"It is the equivalent of a low cost line of credit," Joseph says. "We are a real estate finance company that believes in low leverage and a conservative capital structure. This transaction furthers that philosophy by improving on our current program of securitization."

Fannie Mae is the largest provider of funds for housing in the US. MuniMae arranged the facility through Midland Mortgage, its subsidiary. Midland is a Fannie Mae approved lender. The securitization facility is open-ended and will provide securitization instruments with terms matching the corresponding bond terms. <p.MuniMae originates, services and asset manages investments in multifamily housing debt and equity totaling $2.3 billion for its own account and for institutional investors.