2016FirstQuarterCreditSupplement

May5,2016

©2016FannieMae.TrademarksofFannieMae.
ThispresentationincludesinformationaboutFannieMae,includinginformationcontainedin

FannieMae’sQuarterlyReportonForm10-QforthequarterendedMarch31,2016,the“2016

Q1Form10-Q.”Someofthetermsusedinthesematerialsaredefinedanddiscussedmore

fullyinthe2016Q1Form10-QandinFannieMae’sForm10-KfortheyearendedDecember

31,2015,the“2015Form10-K.”Thesematerialsshouldbereviewedtogetherwiththe2016

Q1Form10-Qandthe2015Form10-K,copiesofwhichareavailableonthe“SECFilings”

pageinthe“InvestorRelations”sectionofFannieMae’swebsiteatwww.fanniemae.com.

Someoftheinformationinthispresentationisbaseduponinformationthatwereceivedfrom

third-partysourcessuchassellersandservicersofmortgageloans.Althoughwegenerally

considerthisinformationreliable,wedonotindependentlyverifyallreportedinformation.

Duetorounding,amountsreportedinthispresentationmaynotaddtototalsindicated(or

100%).

Unlessotherwiseindicateddatalabeledas“YTD2016”isasofMarch31,2016orforthefirst

threemonthsof2016.

§

§

§

§

©2016FannieMae.TrademarksofFannieMae.
©2016FannieMae.TrademarksofFannieMae. 2

TableofContents

HomePriceGrowth/DeclineRatesintheU.S.

OneYearHomePriceChangeasof2016Q1

HomePriceChangeFrom2006Q3Through2016Q1 5

4

3

HomePrices

CreditCharacteristicsofSingle-FamilyBusinessAcquisitions

CreditRiskProfileSummaryofSingle-FamilyBusinessAcquisitions

CertainCreditCharacteristicsofSingle-FamilyBusinessAcquisitions:2005-2016

Single-FamilyBusinessAcquisitionsbyLoanPurpose

CreditCharacteristicsofSingle-FamilyConventionalGuarantyBookofBusinessbyOriginationYear

CreditCharacteristicsofSingle-FamilyConventionalGuarantyBookofBusinessbyCertainProductFeatures 11

10

9

8

7

6

CreditProfileofFannieMaeSingle-FamilyLoans

CreditCharacteristicsofSingle-FamilyConventionalGuarantyBookofBusinessandSingle-FamilyRealEstateOwned(REO)inSelectStates

SeriouslyDelinquentLoanandREOEndingInventorySharebySelectStates

Single-FamilyShortSalesandREOSalesPricestoUnpaidPrincipalBalance(UPB)ofMortgageLoans 14

13

12

GeographicCreditProfileofFannieMaeSingle-FamilyLoansandForeclosedProperties(REO)

Single-FamilyLoanWorkouts

Re-performanceRatesofModifiedSingle-FamilyLoans 16

15

WorkoutsofFannieMaeSingle-FamilyLoans

CreditLossConcentrationofSingle-FamilyConventionalGuarantyBookofBusiness

CumulativeDefaultRatesofSingle-FamilyConventionalGuarantyBookofBusinessbyOriginationYear 18

17

AdditionalCreditInformationforFannieMaeSingle-FamilyLoans

MultifamilyCreditProfilebyLoanAttributes

SeriousDelinquencyRatesofMultifamilyBookofBusiness

CumulativeCreditLossRatesofMultifamilyGuarantyBookofBusinessByAcquisitionYear 22

21

19-20

CreditProfileofFannieMaeMultifamilyLoans
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

-10%

-5%

0%

5%

10%

15%

-9.1%

11.3%

-3.6%

-4.8% -4.3%

-3.5%

2.6%

4.0%

7.9%

4.4% 4.9%

0.5%

FannieMaeHomePriceIndex

*Year-to-dateasofMarch2016.

