May 9, 2012

Fannie Mae

2012 First-Quarter Credit Su
 This presentation includes information about Fannie 

information contained in Fannie Mae’s Quarterly Repthe quarter ended March 31, 2012, the “2012 Q1 Form 

terms used in these materials are defined and discusthe 2012 Q1 Form 10-Q and in Fannie Mae’s Form 10-December 31 2011, the “2011 Form 10-K.” These mate

reviewed together with the 2012 Q1 Form 10-Q and thcopies of which are available on the “SEC Filings” paRelations” section of Fannie Mae’s Web site at www.f

 Some of the information in this presentation is based 

that we received from third-party sources such as seof mortgage loans. Although we generally consider threliable, we do not independently verify all reported in

 This presentation includes forward-looking statemen

home price changes. These statements are based on analyses, estimates, forecasts and other views on a vand other information, and changes in the assumptioinformation underlying these views could produce mresults. The impact of future home price changes on 

results or financial condition will depend on many oth

 Due to rounding, amounts reported in this presentatio

totals indicated (or 100%). A zero indicates less than percent. A dash indicates a null value.
Table of Contents

Slide

Home Price Growth/Decline Rates in the U.S. Home Price Change Peak-to-Current as of 2012 Q1 Fannie Mae Acquisition Profile by Key Product Features Fannie Mae Credit Profile by Key Product Features 

Fannie Mae Credit Profile by Origination Year and Key Product Features Fannie Mae Credit Profile by State Fannie Mae Alt-A Credit Profile by Key Product Features Fannie Mae Single-Family Serious Delinquency Rates by States and Region Fannie Mae Single-Family Completed Workouts by Type Home Affordable Modification Program (HAMP) Fannie Mae Single-Family Loan Modifications by Monthly Payment Change and TPerformance of Fannie Mae Modified Loans Fannie Mae Single-Family Cumulative Default Rates Fannie Mae Single-Family Real Estate Owned (REO) in Selected States Fannie Mae Multifamily Credit Profile by Loan Attributes Fannie Mae Multifamily Credit Profile by Acquisition Year Fannie Mae Multifamily Credit Profile Fannie Mae Multifamily Q1 2012 Credit Losses by State 
Home Price Growth/Decline Rates in the U.S.

Note: Our estimates differ from the S&P/Case-Shiller index in two principal ways: (1) our estimates weight expectations by number of proexpectations based on property value, causing home price changes on higher priced homes to have a greater effect on the overall resulof foreclosed homes while our estimates attempt to exclude foreclosed home sales, because we believe that differing maintenance pracforeclosed home prices less representative of market values. We believe, however, that the impact of sales of foreclosed homes is indireimpact on the pricing of non-distressed sales. We estimate S&P/Case-Shiller comparison numbers by adjusting our internal home price eour method and the S&P/Case-Shiller Index method. In addition to these differences, our estimates are based on our own internally avaare therefore based on data collected nationwide, whereas the S&P/Case-Shiller index is based on publicly available data, which may be Our comparative calculations to the S&P/Case-Shiller index provided above are not adjusted to compensate for this data pool difference

S&P/Case-Shiller Index 9.8% 7.7% 10.6% 10.7% 14.6% 14.7% -0.3% -8.4% -18.4% -2.5% 

Fannie Mae Home Price Index

Growth rates are from period-end to period-end.

We expect peak-to-trough declines in home prices to be in the 24% to 30% range (comparable to a decline in S&P/Case-Shiller index method).

*Year-to-date as of Q1 2012. Estimate based on purchase transactions in Fannie-Freddie acquisition and public deed data available throdata may lead to materially different results.

7.0% 6.3% 7.5% 7.7%

10.6% 11.3%

2.8%

-3.3%

-9.0%

-4.7% -

-10%

-5%

0%5%

10%15%

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 
Top %: State/Region Home Price Decline Rate percentage from applicable peak in that state/region through March 31, 2012.Bottom %: Percent of Fannie Mae single-family conventional guaranty book of business by unpaid principal balance as of March 31, 2012.Note: Regional home price decline percentages are a housing stock unit-weighted average of home price decline percentages of states with*Source: Fannie Mae. Estimates based on purchase transactions in Fannie-Freddie acquisition and public deed data available through the elead to materially different results.

Home Price Change Peak-to-Current as 

AK

-4.7%

0.2%

HI

-23.6%

0.8%

TX

-5.0%

5.2%

MT

-11.9%

0.3%

WY

-9.3%

0.2%

CO

-12.8%

2.5%

ND

0.0%0.1%

KS

-7.0%

0.5%

NE

-8.2%

0.4%

SD

-2.9%

0.2%

OK

-4.4%

0.6%

MO

-15.0%

1.4%

IA

-4.2%

0.6%

AR

-8.1%

0.5% AL

-11.2%

1.0%

MS

-10.0%

0.4%

IN

-8.8%

1.2%

LA

-4.0%

0.9%

KY

-5.6%

0.6%

TN

-12.7%

1.3%

W

-2.

