Printer Friendly

$1 BILLION IN MULTIFAMILY MORTGAGES SOLD TO FANNIE MAE BY JOHN HANCOCK

 $1 BILLION IN MULTIFAMILY MORTGAGES SOLD
 TO FANNIE MAE BY JOHN HANCOCK
 BOSTON, Jan. 29 /PRNewswire/ -- John Hancock Financial Services announced today that it has swapped more than $1 billion in multifamily apartment mortgages for securities issued by the Federal National Mortgage Association (Fannie Mae) (NYSE: FNM).
 William L. Boyan, president and chief operations officer, said the transaction has allowed John Hancock to convert a relatively illiquid portfolio of high quality multifamily mortgages into Fannie Mae guaranteed mortgage-backed securities (MBS).
 He said a total of 174 individual loans, with an average principal amount outstanding of $6 million, were sold to Fannie Mae. The investment banking firm, Lazard Freres and Co., acted as financial adviser.
 Boyan said John Hancock will continue to service the mortgages. "We believe the sale is the beginning of a long-term relationship with Fannie Mae that should benefit all concerned."
 Thomas W. White, Fannie Mae's senior vice president for multifamily activities, said: "We are delighted to invest in these apartment mortgages, sold by John Hancock with the important assistance of Lazard Freres. Through this transaction, Fannie Mae continues its very important mission of providing the advantages of the secondary market to rental housing."
 Fannie Mae, a Congressionally chartered shareholder-owned corporation, is the nation's largest investor in home mortgages.
 John Hancock Financial Services includes the John Hancock Mutual Life Insurance Co., the nation's eighth largest life insurer with more than $50 billion in assets under management and 21 subsidiaries offering a broad range of financial products and services such as asset management, mutual funds, venture capital, securities brokerage and consumer banking.
 -0- 1/29/92
 /CONTACT: C.C. McGillicuddy of John Hancock, 617-572-6389, or Janice Daue of Fannie Mae, 202-752-3421/
 (FNM) CO: John Hancock Financial Services; Fannie Mae ST: Massachusetts, District of Columbia IN: FIN SU:


TW -- DC028 -- 4841 01/29/92 15:20 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jan 29, 1992
Words:307
Previous Article:STERLING BANCORP TO RETIRE ALL 1992 DEBENTURES
Next Article:MACY'S REQUEST APPROVED BY BANKRUPTCY COURT
Topics:


Related Articles
TEXAS HOUSING FINANCE CORPORATIONS AND FANNIE MAE PROVIDE AFFORDABLE MORTGAGE FINANCING FOR HUNDREDS OF FIRST-TIME HOME BUYERS IN NORTH CENTRAL TEXAS
FANNIE MAE PILOT PRODUCT INCREASES AVAILABILITY OF FINANCING FOR ELDERLY CONGREGATE HOUSING; FIRST DEAL RECENTLY CLOSED IN ARIZONA
FANNIE MAE COMPLETES ACES TRANSACTION FOR DELIVERY OF $200 MILLION OF CONVENTIONAL MULTIFAMILY MORTGAGES THROUGH NATIONSBANK AFFILIATE; DEAL IS...
FANNIE MAE SHIFTS SERVICING OF $3.9 BILLION FHA-INSURED MULTIFAMILY MORTGAGE PORTFOLIO TO GMAC COMMERCIAL MORTGAGE; TRANSFER CONTINUES QUALITY...
FANNIE MAE'S NEW MULTIFAMILY REIT CREDIT FACILITY PROVIDES FLEXIBLE FINANCING AT LOWER COSTS; FIRST TRANSACTION CLOSED BY WASHINGTON MORTGAGE...
FANNIE MAE FINANCED RECORD $6.48 BILLION OF MULTIFAMILY HOUSING IN 1995 AND ITS TOTAL MULTIFAMILY ASSETS NEARED $33 BILLION; MILESTONES REACHED IN...
Unique Deal Combines Fannie Mae's Variable Rate Bond Credit Enhancement and New Construction Products To Create 324 Affordable Apartments in Atlanta...
WMF Closes Its Largest Transaction With Fannie Mae: $375 Million Credit Facility for Town & Country REIT
Fannie Mae and WMF Team to Close REIT Loans
BIG Competition.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters