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Article: Fannie Mae announces first standard ARM MBS in southeast with American Pioneer. (adjustable rate, mortgage-backed securities of the Federal National Mortgage Association)
- Article from:
- PR Newswire
- Article date:
- February 10, 1988
CopyrightCOPYRIGHT 1988 PR Newswire Association LLC. 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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FANNIE MAE ANNOUNCES FIRST STANDARD ARM MBS
IN SOUTHEAST WITH AMERICAN PIONEER
ATLANTA, Feb. 10 /PRNewswire/ -- Fannie Mae (Federal National Mortgage Association) (NYSE: FNM) announced today that it will issue the first standard adjustable-rate, mortgage-backed securities (ARM MBS) in the Southeast to the mortgage division of American Pioneer Savings Bank of Orlando, Florida.
In the $20 million transaction, adjustable-rate mortgages tied to the one-year U.S. Treasury index either originated or acquired by American Pioneer will be exchanged for Fannie Mae ARM MBS, which can be retained by American Pioneer or sold to investors.
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