0.

CA

-47.6%

18.9%

NM

-18.1%

0.6%

AZ

-51.3%

2.4%

NV

-61.7%

1.0%

OR

-30.4%

1.6%

UT

-25.5%

1.0%

MN

-25.8%

1.8%

ID

-33.7%

0.5%

WA

-28.6%

3.5%

GA

-30.6%

2.8%

IL

-29.0%

4.3%

WI

-15.8%

1.8%

OH

-16.1%

2.3%

MI

-31.7%

2.5%

State

Growth Rate

UPB %

Mountain

-34.4%

8.4%

East North Cen

-21.7%

12.0%

West North Central

-13.3%

5.0%

East South Central

-10.3%

3.4%

West South Central

-4.7%

7.1%

Pacific

-41.9%

25.0%

United States -23.9%

Below -30%-30% to -15%-15% to -5%-5% to 0%0% and above

State Growth Rate
Fannie Mae Acquisition Profile by Key Produc

Credit Characteristics of Single-Family Business Vo

(1) Percentage calculated based on unpaid principal balance of loans at time of acquisition. Single-family business volume refers to 

our mortgage portfolio and single-family mortgage loans we guaranty into Fannie Mae MBS. Beginning with the third quarter of 2term standby commitments in the period in which the commitment was established, rather than at the time of actual delivery. 

(2) The increase for 2010, 2011, and 2012 is the result of our Refi PlusTM initiative, which involves the refinance of existing Fannie M

of 100%.

(3) Refi Plus and Home Affordable Refinance Program (HARP) started in April 2009.(4) FICO credit scores as reported by the seller of the mortgage loan at the time of delivery.(5) Newly originated Alt-A loans acquired in 2009, 2010, 2011, and 2012 consist of the refinance of existing Alt-A loans under our R

Acquisition Year Q1 2012 2011 2010 2009 2008 

Unpaid Principal Balance (billions) $ 200.1 $ 562.3 $ 595.0 $ 684.7 $ 557.2 $ 

Weighted Average Origination Note Rate 3.96% 4.35% 4.64% 4.93% 6.00% 

Origination Loan-to-Value Ratio

 <= 60% 28.9% 29.1% 30.3% 32.6% 22.7% 

 >60% and <= 70% 15.6% 15.5% 15.9% 17.0% 16.1% 

 >70% and <= 80% 35.4% 37.3% 38.5% 39.9% 39.5% 

 >80% and <= 90% 9.1% 8.9% 8.6% 6.9% 11.7% 

 >90% and <= 100% (2) 7.4% 6.8% 5.2% 3.3% 10.0% 

 > 100% (2) 3.7% 2.3% 1.6% 0.4% 0.1% 

Weighted Average Origination Loan-to-Value Ratio 70.0% 69.3% 68.4% 66.8% 72.0% 

Weighted Average Origination Loan-to-Value Ratio Excluding HARP (3) 66.9% 67.0% 66.0% 65.8% 

FICO Credit Scores (4)

 0 to < 620 0.5% 0.5% 0.4% 0.4% 2.8% 

 >= 620 and < 660 1.8% 1.8% 1.6% 1.5% 5.7% 

 >=660 and < 700 6.5% 7.0% 6.6% 6.5% 13.9% 

 >=700 and < 740 15.1% 16.2% 16.1% 17.2% 21.7% 

 >=740 76.0% 74.5% 75.1% 74.4% 55.8% 

 Missing 0.0% 0.1% 0.1% 0.1% 0.1% 

Weighted Average FICO Credit Score (4) 762 763 762 761 738 

 

Product Distribution

Fixed-rate 95.7% 93.5% 93.7% 96.6% 91.7% Adjustable-rate 4.3% 6.5% 6.3% 3.4% 8.3% 

Alt-A (5) 0.6% 1.2% 0.9% 0.2% 3.1% 

Subprime  0.3% 

Interest Only 0.4% 0.7% 1.3% 1.0% 5.6% 

Negative Amortizing  0.0% 

Refinance 82.6% 76.5% 77.4% 79.9% 58.6% 

 Total Refi Plus (3) 22.5% 24.3% 23.4% 10.6% 

 HARP (3) 10.2% 8.5% 9.0% 3.8% 

 HARP Weighted Average Origination Loan-to-Value Ratio (3) 97.3% 94.1% 92.1% 90.7% 

Investor 6.6% 6.5% 4.6% 2.5% 5.6% 

Condo/Co-op 8.8% 8.8% 8.6% 8.2% 10.3% 
Fannie Mae Credit Profile by Key Product Feat

Credit Characteristics of Single-Family Conventional Guaranty 

(1) Loans with multiple product features are included in all applicable categories. The subtotal is calculated by counting a loan only onc

(2) Excludes non-Fannie Mae securities held in portfolio and those Alt-A and subprime wraps for which Fannie Mae does not have loan

detailed loan-level information for over 99% of its single-family conventional guaranty book of business as of March 31, 2012.

