term ""CertiÑcates'' includes REMIC CertiÑcates and RCR CertiÑcates and the term ""Classes'' includes the Classes of REMIC CertiÑcates and theClass of RCR CertiÑcates. See ""Combination and Recombination'' herein and Schedule 1 hereto.Investors should not purchase the CertiÑcates before reading this Prospectus Supplement and the additional Disclosure Documents listed at thebottom of page S-2.See ""Additional Risk Factors'' on page S-7 hereof and ""Risk Factors'' beginning on page 8 of the REMIC Prospectusattached hereto for a discussion of certain risks that should be considered in connection with an investment in theCertiÑcates.(Cover continued on next page)THE CERTIFICATES MAY NOT BE SUITABLE INVESTMENTS FOR ALL INVESTORS. NO INVESTOR SHOULD PURCHASECERTIFICATES UNLESS SUCH INVESTOR UNDERSTANDS AND IS ABLE TO BEAR THE PREPAYMENT, YIELD, LIQUIDITY ANDOTHER RISKS ASSOCIATED WITH SUCH CERTIFICATES.THE CERTIFICATES, TOGETHER WITH ANY INTEREST THEREON, ARE NOT GUARANTEED BY THE UNITED STATES. THEOBLIGATIONS OF FANNIE MAE UNDER ITS GUARANTY OF THE CERTIFICATES ARE OBLIGATIONS SOLELY OF FANNIEMAE AND DO NOT CONSTITUTE AN OBLIGATION OF THE UNITED STATES OR ANY AGENCY ORINSTRUMENTALITY THEREOF OTHER THAN FANNIE MAE. THE CERTIFICATES ARE EXEMPT FROMTHE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT OF 1933 AND ARE ""EXEMPTEDSECURITIES'' WITHIN THE MEANING OF THE SECURITIES EXCHANGE ACT OF (2)Interest InterestRate Type(2)CUSIPNumberFinalDistributionDateA ÏÏÏÏÏB ÏÏÏÏÏBF ÏÏÏÏÏBG ÏÏÏÏÏBK ÏÏÏÏÏBL ÏÏÏÏÏBP ÏÏÏÏÏC ÏÏÏÏÏD ÏÏÏÏÏE ÏÏÏÏÏZ ÏÏÏÏÏ .00% IX7.00FIX7.00FIX7.50 FIX/Z31359N P 5 431359N P 6 231359N P 7 031359N P 8 831359N P 9 631359N Q 2 031359N Q 3 831359N Q 4 631359N Q 5 331359N Q 6 131359N Q 7 9September 2021February 2025June 2023December 2023May 2024September 2024February 2025February 2002November 2007April 2012April TLNTLCPTNTLSUPSUPSEQNPRNPRClass(1)G ÏÏÏÏÏS ÏÏÏÏÏSA ÏÏÏÏÏF ÏÏÏÏÏSC ÏÏÏÏÏHAÏÏÏÏÏHB ÏÏÏÏÏJ ÏÏÏÏÏR ÏÏÏÏÏRL ÏÏÏÏÏ Interest InterestRate tionDate31359N Q 8 731359N Q 9 531359N R 2 931359N R 3 731359N R 4 531359N R 5 231359N R 6 031359N R 7 831359N R 8 631359N R 9 4April 2012February 2025January 2023February 2025February 2025June 2021January 2023April 2027April 2027April 2027(1) The RCR Class is set forth on Schedule 1 hereto.(2) See ""Description of the CertiÑcatesÌClass DeÑnitions and Abbreviations'' in the REMIC Prospectus and ""Description of the CertiÑcatesÌDistributions of Interest''and ""ÌDistributions of Principal'' herein.(3) The G, S, SA and SC Classes will be Notional Classes, will not have principal balances and will bear interest on their notional principal balances (initially, 1,807,333, 26,025,000, 28,850,000 and 54,875,000, respectively). The notional principal balances of the Notional Classes will be calculated based upon the principal balances ofthe Classes speciÑed herein. See ""Description of the CertiÑcatesÌDistributions of InterestÌNotional Classes'' herein.(4) These Classes will bear interest based on ""LIBOR'' as described under ""Description of the CertiÑcatesÌDistributions of Interest'' herein and ""Description of theCertiÑcatesÌIndices Applicable to Floating Rate and Inverse Floating Rate Classes'' in the REMIC Prospectus.(5) These Classes will be Principal Only Classes and will bear no interest.The CertiÑcates will be oÅered by Smith Barney Inc. (the ""Dealer'') from time to time in negotiated transactions, at varying prices to be determinedat the time of sale.The CertiÑcates will be oÅered by the Dealer, subject to issuance by Fannie Mae and to prior sale or to withdrawal or modiÑcation of the oÅerwithout notice, when, as and if delivered to and accepted by the Dealer, and subject to approval of certain legal matters by counsel. It is expected that theCertiÑcates, except for the R and RL Classes, will be available through the book-entry facilities of The Depository Trust Company on or about March 27,1997 (the ""Settlement Date''). It is expected that the R and RL Classes in registered, certiÑcated form will be available for delivery at the oÇces of theDealer, New York, New York, on or about the Settlement Date.Smith Barney Inc.March 7, 1997
