Fannie Mae-No Politics (FNMA)

[mrfence]

Very much so. It will be a nice change to hear from experts that understand the dynamics of housing, and finance batting for the GSEs.

In the meantime, Freddie Macs credit just got updraded:

Fitch Affirms Freddie Mac 2011-K15 and Freddie Mac Structured Pass-Through Certificates K-015
Business WirePress Release: Fitch Ratings – 2 hours 3 minutes ago..
http://finance.yahoo.com/news/fitch-affirms-freddie-mac-2011-165600231.html
CHICAGO--(BUSINESS WIRE)--

Fitch Ratings has affirmed all four classes of Freddie Mac 2011-K15 multifamily mortgage pass-through certificates and the three classes of Freddie Mac structured pass-through certificates, K-015. A detailed list of rating actions follows at the end of this release.

KEY RATING DRIVERS

The affirmations of the Freddie Mac 2011-K15 are based on the stable performance of the underlying collateral pool. As of the August 2013 remittance, the pool had no delinquent or specially serviced loans. The pool's aggregate principal balance has been paid down by 1.2% to $1.151 billion from $1.165 billion at issuance. The full portfolio of 91 loans (100% of the pool) reported full year 2012 financials. Based on the full year financial statements, the pool's overall net operating income (NOI) improved 5.7% since last year's reported financial and 11.9% since issuance.

The affirmations of the Freddie Mac K-015 certificates are the result of the pass-through nature of the certificates, as they are dependent on the underlying ratings of corresponding classes for FREMF 2011-K15.

RATINGS SENSITIVITY

The Rating Outlook for all classes remains Stable. Due to the recent issuance of the transaction and stable performance, Fitch does not foresee positive or negative ratings migration until a material economic or asset level event changes the transaction's overall portfolio-level metrics. Additional information on rating sensitivity is available in the report 'FREMF 2011-K15 Multifamily Mortgage Pass-Through Certificates and Freddie Mac Structured Pass-Through Certificates, Series K015' (Dec. 22, 2011), available at www.fitchratings.com.

The largest loan of the pool (8.83%) is secured by West End 25, a 283-unit mid-rise apartment building located in Washington, D.C. The building incorporates a number of amenities which include 24-hour attended front desk, business center, lounge area, fitness center, and garage parking. The apartments feature floor to ceiling windows, updated stainless steel appliances, and balconies. The building is situated in Washington D.C. neighborhood that provides high-end retail, restaurants, employment centers, and access to public transportation. The sponsor of the loan is a Vornado Realty Trust which owns over 2,400 residential units and 74 office properties in the Washington D.C. metro area. The property has experienced a consistent occupancy rate of 95% during the life of the transaction.

The second largest loan (3.91%) is secured by La Terraza Apartments, a 402-unit garden style apartment complex located in San Diego, CA. The subject is located on 27 acres and is in close proximity to employment centers, retail shopping, and a north-south interstate thoroughfare. The subject underwent significant renovations 2008 through 2011 for the apartment units, exterior building improvements, pool, and fitness center. The property has performed well over the past the year with a stable occupancy rate of 95% and NOI growth of 17% primarily due to a significant decrease in operating expenses compared to 2011.

The third largest loan (3.58%) is secured by a 512-unit 24 building apartment community located in Mountlake Terrace, WA, approximately 14 miles from Seattle. The subject was built in 1987 and has been undergoing an extensive capital improvement plan since the sponsor acquired the property in 2011. The renovation includes upgrading the apartment units, repainting the exteriors, and expanding the fitness center. The subject experienced a 10% increase in NOI during 2012 driven by the property increasing occupancy 500 basis points to 97% over year-end 2011. The community amenities consist of an outdoor swimming pool, hiking trail, basketball court, volleyball court, and fitness center.

Fitch has affirmed the following classes:

FREMF 2011-K15 Multifamily Mortgage Pass-Through Certificates

--$131.1 million class A-1 at 'AAAsf'; Outlook Stable;

--$866.3 million class A-2 at 'AAAsf'; Outlook Stable;

--$997.5 million class X1 at 'AAAsf'; Outlook Stable;

--$67 million class B at 'A-sf'; Outlook Stable.

Fitch does not rate classes C, interest-only class X2, and interest-only class X3.

Freddie Mac Structured Pass-Through Certificates, Series K-015

--$131.1 million class A-1 at 'AAAsf'; Outlook Stable;

--$866.3 million class A-2 at 'AAAsf'; Outlook Stable;

--$997.5 million class X1 at 'AAAsf'; Outlook Stable.

Fitch does not rate interest-only class X3.

Additional information is available at 'www.fitchratings.com'.

Applicable Criteria and Related Research:

--'Global Structured Finance Rating Criteria' (June 6, 2012);

--'U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria' (Dec. 18, 2012).

A comparison of the transaction's Representations, Warranties, and Enforcement (RW&E) mechanisms to those of typical RW&Es for the asset class is available in the following reports:

--'FREMF 2011-K15 Multifamily Mortgage Pass-Through Certificates and Freddie Mac Structured Pass-Through Certificates, Series K-015 (Dec. 22, 2011);

--'FREMF 2011-K15 Multifamily Mortgage Pass-Through Certificates and Freddie Mac Structured Pass-Through Certificates, Series K-015 -- Appendix' (Dec. 22, 2011).

Applicable Criteria and Related Research:

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=708661

U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=696969

FREMF 2011-K15 Multifamily Mortgage Pass-Through Certificates and Freddie Mac Structured Pass-Through Certificates, Series K-015

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=656973

FREMF 2011-K15 Multifamily Mortgage Pass-Through Certificates and Freddie Mac Structured Pass-Through Certificates, Series K-015 --Appendix

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=663754

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=801432