(3) FICO credit scores as reported by the seller of the mortgage loan at the time of delivery.(4) Unpaid principal balance of all loans with credit enhancement as a percentage of unpaid principal balance of single-family conventio

Mae had access to loan level information. Includes primary mortgage insurance, pool insurance, lender recourse and other credit en

(5) Expressed as a percentage of credit losses for the single-family guaranty book of business. For information on total credit losses, re

As of March 31, 2012

Negative 

Amortizing 

Loans

Interest Only 

Loans 

Loans with 

FICO

< 620(3)

Loans with 

FICO ≥ 620 and 

< 660(3)

Loans with 

Origination 

LTV Ratio 

> 90%

Loans with 

FICO < 620 and 

Origination 

LTV Ratio > 

90%(3)

Unpaid Principal Balance (billions) (2) $8.7 $125.2 $85.2 $180.7 $286.5 $18.7 

Share of Single-Family Conventional Guaranty Book 0.3% 4.5% 3.1% 6.5% 10.3% 0.7% 

Average Unpaid Principal Balance (2) $109,790 $240,870 $120,034 $132,760 $156,920 $118,628 

Serious Delinquency Rate 7.18% 14.70% 12.57% 9.68% 7.23% 16.83% Origination Years 2005-2008 55.1% 81.9% 59.4% 54.9% 40.9% 63.5% Weighted Average Origination Loan-to-Value Ratio 70.6% 74.7% 76.8% 77.1% 97.8% 98.4% Origination Loan-to-Value Ratio > 90% 0.3% 8.8% 21.9% 20.2% 100.0% 100.0% Weighted Average Mark-to-Market Loan-to-Value Ratio 100.7% 119.3% 92.7% 93.0% 111.4% 116.7% Mark-to-Market Loan-to-Value Ratio > 100% and <= 125% 13.1% 24.8% 19.0% 17.9% 37.7% 34.5% Mark-to-Market Loan-to-Value Ratio > 125% 35.1% 38.5% 15.9% 16.6% 20.2% 29.0% Weighted Average FICO (3) 707 725 587 641 716 590 

FICO < 620 (3) 6.8% 1.4% 100.0%

 6.5% 100.0% 

Fixed-rate 1.4% 30.6% 80.0% 82.7% 89.1% 77.8% 

Primary Residence 68.7% 85.3% 96.6% 94.0% 95.2% 98.9% 

Condo/Co-op 13.3% 16.0% 4.8% 6.5% 10.2% 5.8% Credit Enhanced (4) 54.7% 16.7% 28.6% 26.8% 69.6% 83.9% 

% of 2007 Credit Losses (5) 0.9% 15.0% 18.8% 21.9% 17.4% 6.4% 

% of 2008 Credit Losses (5) 2.9% 34.2% 11.8% 17.4% 21.3% 5.4% % of 2009 Credit Losses (5) 2.0% 32.6% 8.8% 15.5% 19.2% 3.4% 

% of 2010 Credit Losses (5) 1.9% 28.6% 8.0% 15.1% 15.9% 2.7% % of 2011 Credit Losses (5) 1.2% 25.8% 7.9% 10.8% 14.0% 2.2% % of Q1 2012 Credit Losses (5) 1.2% 23.3% 7.7% 14.2% 18.7% 2.5% 

Categories Not Mutually Exclusive (1)
Fannie Mae Credit Profile by Origination Year and K

Credit Characteristics of Single-Family Conventional Guaranty Book of B

(1) Excludes non-Fannie Mae securities held in portfolio and those Alt-A and subprime wraps for which Fannie Mae does not have loan

level information for over 99% of its single-family conventional guaranty book of business as of March 31, 2012.

(2) The increase for 2010, 2011, and 2012 is the result of our Refi Plus loans, which started in April 2009, and involve the refinance of 

in excess of 100%.

(3) FICO credit scores as reported by the seller of the mortgage loan at the time of delivery.(4) Unpaid principal balance of all loans with credit enhancement as a percentage of unpaid principal balance of single-family conventio

access to loan-level information. Includes primary mortgage insurance, pool insurance, lender recourse and other credit enhancem

(5) Expressed as a percentage of credit losses for the single-family guaranty book of business. For information on total credit losses, re(6) Defaults include loan liquidations other than through voluntary pay-off or repurchase by lenders and include loan foreclosures, prefo

foreclosure. Cumulative Default Rate is the total number of single-family conventional loans in the guaranty book of business originatotal number of single-family conventional loans in the guaranty book of business originated in the identified year. For 2002 to 2004 

As of March 31, 2012 Overall Book 2012 2011 2010 2009 2008 

Unpaid Principal Balance (billions) (1) $2,777.3 $125.9 $500.4 $484.8 $418.9 $176.6 