(Cover continued from previous page)The yield to investors in the Classes will be sensitive in varying degrees to, among other things, the rate ofprincipal distributions on the MBS, which in turn will be determined by the rate of principal payments of theMortgage Loans and the characteristics of the Mortgage Loans. The yield to investors in each Class will also besensitive to the purchase price paid for such Class and, in the case of any Floating Rate or Inverse Floating RateClass, Öuctuations in the level of the Index (as deÑned herein). Accordingly, investors should consider thefollowing risks:‚ The Mortgage Loans generally may be prepaid at any time without penalty, and, accordingly, the rateof principal payments thereon is likely to vary considerably from time to time.‚ Slight variations in Mortgage Loan characteristics could substantially aÅect the weighted averagelives and yields of some or all of the Classes.‚ In the case of any CertiÑcates purchased at a discount to their principal amounts (including thePrincipal Only Class), a slower than anticipated rate of principal payments is likely to result in alower than anticipated yield.‚ In the case of any CertiÑcates purchased at a premium to their principal amounts, a faster thananticipated rate of principal payments is likely to result in a lower than anticipated yield.‚ In the case of any Interest Only Class, a faster than anticipated rate of principal payments is likely toresult in a lower than anticipated yield and, in certain cases, an actual loss on the investment.‚ The yield on any Floating Rate or Inverse Floating Rate Class will be sensitive to the level of the Index.See ""Description of the CertiÑcatesÌDistributions of InterestÌFloating Rate and Inverse FloatingRate Classes'' herein.See ""Risk FactorsÌYield Considerations'' in the REMIC Prospectus and ""Additional Risk FactorsÌAdditionalYield and Prepayment Considerations'' and ""ÌYield Tables'' herein.In addition, investors should purchase CertiÑcates only after considering the following:‚ The actual Ñnal payment of any Class will likely occur earlier, and could occur much earlier, than theFinal Distribution Date for such Class speciÑed on the cover page. See ""Description of the CertiÑcatesÌWeighted Average Lives of the CertiÑcates'' herein and ""Description of the CertiÑcatesÌWeighted Average Life and Final Distribution Dates'' in the REMIC Prospectus.‚ The rate of principal distributions of the CertiÑcates is uncertain and investors may be unable toreinvest the distributions thereon at yields equaling the yields on the CertiÑcates. See ""RiskFactorsÌSuitability and Reinvestment Considerations'' in the REMIC Prospectus.‚ Investors whose investment activities are subject to legal investment laws and regulations or to reviewby regulatory authorities may be subject to restrictions on investment in certain Classes of theCertiÑcates. Investors should consult their legal advisors to determine whether and to what extent theCertiÑcates constitute legal investments or are subject to restrictions on investment. See ""LegalInvestment Considerations'' in the REMIC Prospectus.‚ The Dealer intends to make a market for the CertiÑcates but is not obligated to do so. There can be noassurance that such a secondary market will develop or, if developed, that it will continue. Thus,investors may not be able to sell their CertiÑcates readily or at prices that will enable them to realizetheir anticipated yield. No investor should purchase CertiÑcates unless such investor understands andis able to bear the risk that the value of the CertiÑcates will Öuctuate over time and that theCertiÑcates may not be readily salable.These securities have not been approved or disapproved by the Securities and Exchange Commission or any statesecurities commission nor has the Securities and Exchange Commission or any state securities commission passed upon theaccuracy or adequacy of this Prospectus Supplement, the REMIC Prospectus or the MBS Prospectus. Any representation tothe contrary is a criminal oÅense.Elections will be made to treat the Lower Tier REMIC and the Trust as ""real estate mortgage investment