April 2008
Intermediate to advanced
543 pages
13h 50m
English
book
Structured Products and Related Credit Derivatives: A Comprehensive Guide for Investors
by GLENN M. SCHULTZ, FRANK J. FABOZZI, BRIAN P. LANCASTER
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CHAPTER 18
Government National Mortgage Association Multifamily Deals
Brian P. Lancaster
Senior CMBS Analyst
Wachovia Capital Markets, LLC
Anthony G. Butler, CFA
Senior CMBS Analyst
Wachovia Capital Markets, LLC
Landon C. Frerich
CMBS Analyst
Wachovia Capital Markets, LLC
Stephen P. Mayeux
CMBS Analyst
Wachovia Capital Markets, LLC
This chapter is designed to educate the newcomer about the Government National Mortgage Association (GNMA) multifamily securities market and provide the seasoned investor with an updated view of the sector's credit performance and prepayment speeds. GNMA multifamily securities are backed by U.S. guaranteed pools of multifamily loans.
THE PATH TO A GNMA MULTIFAMILY DEAL
The creation of a GNMA multifamily project loan pool/deal involves essentially three steps: (1) obtaining the Federal Housing Administration guaranty; and (2) obtaining the GNMA guaranty; and (3) GNMA deal creation. (See Exhibit 18.1.)
EXHIBIT 18.1 The Path to a GNMA Multifamily Deal
Step 1: Federal Housing Administration (FHA) Guaranty
The first step for any GNMA multifamily deal begins with the Federal Housing Administration (FHA).1 The FHA provides mortgage insurance for multifamily and single-family loans originated by FHA-approved lenders.2 FHA-approved lenders can be, but are not limited to, commercial banks, insurance companies, mortgage banks, savings and loan institutions, pension ...
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