MuniMae Announces $100-Mil Securitization Facility

BALTIMORE, MD-A recently closed $100-million securitization facility is resulting in a refinanced credit enhancement on $80 million of its existing securitization portfolio with long-term credit enhancement through Fannie Mae, according to Municipal Mortgage & Equity. The closure of the securitization facility and partnering with Fannie Mae gives MuniMae access to lower-cost, long-term financing through an open-ended facility to fund current and future investments, says MuniMae chairman and CEO, Mark K. Joseph.

“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.”