Basedonourhomepriceindex,weestimatethathomepricesonanationalbasisincreasedby0.5%inthefirstquarterof2016,followingincreasesof4.9%in

2015,4.4%in2014and7.9%in2013.Despitetherecentincreasesinhomeprices,weestimatethat,throughMarch31,2016,homepricesonanationalbasis

remained5.7%belowtheirpeakinthethirdquarterof2006.Ourhomepriceestimatesarebasedonpreliminarydataandaresubjecttochangeasadditionaldata

becomeavailable.

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

13.5% 1.7% -5.4% -12.0% -3.9% -4.1% -3.9% 6.5% 10.7% 4.5% 5.3%

S&P/Case-ShillerIndex

HomePriceGrowth/DeclineRatesintheU.S.

Note:EstimatebasedonpurchasetransactionsinFannie-FreddieacquisitionandpublicdeeddataavailablethroughtheendofMarch2016.Includingsubsequentdatamayleadtomateriallydifferentresults.

©2016FannieMae.TrademarksofFannieMae. 3

*
MI

6.0%

2.4%

NC

3.5%

2.5%

CO

11.1%

2.8%

CA

7.3%

19.6%

WY

-0.5%

0.2%

AL

1.7%

1.0%

AR

1.9%

0.5%

IA

3.2%

0.7%

IL

2.7%

4.0%

IN

2.2%

1.2% KS

3.3%

0.5%

KY

3.0%

0.6%

LA

3.1%

0.9%

ME

3.9%

0.3%

MN

3.2%

2.0%

MO

3.8%

1.3%

MS

1.6%

0.4%

MT

3.9%

0.3%

ND

4.2%

0.2%

NE

3.5%

0.5%

NM

2.5%

0.5%

PA

1.5%

3.0%

SC

3.5%

1.2%

SD

4.3%

0.2%

TN

4.9%

1.3%

TX

4.1%

5.9%

VA

1.7%

3.5%

WI

3.2%

1.8%

WV

2.0%

0.2%

AZ

7.5%

2.5%

OH

3.0%

2.0%

FL

8.8%

5.6%

GA

6.2%

2.6%

ID

7.3%

0.5%

NV

7.1%

1.0%

NY

5.3%

5.4%

OR

9.6%

1.7%

UT

6.3%

1.2%

WA

9.6%

3.5%

OK

1.5%

0.7%

Example

State:FL

GrowthRate:8.8%

UPB%**:5.6%

UnitedStates:4.6%

OneYearHomePriceChangeasof2016Q1*

*Source:FannieMae.HomepriceestimatesarebasedonpurchasetransactionsinFannie-FreddieacquisitionandpublicdeeddataavailablethroughtheendofMarch2016.UPBestimatesarebasedondata

availablethroughtheendofMarch2016.Includingsubsequentdatamayleadtomateriallydifferentresults.

**“UPB%”referstounpaidprincipalbalanceofloansonpropertiesintheapplicablestateasapercentageofunpaidprincipalbalanceofsingle-familyconventionalguarantybookofbusinessforwhichFannieMae

hasaccesstoloan-levelinformation.