conduits''(""REMICs'') pursuant to the Internal Revenue Code of 1986, as amended (the ""Code''). The R and RL Classes will besubject to transfer restrictions. See ""Description of the CertiÑcatesÌCharacteristics of the R and RL Classes'' and ""CertainAdditional Federal Income Tax Consequences'' herein, and ""Description of the CertiÑcatesÌAdditional Characteristics ofResidual CertiÑcates'' and ""Certain Federal Income Tax Consequences'' in the REMIC Prospectus.Investors should purchase the CertiÑcates only if they have read and understood this Prospectus Supplement and thefollowing documents (collectively, the ""Disclosure Documents''):‚ Fannie Mae's Prospectus for Guaranteed REMIC Pass-Through CertiÑcates dated June 14, 1996 (the ""REMICProspectus''), which is attached to this Prospectus Supplement;‚ Fannie Mae's Prospectus for Guaranteed Mortgage Pass-Through CertiÑcates dated January 1, 1997 (the ""MBSProspectus''); and‚ Fannie Mae's Information Statement dated February 22, 1996 and any supplements thereto (collectively, the""Information Statement'').The MBS Prospectus and the Information Statement are incorporated herein by reference and may be obtained fromFannie Mae by writing or calling its MBS Helpline at 3900 Wisconsin Avenue, N.W., Area 2H-3S, Washington, D.C. 20016(telephone 1-800-BEST-MBS or 202-752-6547). Such documents may also be obtained from Smith Barney Inc. by writing orcalling its Prospectus Department at Brooklyn Army Terminal, 140 58th Street, 8th Floor, Brooklyn, New York 11220(telephone 718-921-8466).S-2
TABLE OF CONTENTSPagePageReference SheetÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏS- 4Accrual Amount ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏS-14Additional Risk Factors ÏÏÏÏÏÏÏÏÏÏÏÏS- 7Cash Flow DistributionAmount Additional Yield and ÏÏÏÏÏÏS- 7Structuring Assumptions ÏÏÏÏÏÏÏÏÏÏÏS-16Description of the CertiÑcates ÏÏÏÏÏS- 7Pricing Assumptions ÏÏÏÏÏÏÏÏÏÏÏÏÏS-16General ÏÏS- 7Prepayment Assumptions �ÏÏÏÏÏÏÏÏÏÏÏÏÏÏS- 7Structuring Range ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏS-16Fannie Mae Guaranty ÏÏÏÏÏÏÏÏÏÏÏÏS- 7Initial EÅective Range ÏÏÏÏÏÏÏÏÏÏÏÏS-17Characteristics of CertiÑcatesÏÏÏÏÏÏS- 8Authorized Denominations ÏÏÏÏÏÏÏÏS- 8Principal Balance Schedules ÏÏÏÏÏÏÏÏS-18Distribution Dates ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏS- 8Yield Tables Record Date ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏS- 8General S-19REMIC Trust Factors ÏÏÏÏÏÏÏÏÏÏÏÏS- 8The Interest Only Classes ÏÏÏÏÏÏÏÏÏS-19Optional Termination ÏÏÏÏÏÏÏÏÏÏÏÏS- 8The Principal Only Classes and theH Class Liquid Asset ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏS- 9Combination and Recombination ÏÏÏÏS- 9Weighted Average Lives of theCertiÑcates neral S- 9Decrement edures ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏS- 9Additional ConsiderationsÏÏÏÏÏÏÏÏÏS- 9Characteristics of the R andRL Classes ok-Entry Procedures ÏÏÏÏÏÏÏÏÏÏÏÏÏS-10General S-10Certain Additional Federal IncomeTax Consequences ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏS-26Method of Distribution ÏÏÏÏÏÏÏÏÏÏÏS-10The MBS S-10REMIC Elections and Special TaxAttributes Distributions of Interest ÏÏÏÏÏÏÏÏÏÏÏÏS-11Taxation of BeneÑcial Owners ofRegular CertiÑcates ÏÏÏÏÏÏÏÏÏÏÏÏÏÏS-27Categories of Classes ÏÏÏÏÏÏÏÏÏÏÏÏÏS-11General S-11Taxation of BeneÑcial Owners ofResidual CertiÑcates ÏÏÏÏÏÏÏÏÏÏÏÏÏS-27Interest Accrual Periods ÏÏÏÏÏÏÏÏÏÏS-12Accrual Class on of BeneÑcial Owners ofRCR CertiÑcates ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏS-27Notional Classes ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏS-12General S-27Floating Rate and Inverse FloatingRate Classes ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏCombination RCR Class �ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏS-28Calculation of LIBOR ÏÏÏÏÏÏÏÏÏÏÏÏÏÏS-13Distributions of Principal ÏÏÏÏÏÏÏÏÏÏÏS-13Plan of tegories of Classes andComponents ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏGeneral S-28S-13Increase in CertiÑcates ÏÏÏÏÏÏÏÏÏÏÏS-28Components l Matters incipal Distribution Amount ÏÏÏÏS-14Schedule 1 A- 1S-3
