NEW YORK (Standard&Poor's) Oct. 1, 2002--Standard&Poor's Ratings Services today affirmed its ratings on four classes of Fannie Mae's REMIC pass-through certificates series 1998-M6 (see list). The affirmations reflect the improved financial performance of the multifamily and cooperative collateral, the expected loss on a delinquent multifamily property in Dallas, Texas, and low debt service coverage (DSC) on the watchlisted loans. This Dallas property (representing 0.97% of the pool's principal balance) is currently being operated by a court-appointed receiver following the borrower's bankruptcy filing. The property, which was in very poor condition, was closed down, with the remaining tenants evicted. Currently, it is under contract for $1.4 million. If this amount is ultimately realized, losses of approximately 50%