©2016FannieMae.TrademarksofFannieMae. 4

AK

-0.9%

0.2%

CT

DC

DE

MA

MD

NH

NJ

RI

VT 0.2%

0.3%

3.9%

0.5%

2.7%

3.0%

0.4%

0.4%

1.3%

-0.2%

6.7%

0.7%

3.4%

2.1%

3.5%

1.5%

7.1%

1.5%

StateGrowthRate

Below0%

0%to5%

5%to10%

10%andAbove

HI

4.9%

0.8%

Growth

Rate UPB%**
NC

0.4%

2.5%

MI

-11.6%

2.4%

IL

-15.7%

4.0%

VA

-11.8%

3.5%

AZ

-26.1%

2.5%

CA

-15.5%

19.6%

NV

-33.1%

1.0%

FL

-27.6%

5.6%

MT

11.0%

0.3%

SD

19.0%

0.2%

CO

23.2%

2.8%

TX

24.8%

5.9%

IA

10.7%

0.7%

WY

12.2%

0.2%

ND

52.0%

0.2%

NE

10.9%

0.5%

OK

13.0%

0.7%

LA

13.4%

0.9%

GA

-8.1%

2.6%

ID

-5.4%

0.5%

ME

-5.5%

0.3%

MN

-8.3%

2.0%

OH

-5.6%

2.0%

NM

-7.8%

0.5%

OR

-0.1%

1.7%

SC

-1.5%

MS 1.2%

-1.0%

0.4%

NY

-3.6%

5.4%

MO

-1.1%

1.3%

WA

-0.5%

3.5%

WI

-4.3%

1.8%

AL

-2.4%

1.0%

AR

1.6%

0.5%

IN

3.3%

1.2% KS

7.5%

0.5%

KY

5.2%

0.6%

PA

0.4%

3.0%

TN

4.5%

1.3%

UT

8.7%

1.2%

WV

2.6%

0.2%

Example

State:FL

GrowthRate:-27.6%

UPB%**:5.6%

UnitedStates:-5.7%

HomePriceChangeFrom 2006Q3Through2016Q1*

*Source:FannieMae.HomepriceestimatesarebasedonpurchasetransactionsinFannie-FreddieacquisitionandpublicdeeddataavailablethroughtheendofMarch2016.UPBestimatesarebasedondataavailablethroughthe

endofMarch2016.Includingsubsequentdatamayleadtomateriallydifferentresults.

**“UPB%”referstounpaidprincipalbalanceofloansonpropertiesintheapplicablestateasapercentageofunpaidprincipalbalanceofsingle-familyconventionalguarantybookofbusinessforwhichFannieMaehasaccessto

loan-levelinformation.

Note:Homepricesonanationalbasisreachedapeakinthethirdquarterof2006.

©2016FannieMae.TrademarksofFannieMae. 5

AK

7.4%

0.2%

HI

0.6%

0.8%

CT

DC

DE

MA

MD

NH

NJ

RI

VT 0.2%

0.3%

3.9%

0.5%

2.7%

3.0%

0.4%

0.4%

1.3%

-7.6%

-22.7%

-21.8%

-12.0%

-20.5%

-4.8%

-14.5%

32.2%

-20.0%

StateGrowthRate

Below-30%

-30%to-15%

-15%to-5%

-5%to0%

0%to5%

5%andAbove

Growth

Rate UPB%**
Q12016

Single-Family

Acquisitions

Excl.

RefiPlus

FullYear2015

Single-Family

Acquisitions

Excl.

RefiPlus

Q42015

Single-Family

Acquisitions

Excl.

RefiPlus

Q32015

Single-Family

Acquisitions

Excl.

RefiPlus

Q22015

Single-Family

Acquisitions

Excl.

RefiPlus

Q12015

Single-Family

Acquisitions

Excl.

RefiPlus

UnpaidPrincipalBalance(UPB)($B)

