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Bloomberg news: FNMA Said to Sell Boom-Era CMBS to Reduce Holdings

By Sarah Mulholland - May 21, 2013 5:32 PM ET


Fannie Mae plans to sell $2 billion of commercial-mortgage bonds issued before the credit market seizure as it seeks to reduce holdings of illiquid assets, according to three people familiar with the offering.

The government-controlled loan financier, which has returned to profitability after being taken over by U.S. regulators in 2008, is offering securities linked to apartment complexes and issued in 2006 and 2007, said the people, who asked not to be identified because terms aren’t public. The Washington-based lender may follow up with similar offerings in the next several months, the people said.
Enlarge image Fannie Mae Said to Plan $2 Billion CMBS Offering to Cut Holdings

Executives at Fannie Mae and Freddie Mac were given a goal in March of selling off at least 5 percent of illiquid holdings this year as the Federal Housing Finance Agency seeks to make the firms smaller. Photographer: Andrew Harrer/Bloomberg
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Demand for bonds backed by loans on commercial-properties from offices to hotels to strip malls is surging, sending values on the debt up by as much as 25 percent since December, according to Deutsche Bank AG. Executives at Fannie Mae and Freddie Mac were given a goal in March of selling off at least 5 percent of illiquid holdings this year as the Federal Housing Finance Agency seeks to make the firms smaller.

Andrew Wilson, a spokesman for Fannie Mae, said the company is working with the Federal Housing Finance Agency to meet conservatorship scorecard goals for this year.

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