$5.7 BILLION 

Comprehensive 

income for 

Q1 2014

Net income

for Q1 2014

$5.3 BILLION 

Fannie Mae

Progress Report

F i st Qua rt r 2

 We have established responsible credit 

standards while making it possible for families 

to purchase, refinance, or rent a home. 

 We expect that the loans in our new singlefamily book of business will be profitable over 

their lifetime.

 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, loans in our new single-family book

of business have strong credit risk profiles.

OUR PURPOSE

	We continue to focus on supporting the 

housing market recovery and building a 

sustainable housing finance system for the 

future.

	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 a home; and building a book of 

business that will help protect Americans’

investment in the company.

OUR RESULTS

First QUARTER 2

	Our first quarter results were strong, 

resulting in the company’s ninth consecutive 

quarterly profit.

 Key drivers included stable revenues from 

guaranty fees and declining revenues 

from our retained mortgage portfolio, and 

revenues were boosted significantly by 

settlement agreements relating to privatelabel mortgage-related securities sold to us. 

Results also benefited from credit-related 

income, offset by fair value losses.

SINGLE-FAMI

BOOK OF BUSINES

a of March 31

As of March 31, 201

Single-Family Loans prior to 2009

Single-Family Loans 2009 through Q1 2014

22% 78%

legacy ne

New book of

business is strong, 

profitable, and a 

growing share of our 

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

filed with the EC on May 8, 20

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

March 31, 2014, unless otherwise noted.

3900 Wisconsin Avenue, NW © 2014, Fannie M

Washington, DC 20016-2892 Published May 8, 201

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 for the year ended December

31, 2013 and in our quarterly report on Form 10-Q for the quarter ended 

March 31, 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.

FAN

PERFORMANCE

	High-quality new book of business 

accounted for 78 percent of single-family 

conventional guaranty book of business as 

of March 31, 2014.

	Remained the largest single issuer of 

single-family mortgage-related securities in 

the secondary market in the first quarter of 

2014 and remained a continuous source of 

liquidity in the multifamily market.

	Funded the mortgage market with more 

than $4.1 trillion in liquidity, which enabled 

borrowers to complete 12.5 million 

mortgage refinancings and 3.9 million 

home purchases, and provided financing 

for 2.3 million units of multifamily housing.

	Refinanced approximately 4.0 million 

mortgages through the company’s Refi 

PlusTM initiative, including loans refinanced 

under the Administration’s Home Affordabl

Refinance Program (HARP). As a result o

Refi Plus, borrowers’ monthly payments 

were reduced by an average of $157 in the 

first quarter of 2014.

	Helped distressed families retain their 

homes or avoid foreclosure through more

than 1.6 million workout solutions, including

approximately 1.1 million loan modifications.

DRIVING DOWN THE SERI

DELINQUENCY (SDQ) RA

	Our single-family SDQ rate has declined 16

consecutive quarters.

LIQUIDITY AND SUPP

TO THE MARKE

	We funded the mortgage market with more 

than $4.1 trillion in liquidity since 2009, 

enabling families to buy, refinance, or rent 

a home: 

	Fannie Mae’s single-family SDQ rate was

2.19 percent.

	Our single-family SDQ rate is substantially

lower than private market levels.

	Approximately 96 percent of Fannie Mae’s

17.5 million single-family conventional loans 

are current.

Data as of March 31, 2014

home

purchases

3.9

million

rental units

2.3

million

mortgage

refinancings

12.5

million

5.47%

2.19%

1Q10

1Q14

t

and DIVID

	Fannie Mae expects to have paid Treasury

approximately $126.8 billion in dividends 

as of June 30, 2014. We expect to remain 

profitable for the foreseeable future. 

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

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 second quarter of 

2014 calculated based on our net worth of $8.1 billion as of March 

31, 2014 less the applicable capital reserve amount of $2.4 billion.

(3) Amounts may not sum due to roundin

$5.7

2Q14

$2.5

2009

$7.7

2010

$9.6

2011

$11.6

2012

Dividend Payment to Treasury

(in billions)

$7.2

2013 1Q14

$82.5 Cumulative

Total

Total Dividend Payments

through 2Q 20143 $126.8

$0.03

2008

$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)

TBD

2Q14

Cumulative

Total

Initial Liquidation Preference $1.0

Treasury Draw Requests1 $116.1

Total Senior Preferred Stock Outstanding $117.1

www.fanniemae.com/progress