$4.0 BILLION 

Comprehensive 

income for 

Q3 2014

Net income

for Q3 2014

$3.9 BILLION 

Fannie Mae

Progress Report

THIRD QUARTER 2014

 We have established responsible credit 

standards while making it possible for families 

to purchase, refinance, or rent homes. 

 Beginning in 2008, we significantly 

strengthened our underwriting and eligibility 

standards and changed our pricing to promote 

sustainable homeownership and stability in 

the housing market.

 As a result, the credit quality of our book of 

business has improved.

OUR PURPOSE

	We continue to focus on supporting the 

housing market recovery and helping to build 

a sustainable housing finance system.

	Our priorities are aligned with the public 

interest.

	We are committed to providing liquidity to 

the mortgage market; assisting troubled 

borrowers; enabling families to buy, refinance, 

or rent homes; and building a book of 

business that will help protect Americans’ 

investment in the company.

OUR RESULTS

THIRD QUARTER 2014

	Our third quarter results were strong.

 Net income in Q3 2014 increased compared 

with Q2 2014, due primarily to lower fair value 

losses and an increase in revenues. This 

increase was partially offset by a decline in 

credit-related income.

	We expect to remain profitable for the 

foreseeable future. 

SINGLE-FAMILY

BOOK OF BUSINESS

AS OF SEPTEMBER 30, 2014

As of Sept. 30, 2014

Single-Family Loans prior to 2009

Single-Family Loans 2009 through Q3 2014

20% 80%

LEGACY NEW

New book of business 

is strong, profitable, 

and a growing share 

of our overall book.
For more information, see our Q3 2014 Form 10-Q Report,

filed with the SEC on November 6, 2014.

* Fannie Mae data for the period January 1, 2009 through

September 30, 2014, unless otherwise noted.

3900 Wisconsin Avenue, NW © 2014, Fannie Mae

Washington, DC 20016-2892 Published November 6, 2014

This report includes our expectations regarding our future financial results, 

profitability, our ability to pay taxpayers, our future dividend payments to 

Treasury, and the growth, profitability, and caliber of the loans in our new 

single-family book of business. These expectations are forward-looking 

statements based on our current assumptions regarding numerous factors, 

including future home prices. Our actual results and future expectations 

may differ materially from our current expectations as a result of home 

price changes, unemployment rates, other macroeconomic and housing 

market variables, future legislative or regulatory requirements, borrower 

behavior, and many other factors, including those discussed in the “Risk 

Factors” section of and elsewhere in our Annual Report on Form 10-K for 

the year ended December 31, 2013 and in our quarterly report on Form 

10-Q for the quarter ended September 30, 2014. These forward-looking 

statements are representative only as of the date they are made, and we 

undertake no obligation to update any forward-looking statement as a result 

of new information, future events or otherwise, except as required under the 

federal securities laws.

FANNIE MAE

PERFORMANCE SNAPSHOT*

	High-quality new book of business 

accounted for 80 percent of single-family 

conventional guaranty book of business as 

of September 30, 2014.

	Remained the largest single issuer of 

single-family mortgage-related securities in 

the secondary market in the third quarter of 

2014 and remained a continuous source of 

liquidity in the multifamily market.

	Funded the mortgage market with more 

than $4.3 trillion in liquidity, which enabled 

borrowers to complete 13.0 million 

mortgage refinancings and 4.3 million 

home purchases, and provided financing 

for 2.5 million units of multifamily housing.

	Refinanced approximately 4.1 million 

mortgages through the company’s Refi 

PlusTM initiative, including loans refinanced 

under the Administration’s Home Affordable 

Refinance Program (HARP). As a result of 

Refi Plus, borrowers’ monthly payments 

were reduced by an average of $159 in the 

third quarter of 2014.

	Helped distressed families retain their 

homes or avoid foreclosure through more

than 1.6 million workout solutions, including

more than 1.1 million loan modifications.

DRIVING DOWN THE SERIOUS 

DELINQUENCY (SDQ) RATE

	Our single-family SDQ rate has declined 18 

consecutive quarters.

LIQUIDITY AND SUPPORT

TO THE MARKET

	We funded the mortgage market with more 

than $4.3 trillion in liquidity since 2009, 

enabling families to buy, refinance, or rent 

homes: 

	Fannie Mae’s single-family SDQ rate was 

1.96 percent.

	Our single-family SDQ rate is substantially 

lower than private market levels.

	Approximately 96 percent of Fannie Mae’s 

17.4 million single-family conventional loans 

are current.

Data as of September 30, 2014

home

purchases

4.3

million

rental units

2.5

million

mortgage

refinancings

13.0

million

5.47%

1.96%

1Q10

3Q14

TREASURY DRAWS

AND DIVIDEND PAYMENTS

	Fannie Mae expects to have paid Treasury 

approximately $134.5 billion in dividends as of 

December 31, 2014. 

(1) Treasury draw requests are shown in the period for which 

requested and do not include the initial $1.0 billion liquidation 

preference of Fannie Mae’s senior preferred stock, for which 

Fannie Mae did not receive any cash proceeds. The payment of 

dividends does not offset prior Treasury draws.

(2) Fannie Mae expects to pay a dividend for the fourth quarter of 

2014 calculated based on our net worth of $6.4 billion as of Sept. 

30, 2014 less the applicable capital reserve amount of $2.4 billion.

(3) Amounts may not sum due to rounding.

$5.7

2Q14

$2.5

2009

$7.7

2010

$9.6

2011

$11.6

2012

Dividend Payment to Treasury

(in billions)

$7.2

1Q14

Cumulative

Total

Total Dividend Payments

through 4Q 2014 2,3 $134.5

$0.03

2008

$4.0

4Q142

$3.7

2013 3Q14

$82.5

$15.2

2008

$60.0

2009

$15.0

2010

$25.9

2011

$0.0

2012

$0.0

2013

$0.0

1Q14

Draw Request from Treasury

(in billions)

$0.0

2Q14

Cumulative

Total

Initial Liquidation Preference $1.0

Treasury Draw Requests1 $116.1

Total Senior Preferred Stock Outstanding $117.1

$0.0

3Q14

TBD

4Q14

www.fanniemae.com/progress