WeightedAverageOriginationNoteRate 4.02% 4.01%

$102.2 $96.4

3.98% 3.97%

$471.4 $441.0

4.04% 4.04%

$105.6 $99.7

4.05% 4.04%

$124.5 $117.6

3.87% 3.86%

$128.1 $118.9

3.98% 3.97%

$113.2 $104.9

Single-FamilyAcquisitions

5.2%

8.0%

20.6%

<=60%

60.01%to70%

70.01%to80%

80.01%to90%

90.01%to100%

>100%

WeightedAverageOriginationLTVRatio 74.6%

0.0%

15.3%

12.0%

40.8%

13.8%

18.1%

74.5%

0.6%

15.0%

12.2%

39.6%

13.9%

18.7%

74.8%

0.0%

15.2%

12.3%

41.3%

13.6%

17.5%

74.8%

0.8%

14.9%

12.5%

40.0%

13.7%

18.2%

75.4%

0.0%

16.3%

13.0%

40.8%

13.0%

16.9%

75.3%

0.7%

15.9%

13.1%

39.7%

13.1%

17.5%

75.7%

0.0%

16.9%

12.7%

41.3%

12.5%

16.6%

75.6%

0.7%

16.6%

12.8%

40.1%

12.6%

17.1%

74.0%

0.0%

14.1%

11.6%

41.2%

14.3%

18.8%

74.0%

0.8%

13.8%

11.8%

39.7%

14.4%

19.6%

74.2%

0.0%

13.4%

12.2%

42.0%

14.6%

17.8%

74.2%

0.9%

13.2%

12.4%

40.4%

14.6%

18.5%

OriginationLoan-to-Value(LTV)Ratio

<620

620to<660

660to<700

700to<740

>=740

WeightedAverageFICOCreditScore 748

61.2%

21.5%

12.6%

4.7%

0.0%

746

59.8%

21.4%

13.0%

5.2%

0.5%

750

63.5%

20.5%

11.7%

4.2%

0.0%

748

62.1%

20.4%

12.1%

4.7%

0.6%

748

61.2%

21.3%

12.6%

4.8%

0.0%

746

59.9%

21.2%

13.0%

5.3%

0.6%

749

62.4%

20.8%

12.2%

4.5%

0.0%

747

61.1%

20.7%

12.6%

5.0%

0.6%

753

65.8%

19.8%

10.6%

3.7%

0.0%

750

64.3%

19.7%

11.1%

4.3%

0.6%

751

64.3%

20.3%

11.4%

4.0%

0.0%

748

62.7%

20.1%

11.8%

4.6%

0.7%

FICOCreditScores

CreditCharacteristicsofSingle-FamilyBusinessAcquisitions

Fixed-rate

Adjustable-rate

Alt-A

InterestOnly

Investor

Condo/Co-op

Refinance 50.9%

9.7%

6.6%

0.0%

0.0%

2.4%

97.6%

53.7%

9.7%

7.1%

0.0%

0.4%

2.3%

97.7%

51.6%

10.0%

7.2%

0.0%

0.0%

2.6%

97.4%

54.7%

10.0%

7.8%

0.0%

0.4%

2.5%

97.5%

46.7%

10.0%

6.8%

0.0%

0.0%

2.9%

97.1%

49.7%

9.9%

7.4%

0.0%

0.4%

2.8%

97.2%

42.9%

10.1%

7.2%

0.0%

0.0%

2.6%

97.4%

46.1%

10.0%

7.7%

0.0%

0.3%

2.5%

97.5%

56.6%

10.4%

7.0%

0.0%

0.0%

2.0%

98.0%

59.7%

10.3%

7.7%

0.0%

0.4%

1.9%

98.1%

60.2%

9.6%

7.7%

0.0%

0.0%

2.9%

97.1%

63.2%

9.6%

8.4%

0.0%

0.5%

2.8%

97.2%

CertainCharacteristics

Purchase

Cash-outrefinance

Otherrefinance 29.4%

21.6%

49.1%

33.4%

20.4%

46.3%

31.7%

19.9%

48.4%

36.1%

18.6%

45.3%

26.2%

20.5%

53.3%

30.4%

19.3%

50.3%

23.6%

19.3%

57.1%

27.9%

18.2%

53.9%

37.0%

19.5%

43.4%

41.6%

18.1%

40.3%

40.0%

20.3%

39.8%

44.4%

18.8%

36.8%

LoanPurpose

Percentagecalculatedbasedonunpaidprincipalbalanceofloansattimeofacquisition.Single-familybusinessacquisitionsrefertosingle-familymortgageloansweacquirethroughpurchaseorsecuritizationtransactions.

Single-familybusinessacquisitionsfortheapplicableperiodexcludingloansacquiredunderourRefiPlusinitiative,whichincludestheHomeAffordableRefinanceProgram®(“HARP®”).OurRefiPlusinitiativeprovidesexpandedrefinance

opportunitiesforeligibleFannieMaeborrowers,andmayinvolvetherefinanceofexistingFannieMaeloanswithhighloan-to-valueratios,includingloanswithloan-to-valueratiosinexcessof100%.

