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FANNIE MAE PURCHASES $150 MILLION IN MULTIFAMILY MORTGAGES FROM CITIBANK FOR CHICAGO NEIGHBORHOODS

 CHICAGO, Nov. 30 ~PRNewswire~ -- The Federal National Mortgage Association (Fannie Mae) (NYSE: FNM) announced today that it has purchased $150 million in multifamily mortgages in the Chicago metropolitan area from Citibank Illinois.
 "Through this partnership with Citibank and Fannie Mae, more than 500 multifamily properties representing more than 4,500 rental units in local Chicago area neighborhoods will continue to benefit from a strong source of affordable mortgage financing," said William Atwell, president for Citibank Illinois.
 The mortgages have been exchanged for Mortgage-Backed Securities (MBS) issued by Fannie Mae. The mortgages included 10-, 12-, 15-, 20-, and 25-year, fixed-rate multifamily loans.
 "Fannie Mae's mission is to work with lenders across the country to meet the affordable housing needs of low- and moderate-income families and individuals. Fannie Mae's partnership enables Citibank to make additional multifamily loans for affordable housing in many Chicago neighborhoods," said John R. Hayes, senior vice president for Fannie Mae's 10-state, Chicago-based Midwestern Regional Office.
 Citibank Illinois, a division of Citibank FSB, provides a full range of consumer banking services through its 52 branches in the greater Chicago area.
 Fannie Mae, the USA's Housing Partner, is a congressionally chartered, shareholder-owned company and the nation's largest investor in home mortgages.
 -0- 11~30~92
 ~CONTACT: Janice Daue of Fannie Mae, 202-752-3421~
 (FNM)


CO: Fannie Mae; Citibank Illinois ST: Illinois IN: FIN SU:

DC -- DC018 -- 1961 11~30~92 13:36 EST
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Date:Nov 30, 1992
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