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Article: New Fannie Mae Alternative Recourse Collateral Structure Gives Small Lenders Affordable Way to Package Small Multifamily Loans for Sale on Secondary Market.
- Article from:
- Business Wire
- Article date:
- September 25, 1997
CopyrightCOPYRIGHT 1997 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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WASHINGTON--(BUSINESS WIRE)--Sept. 25, 1997--Metropolitan Savings Bank of Cleveland recently completed a first-of-its kind transaction to securitize small pools of multifamily mortgages using a new alternative recourse collateral structure offered by Fannie Mae (NYSE:FNM), the nation's largest source of home mortgage funds, that lets small lenders access the secondary market at a lower cost than previously available options.
The $92 million transaction included 105 mortgage loans on 5- to 50-unit properties primarily in Cleveland and Columbus, Ohio. About 5,500 apartment units are included in the transaction.
Metropolitan Savings Bank, ...