The Federal National MortgageAssociation said it arranged a swap of 250-350 mln dlrs in
stripped mortgage-backed securities with Shearson Lehman
Brothers Inc.
    The exact amount of the swap will be determined later, it
said. Fannie Mae said the swap includes 15-year mortgages for
Fannie Mae stripped mortgage-back 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.
 Reuter