Share of Single-Family Conventional Guaranty Book 100.0% 4.5% 18.0% 17.5% 15.1% 6.4% 

Average Unpaid Principal Balance(1) $156,697 $213,893 $200,673 $198,648 $190,413 $171,609 

Serious Delinquency Rate 3.67%

 0.07% 0.29% 0.63% 5.74% 

Weighted Average Origination Loan-to-Value Ratio 71.5% 70.0% 70.0% 69.6% 68.6% 75.3% 

Origination Loan-to-Value Ratio > 90% (2) 10.3% 11.2% 10.4% 8.1% 5.1% 13.3% 

Weighted Average Mark-to-Market Loan-to-Value Ratio 80.0% 69.9% 71.2% 72.7% 74.2% 94.1% 

Mark-to-Market Loan-to-Value Ratio > 100% and <= 125% 10.9% 3.7% 4.1% 5.8% 7.6% 25.4% 

Mark-to-Market Loan-to-Value Ratio > 125% 7.7% 0.5% 0.3% 0.5% 0.6% 12.7% 

Weighted Average FICO(3) 739 763 761 761 758 728 

FICO < 620 (3) 3.1% 0.6% 0.5% 0.5% 0.5% 3.6% 

Interest Only 4.5% 0.3% 0.6% 1.0% 1.0% 6.4% Negative Amortizing 0.3%  

Fixed-rate 89.4% 96.5% 93.8% 94.8% 97.2% 85.8% Primary Residence 89.3% 89.6% 88.4% 90.4% 91.8% 87.0% 

Condo/Co-op 9.4% 8.2% 8.9% 8.6% 8.8% 12.2% 

Credit Enhanced (4) 13.8% 9.8% 10.1% 7.4% 7.3% 28.4% 

% of 2007 Credit Losses (5) 100.0%  

% of 2008 Credit Losses (5) 100.0%  0.5% % of 2009 Credit Losses (5) 100.0%  4.8% % of 2010 Credit Losses (5) 100.0%  0.4% 7.0% % of 2011 Credit Losses (5) 100.0%   0.7% 1.6% 5.7% 

% of Q1 2012 Credit Losses (5) 100.0%

 0.2% 1.1% 1.9% 7.5% 

Cumulative Default Rate (6)   0.0% 0.1% 0.2% 2.8% 

Origination Year
Fannie Mae Credit Profile by State

Credit Characteristics of Single-Family Conventional Guaranty Bo

(1) Excludes non-Fannie Mae securities held in portfolio and those Alt-A and subprime wraps for which Fannie Mae does not have lo

detailed loan-level information for over 99% of its single-family conventional guaranty book of business as of March 31, 2012.

(2) FICO credit scores as reported by the seller of the mortgage loan at the time of delivery.(3) Unpaid principal balance of all loans with credit enhancement as a percentage of unpaid principal balance of single-family conve

Mae has access to loan-level information. Includes primary mortgage insurance, pool insurance, lender recourse and other credit 

(4) Expressed as a percentage of credit losses for the single-family guaranty book of business. For information on total credit losses

(5) Select Midwest states are Illinois, Indiana, Michigan and Ohio.

As of March 31, 2012 Overall Book AZ CA FL 

Unpaid Principal Balance (billions) (1) $2,777.3 $66.5 $523.8 $173.2 

Share of Single-Family Conventional Guaranty Book 100.0% 2.4% 18.9% 6.2% 

Average Unpaid Principal Balance (1) $156,697 $149,009 $222,758 $139,258 

Serious Delinquency Rate 3.67% 3.22% 2.24% 11.35% Origination Years 2005-2008 28.3% 42.4% 23.5% 51.0% Weighted Average Origination Loan-to-Value Ratio 71.5% 75.2% 65.3% 73.9% Origination Loan-to-Value Ratio > 90% 10.3% 13.1% 5.2% 11.9% Weighted Average Mark-to-Market Loan-to-Value Ratio 80.0% 105.2% 81.1% 106.4% Mark-to-Market Loan-to-Value Ratio >100% and <=125% 10.9% 18.2% 10.4% 16.6% Mark-to-Market Loan-to-Value Ratio >125% 7.7% 27.5% 11.6% 31.2% Weighted Average FICO (2) 739 740 749 725 

FICO < 620 (2) 3.1% 2.5% 1.6% 4.7% 

Interest Only 4.5% 9.1% 6.7% 8.6% 

Negative Amortizing 0.3% 0.4% 0.9% 0.8% 

Fixed-rate 89.4% 84.1% 86.6% 83.5% 

Primary Residence 89.3% 81.1% 87.3% 82.3% 

Condo/Co-op 9.4% 4.5% 11.9% 13.9% 

Credit Enhanced (3) 13.8% 13.4% 6.1% 15.2% 

% of 2007 Credit Losses (4) 100.0% 1.8% 7.2% 4.7% 

% of 2008 Credit Losses (4) 100.0% 8.0% 25.2% 10.9% 

% of 2009 Credit Losses (4) 100.0% 10.8% 24.4% 15.5% % of 2010 Credit Losses (4) 100.0% 10.0% 22.6% 17.5% % of 2011 Credit Losses (4) 100.0% 11.7% 27.0% 11.0% % of Q1 2012 Credit Losses (4) 100.0% 7.6% 19.6% 19.6% 
Fannie Mae Alt-A Credit Profile by Key Produc

