Fannie Mae came to market Wednesday with a $4.02 billion real estate mortgage investment conduit deal, its biggest ever.
Fannie has issued over 1,500 Remics, valued at more than $730 billion, since it began issuing them in 1987.
The Remic announced with Goldman, Sachs & Co. on Wednesday consists of 90 tranches and is backed by 30-year, fixed-rate mortgage-backed securities-$3 billion, with an interest rate of 7%; $800 million, at at 6.5%; and $220 million, at 6.0%.
Goldman Sachs has priced four Remics for Fannie in 1998, totaling $5.5 billion.