FICOcreditscoreisasofloanorigination,asreportedbythesellerofthemortgageloan.

NewlyoriginatedAlt-AloansfortheapplicableperiodsconsistoftherefinanceofexistingloansunderourRefiPlusinitiative.ForadescriptionofourAlt-Aloanclassificationcriteria,refertoFannieMae’s2016Q1Form10-Q.

Single-FamilyAcquisitions

4.9%

6.9%

24.8%

Single-FamilyAcquisitions

4.7%

6.7%

25.6%

Single-FamilyAcquisitions

5.3%

7.2%

21.0%

Single-FamilyAcquisitions

5.0%

7.2%

23.0%

(1)

(2)

(3)

(4)

Single-FamilyAcquisitions

California

Texas

Florida 5.8%

7.6%

21.7%

©2016FannieMae.TrademarksofFannieMae. 6

AcquisitionPeriod

(4)

(2) (2) (2) (2) (2) (2)

(3)

(1)

Top3GeographicConcentrations
Percentagecalculatedbasedonunpaidprincipalbalanceofloansattimeofacquisition.Single-familybusinessacquisitionsrefertosingle-familymortgageloansweacquirethroughpurchaseorsecuritization

transactions.

FICOcreditscoreisasofloanorigination,asreportedbythesellerofthemortgageloan.FICOcreditscoresbelow620primarilyconsistoftherefinanceofexistingloansunderourRefiPlusinitiative,which

includestheHomeAffordableRefinanceProgram(“HARP”).OurRefiPlusinitiativeprovidesexpandedrefinanceopportunitiesforeligibleFannieMaeborrowers,andmayinvolvetherefinanceofexisting

FannieMaeloanswithhighloan-to-valueratios,includingloanswithloan-to-valueratiosinexcessof100%.

Single-familybusinessacquisitionsfortheapplicableperiodexcludingloansacquiredunderourRefiPlusinitiative,whichincludesHARP.

<=60%

60.01%

to80%

80.01%

to100% >100% Total

>=740

660to<740

620to<660

<620

Total 100.0%

0.5%

5.2%

34.4%

59.8%

0.6%

0.1%

0.1%

0.3%

0.2%

27.2%

0.1%

1.2%

10.6%

15.2%

53.5%

0.2%

2.8%

18.3%

32.1%

18.7%

0.1%

1.0%

5.2%

12.3%

<=60%

60.01%

to80%

80.01%

to100% >100% Total

>=740

660to<740

620to<660

<620

Total 100.0%

0.7%

4.6%

32.0%

62.7%

0.9%

0.1%

0.1%

0.4%

0.3%

25.6%

0.2%

1.1%

9.9%

14.5%

55.0%

0.2%

2.5%

17.2%

35.0%

18.5%

0.1%

0.8%

4.5%

13.0%

<=60%

60.01%

to80%

80.01%

to95% >95% Total

>=740

660to<740

620to<660

Total 100.0%

4.7%

34.1%

61.2%

1.8%

0.1%

0.9%

0.8%

25.5%

1.0%

9.7%

14.7%

54.6%

2.7%

18.6%

33.3%

18.1%

0.9%

4.9%

12.3%

<=60%

60.01%

to80%

80.01%

to95% >95% Total

>=740

660to<740

620to<660

Total 100.0%

4.0%

31.7%

64.3%

0.9%

0.0%

0.5%

0.4%

24.7%

0.9%

9.4%

14.4%

56.6%

2.4%

17.6%

36.5%

17.8%

0.7%

4.2%

12.9%

CreditProfileforSingle-FamilyAcquisitions(ExcludingRefiPlus)

FICOCreditScoreFICOCreditScoreFICOCreditScore

FICOCreditScoreFICOCreditScoreFICOCreditScore

(1)

(2)

(3)