REFERENCE SHEETThis reference sheet is not a summary of the REMIC transaction and it does not containcomplete information about the CertiÑcates. Investors should purchase the CertiÑcatesonly after reading this Prospectus Supplement and each of the additional DisclosureDocuments described herein in their entirety.Assumed Characteristics of the Mortgage Loans (as of March 1, d AverageRemaining Termto Maturity(in months)ApproximateCalculatedLoan Age(in months) mateWeightedAverage Coupon8.125%8.1008.100The actual remaining terms to maturity, calculated loan ages and interest rates of most of theMortgage Loans will diÅer from the weighted averages shown above, perhaps signiÑcantly. See""Description of the CertiÑcatesÌStructuring AssumptionsÌPricing Assumptions'' herein.Combination and RecombinationHolders of certain Classes of REMIC CertiÑcates will be entitled, upon notice and payment of anexchange fee, to exchange all or a portion of such Classes for a proportionate interest in the RCR Classin the proportions and combinations set forth on Schedule 1 hereto. The Holders of the RCR Classwill be entitled to receive distributions of principal and interest from the related Classes of REMICCertiÑcates. See ""Description of the CertiÑcatesÌCombination and Recombination'' herein. Schedule 1 sets forth the available combination of the Classes of REMIC CertiÑcates and the RCR Class.Interest RatesThe Fixed Rate Classes will bear interest at the applicable per annum interest rates set forth onthe cover.The Floating Rate and Inverse Floating Rate Classes will bear interest during the initial InterestAccrual Period at the initial interest rates speciÑed below, and will bear interest during each InterestAccrual Period thereafter, subject to the applicable maximum and minimum interest rates, at ratesdetermined as described below:ClassF ÏÏÏÏÏÏÏS 0%0.00%0.00%0.00%Formula forCalculation ofInterest RateLIBOR 7.5%7.5%8.5%50 basis points¿ LIBOR¿ LIBOR¿ LIBORSee ""Description of the CertiÑcatesÌDistributions of InterestÌFloating Rate and Inverse FloatingRate Classes'' herein.S-4
Notional ClassesThe notional principal balance of each Notional Class will be equal to the indicated percentage ofthe outstanding principal balance of each applicable Class or Component speciÑed below immediatelyprior to the related Distribution Date.Percentage ofPrincipal Balance ofClass or ComponentClassG ÏÏÏÏS ÏÏÏÏSA ÏÏÏÏSC ÏÏÏÏ10.0000000000% of6.6666666667% of6.6666666667% of100% of100% of100% of100% of100% of100% ofC ClassD ClassE ClassF1 ComponentF3 ComponentF2 ComponentF1 ComponentF2 ComponentF3 ComponentSee ""Description of the CertiÑcatesÌDistributions of InterestÌNotional Classes'' and ""ÌYieldTablesÌThe Interest Only Classes'' herein.Component ClassesF1 Component ÏÏÏÏÏÏÏÏÏF2 Component ÏÏÏÏÏÏÏÏÏF3 Component ÏÏÏÏÏÏÏÏÏOriginalPrincipal BalancePrincipalType s of PrincipalPrincipal Distribution AmountAccrual AmountTo the C, D and E Classes, in that order, to zero, and then to the Z Class.Cash Flow Distribution Amount1. To the J Class, as speciÑed herein under ""Description of the CertiÑcatesÌDistributions ofPrincipal,'' to zero.2. To the Classes and Components speciÑed below in the following order:(i) to the A Class and F1 Component, in proportion to their original principal balances,to their Scheduled Balances;(ii) to the HA Class and F2 Component, in the proportions of 16.6666666667% and83.3333333333%, respectively, until the HA Class is reduced to zero;(iii) to the HB Class and F2 Component, in the proportions of 16.6666666667% and83.3333333333%, respectively, to zero;(iv) to the A Class and F1 Component, in proportion to their original principal balances,to zero;(v) to the BF, BG, BK, BL, BP and B Classes and the F3 Component, as speciÑed hereinunder ""Description of the CertiÑcatesÌDistributions of Principal,'' to zero; and(vi) to the C, D, E, Z and J Classes, in that order, to zero.On any Distribution Date when distributions of principal are to be allocated from REMICCertiÑcates to RCR CertiÑcates, such distributions will be allocated on a pro rata basis from theapplicable Classes of REMIC CertiÑcates to the RCR Class.S-5
Weighted Average Lives ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ0%15.3PSA Prepayment Assumption100% 150% 160% 225% 350% 500%4.83.83.83.83.02.4PSA Prepayment Assumption0%100% 160% 350% 500%ClassB ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏBF ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏBG ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏBL ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏBP ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏC ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏD ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏE ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏZ ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏG ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏS ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏSA and �ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏF and SC ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏJ 14.32.64.75.26.84.32.81.01.90.61.38.8* Determined as speciÑed under ""Weighted Average Lives of the CertiÑcates'' herein.** This Class is an RCR Class. See ""Description of the CertiÑcatesÌCombination and Recombination'' herein andSchedule 1 for a further description thereof.S-6
ADDITIONAL RISK FACTORSAdditional Yield and Prepayment ConsiderationsThe rate of distributions of principal of the Classes will be sensitive in varying degrees to the rateof principal distributions on the MBS, which in turn will reÖect the rate of amortization (includingprepayments) of the Mortgage Loans. There can be no assurance that the Mortgage Loans will havethe characteristics assumed herein. Because the rate of principal distributions on the Classes will berelated to the rate of amortization of the Mortgage Loans, which are likely to include Mortgage Loanswith remaining terms to maturity shorter or longer than those assumed and interest rates higher orlower than those assumed, the rate of principal distributions on the Classes is likely to diÅer from therate anticipated by an investor, even if the Mortgage Loans prepay at the indicated constantpercentages of PSA. In addition, it is highly unlikely that the Mortgage Loans underlying the MBSwill prepay at a constant PSA rate until maturity or that all such Mortgage Loans will prepay at thesame rate. Investors must make their own decisions as to the appropriate assumptions, includingprepayment assumptions, to be used in deciding whether to purchase the CertiÑcates. See ""RiskFactorsÌPrepayment Considerations'' in the REMIC Prospectus and ""Maturity and PrepaymentAssumptions'' in the MBS Prospectus.The eÅective yields on the Delay Classes (as deÑned herein) will be reduced below the yieldsotherwise produced because principal and interest payable on a Distribution Date will not bedistributed until the 18th day following the end of the related Interest Accrual Period and will not bearinterest during such delay. No interest at all will be paid on any Class after its principal balance hasbeen reduced to zero. As a result of the foregoing, the market values of the Delay Classes will be lowerthan would have been the case if there were no such delay.DESCRIPTION OF THE CERTIFICATESThe following summaries describing certain provisions of the CertiÑcates do not purport to becomplete and are subject to, and are qualiÑed in their entirety by reference to, the remainingprovisions of this Prospectus Supplement, the additional Disclosure Documents and the provisions ofthe Trust Agreement (deÑned below). Capitalized terms used and not otherwise deÑned in thisProspectus Supplement have the meanings assigned to such terms in the applicable DisclosureDocument or the Trust Agreement (as the context may require).GeneralStructure. The Trust and the Lower Tier REMIC will be created pursuant to a trust agreementdated as of March 1, 1997 (the ""Trust Agreement''), executed by the Federal National MortgageAssociation (""Fannie Mae'') in its corporate capacity and in its capacity as trustee (the ""Trustee''),and the CertiÑcates in the Classes and aggregate original principal balances set forth on the coverhereof will be issued by Fannie Mae pursuant thereto. A description