Credit Characteristics of Alt-A Single-Family Conventional Guaranty Book o

(1) “Alt-A mortgage loan” generally refers to a mortgage loan that can be underwritten with reduced or alternative documentation than that required for a 

alternative product features. In reporting our Alt-A exposure, we have classified mortgage loans as Alt-A if the lenders that deliver the mortgage loandocumentation or other product features. We have loans with some features that are similar to Alt-A mortgage loans that we have not classified as A

have classified private-label mortgage-related securities held in our investment portfolio as Alt-A if the securities were labeled as such when issued.

(2) Newly originated Alt-A loans acquired in 2009, 2010, 2011, and 2012 primarily consist of the refinance of existing Alt-A loans under our Refi Plus init(3) Excludes non-Fannie Mae securities held in portfolio and those Alt-A and subprime wraps for which Fannie Mae does not have loan-level information

for over 99% of its single-family conventional guaranty book of business as of March 31, 2012.

(4) The increase for 2009, 2010, 2011, and 2012 is the result of Refi Plus loans, which started in April 2009 and can have loan-to-value ratios that could (5) FICO credit scores as reported by the seller of the mortgage loan at the time of delivery.

(6) Defined as unpaid principal balance of Alt-A loans with credit enhancement as a percentage of unpaid principal balance of all Alt-A loans. At March 

carried only primary mortgage insurance (no deductible), 4.7% had only pool insurance (which is generally subject to a deductible), 1.0% had primarother credit enhancement such as lender recourse. 

(7) Expressed as a percentage of credit losses for the single-family guaranty book of business. For information on total credit losses, refer to Fannie Ma

(8) Defaults include loan liquidations other than through voluntary pay-off or repurchase by lenders and includes loan foreclosures, preforeclosure sales

Cumulative Default Rate is the total number of single-family conventional loans in the guaranty book of business originated in the identified year that 

conventional loans in the guaranty book of business originated in the identified year.

As of March 31, 2012 Alt-A (1) 2012(2) 2011 (2) 2010 (2) 2009 (2) 2008 

Unpaid principal balance (billions) (3) $175.9 $0.8 $6.4 $4.0 $1.4 $4.

Share of Alt-A 100.0% 0.5% 3.6% 2.3% 0.8% 2.4% Weighted Average Origination Loan-to-Value Ratio 73.5% 74.9% 74.0% 79.0% 75.0% 68.3% Origination Loan-to-Value Ratio > 90% (4) 6.9% 26.8% 24.6% 28.4% 20.6% 2.6% Weighted Average Mark-to-Market Loan-to-Value Ratio 102.7% 74.8% 76.3% 84.8% 83.5% 90.1% Mark-to-Market Loan-to-Value Ratio > 100% and <=125% 20.0% 14.9% 14.8% 23.4% 22.8% 21.1% Mark-to-Market Loan-to-Value Ratio > 125% 25.2%

 1.7% 1.3% 2.5% 12.0% 

Weighted Average FICO (5) 716 732 743 734 735 72FICO < 620 (5) 1.0% 6.0% 2.7% 3.3% 3.7% 0.3% Adjustable-rate 33.7% 1.4% 2.1% 4.4% 3.7% 22.4% Interest Only 27.3%  0.1% 7.3% Negative Amortizing 2.6% Investor 17.8% 26.0% 22.8% 12.0% 5.4% 18.7% Condo/Co-op 10.3% 9.2% 6.9% 9.4% 8.9% 6.9% California 21.0% 26.9% 25.5% 19.8% 15.8% 20.4% Florida 11.8% 5.3% 4.1% 3.5% 3.4% 9.9% Credit Enhanced (6) 16.0% 1.9% 2.1% 2.3% 1.5% 14.1% 2011 Serious Delinquency Rate 12.43%

 0.21% 2.11% 4.25% 10.70% 

2012 Serious Delinquency Rate 12.03%

 0.40% 2.42% 4.51% 10.56% 

% of 2007 Credit Losses (7) 27.8%  % of 2008 Credit Losses (7) 45.6%  0.0% % of 2009 Credit Losses (7) 39.6%  0.4% % of 2010 Credit Losses (7) 33.2%   0.0% 0.0% 0.5% % of 2011 Credit Losses (7) 27.3%   0.1% 0.1% 0.3% % of Q1 2012 Credit Losses (7) 24.7%

 0.0% 0.1% 0.1% 0.3% 

Cumulative Default Rate (8)   0.0% 0.8% 2.0% 7.7% 
Fannie Mae Single-Family Serious Delinquency Rates by 