<=60%

60.01%

to80%

80.01%

to95% >95% Total

>=740

660to<740

620to<660

Total 0.0%

0.7%

2.4%

-3.1%

0.9%

0.0%

0.4%

0.4%

0.8%

0.1%

0.4%

0.3%

-2.0%

0.3%

0.9%

-3.2%

0.4%

0.2%

0.7%

-0.6%

©2016FannieMae.TrademarksofFannieMae. 7

<=60%

60.01%

to80%

80.01%

to100% >100% Total

>=740

660to<740

620to<660

<620

Total 0.0%

-0.1%

0.6%

2.4%

-2.9%

-0.3%

0.0%

0.0%

-0.1%

-0.1%

1.5%

0.0%

0.1%

0.8%

0.7%

-1.5%

0.0%

0.3%

1.1%

-2.9%

0.2%

0.0%

0.2%

0.7%

-0.7%

CreditProfileforSingle-FamilyAcquisitions

CreditRiskProfileSummaryofSingle-FamilyBusinessAcquisitions

FortheThree

MonthsEnded

March31,2016

FortheThree

MonthsEnded

March31,2016

FortheThree

MonthsEnded

March31,2015

FortheThree

MonthsEnded

March31,2015

Changein

Acquisitions

Profile

Changein

Acquisitions

Profile

OriginationLTVRatio OriginationLTVRatio OriginationLTVRatio

OriginationLTVRatio OriginationLTVRatio OriginationLTVRatio

(2)(2)(2)

(2)(2)(2)

(3)

(1)
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

40%

60%

80%

100%

OriginationLTV

Ratio

0%

5%

10%

15%

20%

%ofSingle-FamilyBusinessAcquisitions

OriginationLoan-to-Value(OLTV)Ratio

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

660

680

700

720

740

760

780

FIC

O

CreditScore

0%

5%

10%

15%

20%

%ofSingle-FamilyBusinessAcquisitions

FICOCreditScore

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

0%

20%

40%

60%

80%

100%

%ofSingle-FamilyBusinessAcquisitions

ShareofSingle-FamilyBusinessAcquisitions:

Fixed-rateProduct

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

0%

20%

40%

60%

80%

100%

%ofSingle-FamilyBusinessAcquisitions

ShareofSingle-FamilyBusinessAcquisitions:

LoanPurpose-Purchase

ProductFeature

WeightedAverageOriginationLTVRatio OriginationLTV>90% WeightedAverageFICOCreditScore FICOCreditScore<620

Percentagecalculatedbasedonunpaidprincipalbalanceofloansattimeofacquisition.Single-familybusinessacquisitionsrefertosingle-familymortgageloansweacquirethroughpurchaseorsecuritization

transactions.

FICOcreditscoreisasofloanorigination,asreportedbythesellerofthemortgageloan.Loansacquiredafter2009withFICOcreditscoresbelow620primarilyconsistoftherefinanceofexistingloansunder

ourRefiPlusinitiative,whichincludesHARP.

CertainCreditCharacteristicsofSingle-FamilyBusinessAcquisitions:2005-2016

(1)

(2)

.

©2016FannieMae.TrademarksofFannieMae. 8

*Year-to-datethroughMarch31,2016.

(2)

(1)

* *

* *
2009 2010 2011 2012 2013 2014 2015 2016

0%

20%

40%

60%

80%

100%

%ofSingle-FamilyBusinessAcquisitions

4% 2% 2%

4% 4%

6%

16% 14% 10% 10%

6%

9% 9%

14% 14%

7%

36% 48% 48%

48%

54% 52% 55%

69%

45% 46%

52%

30%

20% 23% 24% 21%

Single-FamilyBusinessAcquisitionsbyLoanPurpose

HARPAcquisitions RefiPlusAcquisitions(ExcludingHARP) RefinanceAcquisitions(ExcludingRefiPlus) PurchaseAcquisitions

2009

HARP

RefiPlus

(Excl.

HARP)

2010

HARP

RefiPlus

(Excl.

HARP)

2011

HARP

RefiPlus

(Excl.

HARP)

2012

HARP

RefiPlus

(Excl.

