Fannie Mae brought to market a $750 million real estate mortgage investment conduit last week, the largest ever backed by affordable residential mortgage loans and issued by a government-sponsored enterprise.

The loans, expected to meet the guidelines of the Community Reinvestment Act, include seasoned mortgages originated by Fleet Financial Group. The mortgages are backed by one- to four-unit properties in 16 states and the District of Columbia. The deal was priced by Bear, Stearns & Co.

The whole-loan Remic is part of Fannie's $2 billion program to foster lending to underserved communities by helping depository institutions meet their CRA goals.

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