Amadeusz Juskowiak

Fnma fnm arranges mortgage securities swap

The Federal National Mortgage Association said it arranged a swap of 250350 mln dlrs in stripped mortgagebacked securities with Shearson Lehman Brothers Inc

The exact amount of the swap will be determined later it said Fannie Mae said the swap includes 15year mortgages for Fannie Mae stripped mortgageback securities that bear a nine pct coupon

The stripped securities consist of two classes One receives all the principal payments from the underlying pool of mortgages and the other receives all the interest