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FANNIE MAE PRICES $228 MILLION REMIC MANAGED BY BEAR STEARNS; CALIFORNIA STATE TREASURER TO PURCHASE $100 MILLION OF REMIC

 FANNIE MAE PRICES $228 MILLION REMIC MANAGED BY BEAR STEARNS;
 CALIFORNIA STATE TREASURER TO PURCHASE $100 MILLION OF REMIC
 WASHINGTON, Jan. 23 /PRNewswire/ -- The Federal National Mortgage Association (Fannie Mae) (NYSE: FNM) today priced $228 million of mortgage securities through a Real Estate Mortgage Investment Conduit (REMIC) managed by Bear Stearns.
 This issue will be backed by 30-year conventional, fixed-rate mortgages in the form of 8 percent Fannie Mae Mortgage-Backed Securities (MBS). The issue will settle on March 30, 1992.
 The California State Treasurer's Office will purchase a $100 million class of the REMIC. This purchase is part of an initiative announced yesterday by Kathleen Brown, California's state treasurer. The initiative, which is called CAL-VEST, is a series of investment programs designed to help stimulate the California state economy. Under CAL-VEST, the state treasurer has set aside $400 million to invest in Fannie Mae MBS.
 The California state treasurer's investment provides additional liquidity to the California housing market. All of the mortgage securities in this REMIC issue will be backed by mortgages originated in California.
 "We appreciate the opportunity to be a part of the CAL-VEST program. This is the first REMIC transaction under Fannie Mae's 'Home Is Where The Needs Are' program, which is tailored to help states set housing targeted investment goals," said Robert J. Levin, Fannie Mae's executive vice president-marketing.
 Fannie Mae, the USA's Housing Partner, is a congressionally chartered, shareholder-owned corporation, and the nation's largest investor in home mortgages.
 -0- 1/23/92
 /CONTACT: Janice Daue of the Federal National Mortgage Association, 202-752-3421/
 (FNM) CO: Federal National Mortgage Association; Bear Stearns ST: District of Columbia, California IN: FIN SU:


DC-MH -- DC010 -- 2879 01/23/92 14:15 EST
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Publication:PR Newswire
Date:Jan 23, 1992
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