of Fannie Mae and its business,together with certain Ñnancial statements and other Ñnancial information, is contained in theInformation Statement.The REMIC CertiÑcates (other than the R and RL Classes) will be designated as the ""regularinterests,'' and the R Class will be designated as the ""residual interest,'' in the REMIC constituted bythe Trust. The interests in the Lower Tier REMIC other than the RL Class (the ""Lower Tier RegularInterests'') will be designated as the ""regular interests,'' and the RL Class will be designated as the""residual interest,'' in the Lower Tier REMIC. The assets of the Lower Tier REMIC will consist ofthe MBS.Fannie Mae Guaranty. Fannie Mae guarantees to each holder of an MBS the timely payment ofscheduled installments of principal of and interest on the underlying Mortgage Loans, whether or notreceived, together with the full principal balance of any foreclosed Mortgage Loan, whether or notS-7
such balance is actually recovered. In addition, Fannie Mae will be obligated to distribute on a timelybasis to the Holders of CertiÑcates required installments of principal and interest and to distribute theprincipal balance of each Class of CertiÑcates in full no later than the applicable Final DistributionDate, whether or not suÇcient funds are available in the Trust Account. The guaranties of FannieMae are not backed by the full faith and credit of the United States. See ""Description of theCertiÑcatesÌFannie Mae's Guaranty'' in the REMIC Prospectus and ""Description of CertiÑcatesÌThe Corporation's Guaranty'' in the MBS Prospectus.Characteristics of CertiÑcates. The CertiÑcates, other than the R and RL CertiÑcates, will berepresented by one or more certiÑcates (the ""DTC CertiÑcates'') to be registered at all times in thename of the nominee of the Depository (as deÑned herein), which Depository will maintain suchcertiÑcates through its book-entry facilities. When used herein with respect to a book-entry CertiÑcate, the terms ""Holders'' or ""CertiÑcateholders'' refer to the nominee of the Depository. A Holder isnot necessarily the beneÑcial owner of any DTC CertiÑcate. BeneÑcial owners will ordinarily holdbook-entry CertiÑcates through one or more Ñnancial intermediaries, such as banks, brokerage Ñrmsand securities clearing organizations. See ""Description of the CertiÑcatesÌBook-Entry Procedures''herein.The R and RL CertiÑcates will not be issued in book-entry form but will be issued in fullyregistered, certiÑcated form. As to the R or RL CertiÑcate, ""Holder'' or ""CertiÑcateholder'' refers tothe registered owner thereof. The R or RL CertiÑcate will be transferable at the corporate trust oÇceof the Transfer Agent, or at the agency of the Transfer Agent in New York, New York. The TransferAgent initially will be State Street Bank and Trust Company in Boston, Massachusetts (""StateStreet''). A service charge may be imposed for any registration of transfer of the R or RL CertiÑcateand Fannie Mae may require payment of a sum suÇcient to cover any tax or other governmentalcharge. See also ""Characteristics of the R and RL Classes'' herein.The distribution to the Holders of the R and RL CertiÑcates of the proceeds of any remainingassets of the Trust and the Lower Tier REMIC, as applicable, will be made only upon presentationand surrender of such CertiÑcate at the oÇce of the Paying Agent. The Paying Agent initially will beState Street.Authorized Denominations. The CertiÑcates, other than the R and RL CertiÑcates, will beissued in minimum denominations of 1,000 and integral multiples of 1 in excess thereof. The R andRL Classes will be issued as single CertiÑcates and will not have principal balances.Distribution Dates. Distributions on the CertiÑcates will be made on the 18th day of each month(or, if such 18th day is not a business day, on the Ñrst business day next succeeding such 18th day)(each, a ""Distribution Date''), commencing in the month following the Settlement Date. See""Distributions of InterestÌGeneral'' and ""ÌInterest Accrual Periods'' and ""Distributions of PrincipalÌPrincipal Distribution Amount'' herein.Record Date. Each monthly distribution on the CertiÑcates will be made to Holders of record onthe last day of the preceding month.REMIC Trust Factors. As soon as practicable following the eleventh calendar day of eachmonth, Fannie Mae will publish or otherwise make available for each Class of CertiÑcates the factor(carried to eight decimal places) which, when multiplied by the original principal balance of aCertiÑcate of such Class, will equal the remaining principal balance of such CertiÑcate after givingeÅect to the distribution of principal to be made on the following Distribution Date and any interest tobe added as principal to the principal balance of the Accrual Class on such Distribution Date.Optional Termination. Consistent with its policy described under ""Description of CertiÑcatesÌTermination'' in the MBS Prospectus, Fannie Mae will agree not to eÅect indirectly an earlytermination of the Lower Tier REMIC or the Trust through the exercise of its right to repurchase theMortgage Loans underlying any MBS unless only one Mortgage Loan remains in the related Pool orS-8
the principal balance of such Pool at the time of repurchase is less than one percent of the originalprincipal balance thereof.Liquid Asset. The C Class is intended to qualify as a ""liquid asset'' for purposes of the liquidityrequirements applicable to federal savings associations, federal savings banks and state charteredassociations whose deposits are insured by the Federal Deposit Insurance Corporation.Combination and RecombinationGeneral. Subject to the rules, regulations and procedures of the Depository, all or a portion ofthe HA and HB Classes of REMIC CertiÑcates may be exchanged for a proportionate interest in oneor more RCR Classes in the combinations and proportions set forth on Schedule 1 hereto. Similarly,all
Fannie Mae REMIC Trust 1997-27 The Guaranteed REMIC Pass-Through Certi—cates o†ered hereby (the ""REMIC Certi—cates’’) will represent bene—cial ownership interests in one of two trust funds. The REMIC Certi—cates, other than the RL Class, will represent bene—cial ownership int
Salomon Smith Barney is a service mark of Smith Barney Inc. Smith Barney Inc. and Salomon Brothers Inc. are affiliated but separately registered broker/dealers under common control of Salomon Smith Barney Holdings Inc. Salomon Brothers Inc. and Salomon Smith Barney Holdings Inc. have been licensed to use the Salomon Smith Barney service mark.
states. the obligations of fannie mae under its guaranty of the certificates are obligations solely of fannie mae and do not constitute an obligation of the united states or any agency or instrumentality thereof other than fannie mae. the certificates are exempt from the regist
20221 Fannie Mae. Trademarks of Fannie Form 4099 - July 20222021 Page i FANNIE MAE MULTIFAMILY INSTRUCTIONS FOR PERFORMING A MULTIFAMILY PROPERTY CONDITION .
MAE 704 Fluid Dynamics of Combustion II MAE 708 Advanced Convective Heat Transfer MAE 766 Computational Fluid Dynamics MAE 551 Airfoil Theory MAE 561 Wing Theory MAE 525 Advanced Flight Vehicle Stability & Control MAE 511 Advanced Dynamics with Applications to Aerospace Systems MAE 521 Linear Control &
Fannie Mae Loans Are More Sensitive to the Home Price Change Compare to Freddie Mac Loans and When UpdatedCLTV Is Between 100% - 180% 0.0% 0.2% 0.4% 0.6% 0.8% 1.0% 1.2% 1.4% 1.6% 10 30 50 70 90 110 130 150 170 Fannie Mae Freddie Mac Sources: Fannie Mae, Freddie Mac, Moody’s Analytics (%) UpdatedCLTV
A. Proposed Modifications to Fannie Mae’s Plan for 2020 Fannie Mae has submitted 17 modification requests to FHFA for its 2020 Plan year, and FHFA has identified the following 8 for public input. FHFA will consider all 17 modification requests . analysis of, technical as
This is a Fannie Mae HECM property. It is not subject to the Fannie Mae First Look policy but the 3 month, 120% deed restriction does apply for investors. Seller must comply with HUD Guidelines 24 CF
Fannie Mae securities, together with interest thereon, are not guaranteed by the United States and do not constitute a debt or obligation of the United States or of any agency or instrumentality thereof other than Fannie Mae.