(1) Calculated based on the number of loans in Fannie Mae’s single-family conventional guaranty book of business within 

(2) Select Midwest states are Illinois, Indiana, Michigan, and Ohio.(3) For information on which states are included in each region, refer to footnote 9 to Table 33 in Fannie Mae’s 2012 Q1 F

2009 Q1 2009 Q2 2009 Q3 2009 Q4 2010 Q1 2010 Q2 2010 Q3 2010 Q4 2011 Q1 201

Serious Delinquency Rate by States

AZ CA FL NV Select Midwes

2009 Q1 2009 Q2 2009 Q3 2009 Q4 2010 Q1 2010 Q2 2010 Q3 2010 Q4 2011 Q1 201

Serious Delinquency Rate by Region (3)

Midwest Northeast Southeast Sout
Fannie Mae Single-Family Completed Workout

 Modifications involve changes to the original mortgage loan terms, which may include a change to the product type, inte

and/or unpaid principal balance. Modifications include both completed modifications under the Administration's Home A

and completed non-HAMP modifications, and do not reflect loans currently in trial modifications

 Repayment plans involve plans to repay past due principal and interest over a reasonable period of time through tempo

completed repayment plans are included for loans that were at least 60 days delinquent at initiation.

 Forbearances involve an agreement to suspend or reduce borrower payments for a period of time. Loans with forbeara

at least 90 days delinquent at initiation. 

 Deeds-in-lieu of foreclosure involve the borrower’s voluntarily signing over title to the property. In a preforeclosure sale, the borrower, working with the servicer, sells the home prior to foreclosure to pay off all or part 

and other expenses from the sale proceeds.

78,079 80,195

87,533

82,6

0

25,00050,00075,000

100,000

2011 Q1 2011 Q2 2011 Q3 2011 

Number of Loans

Modifications Repayment Plans Completed Forbearances Completed Prefor
 Provides immediate payment relief to borrowers who are delinquent or in imminent risk o

Home Affordable Modification Program (HAMP

Data Source: United States Treasury Department as reported by servicers to the system of record for the Home Affordabexcept for the percentage of seriously delinquent loans.

Fannie Mae Loans Under HAMP

(1) Active Permanent HAMP modifications exclude modifications on loans that subsequently canceled because the loans were 90

As of March 31, 2012 reporting period Active HAMP Trials Active 

M

Total 17,774 Modification StructureRate Reduction 93% Term Extension 65% Forbearance 21% Median Monthly Interest and Principal Payment Reduction% of March 31, 2012 Seriously Delinquent Loans

$403 

2%
Fannie Mae Single-Family Loan Modifications bChange and Type

Change in Monthly Principal and Interest Payment

of Modified Single-Family Loans(1)(2)

(1) Excludes loans that were classified as subprime adjustable rate mortgages that were modified into fixed rate mortgages and wer

include permanent modifications, but do not reflect loans currently in trial modifications. 

(2) Represents the change in the monthly principal and interest payment at the effective date of the modification. The monthly princ

vary, and may increase, during the remaining life of the loan.

Modification Type o

0%

20%40%60%80%

100%

Q1 2011 Q2 2011 

Capitalization of Missed PaymentExtend Term, Reduce Rate and FExtend Term and Reduce Rate Extend Term Only Reduce Rate Only 

0%

20%40%60%80%

100%

Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012

Decrease of greater than 30% of Principal and Interest PaymentDecrease of greater than 20% but less than or equal to 30% of Principal and Interest PaymentDecrease of less than or equal to 20% of Principal and Interest PaymentNo Change in Principal and Interest PaymentIncrease in Principal and Interest Payment
Performance of Fannie Mae Modified Loans

Re-performance Rates of Modified Single-Family L

(1) Excludes loans that were classified as subprime adjustable rate mortgages that were modified into fixed rate mortgages and w

include permanent modifications, but do not reflect loans currently in trial modifications. 

2009 2009 2010 2010 2010 2010 

Q3 Q4 Q1 Q2 Q3 Q4 

3 months post modification 57% 78% 80% 79% 78% 81% 6 months post modification 47% 69% 71% 73% 75% 77% 9 months post modification 45% 62% 65% 71% 73% 72% 12 months post modification 42% 58% 65% 70% 70% 69% 15 months post modification 40% 60% 63% 66% 67% 68% 18 months post modification 41% 58% 60% 65% 67% n/a 21 months post modification 40% 56% 59% 65% n/a n/a 24 months post modification 39% 55% 60% n/a n/a n/a 

% Current or Paid Off
Note: Defaults include loan liquidations other than through voluntary pay-off or repurchase by lenders and include loan foreclosures, pre

lieu of foreclosure. Cumulative Default Rate is the total number of single-family conventional loans in the guaranty book of business origdivided by the total number of single-family conventional loans in the guaranty book of business originated in the identified year.

Data as of March 31, 2012 are not necessarily indicative of the ultimate performance of the loans and performance is like

periods.

Fannie Mae Single-Family Cumulative Default 

Cumulative Default Rates of Single-Family Conventional Guaranty Book o

2005

2006

2007

2008

2009

2012 2011 2010

0.0%0.5%1.0%1.5%2.0%2.5%3.0%3.5%4.0%4.5%5.0%5.5%6.0%6.5%7.0%7.5%8.0%8.5%9.0%9.5%

10.0%

Yr1-Q1 Yr2-Q1 Yr3-Q1 Yr4-Q1 Yr5-Q1 Yr6-Q1 Yr7-Q1 Yr8-Q1 

Cumulative Default Rate 

Time Since Beginning of Origination Year

2002 2003 2004 2005 2006 2007 2008 2009 2
Fannie Mae Single-Family Real Estate Owned (RStates

(1) Select Midwest States are Illinois, Indiana, Michigan and Ohio.(2) Measured from the last monthly period for which the borrowers fully paid their mortgages to when the related properties were a

completed during Q1 2012.

(3) Fannie Mae incurs additional costs associated with property taxes, hazard insurance, and legal fees while a delinquent loan re

longer a loan remains in the foreclosure process, the longer it remains in our guaranty book of business as a seriously delinqueinstallment to foreclosure for all states combined were 327, 325, 407, 479, and 529 in each of the years 2007 through 2011, re

Q1 2012 2011 2010 2009 2008 

Beginning Balance NA 118,528 162,489 86,155 63,538 33,729 Arizona 387 2,246 16,172 20,691 12,854 5,532 California 527 3,829 27,589 34,051 19,565 10,624 Florida 1,031 5,610 13,748 29,628 13,282 6,159 Nevada 566 1,003 8,406 9,418 6,075 2,906 Select Midwest States (1) 698 11,657 33,777 45,411 28,464 23,668 All other States 563 23,355 100,004 122,879 65,377 45,763 

Total Acquisitions NA 47,700 199,696 262,078 145,617 94,652 Total Dispositions NA (52,071) (243,657) (185,744) (123,000) (64,843) 

Ending Inventory NA 114,157 118,528 162,489 86,155 63,538 

State

Average Days 

From Last Paid 

Installment to 

Foreclosure YTD 

2012 (2) (3)

REO Acquisitions and Dispositions (Number of Propertie

(1) Net sales price represents contract sales price less costs to sell the property and other reductions due at closing.

Q1 2012 2011 2010 2009 2008 2007 

57% 55% 57% 55% 68% 78% 

REO Net Sales Prices(1) Compared With Unpaid Principal Balances of Mo
Fannie Mae Multifamily Credit Profile by Loan A

(1 ) Excludes loans that have been defeased. Defeasance is prepayment of a loan through substitution of collateral.(2 ) We classify multifamily loans as seriously delinquent when payment is 60 days or more past due.(3 ) Weighted Average Original loan-to-value ratio is 66% as of March 31, 2012.(4 ) Under the Delegated Underwriting and Servicing, or DUS ®, product line, Fannie Mae purchases individual, newly originated mortgages from specially approved DUS le

loan documents. Because DUS lenders generally share the risk of loss with Fannie Mae, they are able to originate, underwrite, close and service most loans without o

(5 ) Multifamily loans under $3 million and up to $5 million in high cost of living areas.

Total Multifamily Guaranty Book of Business (1) 39,947 $194.9 100% 0.37% 

Credit Enhanced Loans: Credit Enhanced 35,843 $174.8 90% 0.35% Non-Credit Enhanced 4,104 $20.1 10% 0.57% Originating loan-to-value ratio: (3)

Less than or equal to 70% 25,094 $104.2 53% 0.17% Greater than 70% and less than or equal to 80% 11,825 $82.2 42% 0.59% 

Greater than 80% 3,028 $8.5 4% 0.75% Delegated Underwriting and Servicing (DUS ®) Loans: (4)

DUS ® - Small Balance Loans (5) 7,994 $15.3 8% 0.42% 

DUS ® - Non Small Balance Loans 11,510 $142.8 73% 0.25% 

DUS ® - Total 19,504 $158.1 81% 0.26% 

Non-DUS - Small Balance Loans (5) 19,207 $16.1 8% 1.22% 

Non-DUS - Non Small Balance Loans 1,236 $20.7 11% 0.55% Non-DUS - Total 20,443 $36.8 19% 0.84% 

Maturity Dates:Loans maturing in 2012 961 $7.2 4% 0.77% Loans maturing in 2013 3,074 $17.2 9% 0.33% Loans maturing in 2014 2,563 $14.1 7% 0.46% 

Loans maturing in 2015 3,164 $16.3 8% 0.52% 

Loans maturing in 2016 3,107 $16.3 8% 0.69% Other maturities 27,078 $123.7 64% 0.28% 

Loan Size Distribution:Less than or equal to $750K 11,585 $3.6 2% 1.18% Greater than $750K and less than or equal to $3M 14,392 $21.2 11% 0.92% 

