municipal mortgage enhancement

municipal mortgage enhancement (Munie Mae)

A Fannie Mae program in which its mortgage backed securities are exchanged for the underlying mortgage on a tax-exempt multifamily project, thereby enabling the developer to obtain loan money at the lowest possible rate.

The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.
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