Greater than $3M and less than or equal to $5M 4,718 $17.2 9% 0.53% Greater than $5M and less than or equal to $25M 8,135 $81.9 42% 0.41% Greater than $25M 1,117 $70.9 36% 0.08% 

As of March 31, 2012 Unpaid Principal Balance (Billions) % of Multifamily Guaranty Book of Business (UPB) % Seriously Delinquent Loan Counts (2)
2005

2006

2007

2008

2009

2010

2011

0.00%0.20%0.40%0.60%0.80%1.00%1.20%1.40%1.60%

Year

1

Year

2

Year

3

Year

4

Year

5

Year

6

Year

7

Year

8

SDQ (%)

2005 2006 2007 2008 2009 2010 2011

(1 ) Excludes loans that have been defeased. Defeasance is prepayment of a loan through substitution of collateral.(2 ) We classify multifamily loans as seriously delinquent when payment is 60 days or more past due.

Fannie Mae Multifamily Credit Profile by Acquisition Year

Multifamily SDQ Rate by Acquisition Year Cumulative 

As of March 31, 2012

Unpaid Principal 

Balance (Billions) 

% of Multifamily 

Guaranty Book of 

Business (UPB)

% Seriously 

Delinquent (2)

# of Seriously 

Delinquent 

loans (2)

Total Multifamily Guaranty Book of Business (1) $194.9 100% 0.37% 312 

By Acquisition Year: 

2012 $7.3 4% - - 2011 $24.3 12% 0.01% 1 

2010 $17.6 9% 0.04% 1 2009 $18.0 9% 0.07% 4 2008 $29.8 15% 0.58% 81 2007 $36.9 19% 0.56% 123 2006 $17.0 9% 0.60% 21 2005 $14.2 7% 0.32% 18 Prior to 2005 $29.7 15% 0.59% 63 

2010

0.00%0.50%1.00%1.50%2.00%2.50%

Year

1

Year

2

Year

3

Cumulative Default Rate 

2005 2006 
Fannie Mae Multifamily Credit Profile

(1 ) Excludes loans that have been defeased. Defeasance is prepayment of a loan through substitution of collateral.(2 ) We classify multifamily loans as seriously delinquent when payment is 60 days or more past due.(3 ) For information on which states are included in each region, refer to Fannie Mae’s 2012 Q1 Form 10-Q.(4 ) Asset Class Definitions: Conventional/Co-Op Housing: Privately owned multifamily properties or multifamily properties in which the residents collectively own the pro

Housing: Multifamily rental properties for senior citizens. Manufactured Housing: A residential real estate development consisting of housing sites for manufactured hother infrastructure. Student Housing: Multifamily rental properties in which 80% or more of the units are leased to undergraduate and/or graduate students. 

(5 ) The Multifamily Affordable Business Channel focuses on financing properties which are under a regulatory agreement that provides long-term affordability, such as pr

Total Multifamily Guaranty Book of Business (1) $194.9 100% 0.37% 

Region: (3)

Midwest $16.2 8% 1.04% Northeast $41.8 21% 0.41% Southeast $38.8 20% 0.43% Southwest $32.7 17% 0.21% Western $65.3 34% 0.23% Top Five States by UPB: California $51.6 26% 0.11% New York $24.7 13% 0.31% Texas $15.9 8% 0.24% Florida $9.7 5% 1.04% Virginia $7.3 4%  

Asset Class: (4)

Conventional/Co-op $172.8 89% 0.41% Seniors Housing $14.5 7% - Manufactured Housing $4.9 3% 0.07% Student Housing $2.6 1% 0.45% Targeted Affordable Segment: Privately Owned with Subsidy (5) $27.6 14% 0.18% 

DUS & Non-DUS Lenders:DUS Lender: Bank (Direct, Owned Entity, or Subsidiary) $86.0 44% 0.46% 

DUS Lender Non-Bank Financial Institution $93.5 48% 0.67% 

Non-DUS Lender: Bank (Direct, Owned Entity, or Subsidiary) $14.1 8% 0.84% 

Non-DUS Lender: Non-Bank Financial Institution $1.1 1% 0.41% Non-DUS Lender: Public Agency/Non Profit $0.2 0% 0.14% 

As of March 31, 2012

% of Multifamily 

Guaranty Book of 

Business (UPB)

% Seriously 

Delinquent (2)

Unpaid Principal 

Balance (Billions)

% 

C
Fannie Mae Multifamily Q1 2012 Credit Losses by State ($ 

Exa

Ohio 

2012 C

Numbers: Represent Q1 2012 credit losses for each state which total $136M as of March 31, 2012. States with no numbers hShading: Represent Unpaid Principal Balance (UPB) for each state which total $194.8B as of March 31, 2012. 

(1 ) Excludes loans that have been defeased. Defeasance is prepayment of a loan through substitution of collateral