HARP)

2013

HARP

RefiPlus

(Excl.

HARP)

2014

HARP

RefiPlus

(Excl.

HARP)

2015

HARP

RefiPlus

(Excl.

HARP)

2016

HARP

RefiPlus

(Excl.

HARP)

UnpaidPrincipalBalance(UPB)($B)

WeightedAverageOriginationNoteRate 4.85%

$44.7

5.05%

$27.9

4.68%

$80.5

5.00%

$59.0

4.44%

$81.2

4.78%

$55.6

3.89%

$73.8

4.14%

$129.9

3.80%

$64.4

4.04%

$99.5

4.39%

$23.5

4.62%

$21.5

4.08%

$19.2

4.23%

$11.2

4.07%

$3.7

4.21%

$2.1

CreditCharacteristicsofSingle-FamilyBusinessAcquisitionsUndertheRefiPlusInitiative

OurRefiPlusinitiative,whichstartedinApril2009,includestheHomeAffordableRefinanceProgram(“HARP”).OurRefiPlusinitiativeprovidesexpandedrefinanceopportunitiesforeligibleFannieMae

borrowers,andmayinvolvetherefinanceofexistingFannieMaeloanswithhighloan-to-valueratios,includingloanswithloan-to-valueratiosinexcessof100%.

FICOcreditscoreisasofloanorigination,asreportedbythesellerofthemortgageloan.

©2016FannieMae.TrademarksofFannieMae. 9

<=80%

80.01%to105%

105.01%to125%

>125%

WeightedAverageOriginationLTVRatio 63.3%

0.0%

0.0%

0.0%

100.0%

90.7%

0.0%

0.9%

99.1%

0.0%

62.3%

0.0%

0.0%

0.0%

100.0%

92.2%

0.0%

5.6%

94.4%

0.0%

60.2%

0.0%

0.0%

0.0%

100.0%

94.3%

0.0%

11.9%

88.1%

0.0%

61.1%

0.0%

0.0%

0.0%

100.0%

111.0%

20.7%

22.1%

57.2%

0.0%

60.2%

0.0%

0.0%

0.0%

100.0%

109.8%

20.1%

21.5%

58.4%

0.0%

61.3%

0.0%

0.0%

0.0%

100.0%

101.5%

9.9%

16.9%

73.3%

0.0%

60.4%

0.0%

0.0%

0.0%

100.0%

98.4%

7.0%

15.0%

78.0%

0.0%

60.5%

0.0%

0.0%

0.0%

100.0%

97.8%

6.4%

14.1%

79.6%

0.0%

OriginationLTVRatio

<620

620to<660

660to<740

>=740

WeightedAverageFICOCreditScore 762

74.5%

23.0%

1.7%

0.8%

749

64.4%

31.9%

2.5%

1.2%

760

72.3%

23.9%

2.4%

1.4%

746

61.2%

33.1%

3.6%

2.0%

758

70.0%

25.6%

2.8%

1.7%

746

61.5%

32.6%

3.8%

2.1%

753

66.9%

26.0%

4.2%

2.9%

738

56.6%

33.8%

6.0%

3.7%

737

55.8%

31.9%

6.9%

5.3%

722

45.1%

38.7%

9.5%

6.7%

717

43.0%

36.5%

11.2%

9.3%

704

33.9%

41.0%

14.5%

10.6%

722

46.3%

34.4%

10.5%

8.8%

706

34.8%

41.1%

14.6%

9.5%

715

40.7%

37.5%

12.1%

9.7%

703

32.1%

43.0%

15.8%

9.2%

FICOCreditScores

(1)

(2)

*Year-to-datethroughMarch31,2016.

AcquisitionYear

(1)

(2)

*

*
OverallBook

OriginationYear

2016 2015 2014 2013 2012 2011 2010 2009 2008

2007and

Earlier

UnpaidPrincipalBalance(UPB)($B)

ShareofSingle-FamilyConventionalGuarantyBook

AverageUnpaidPrincipalBalance

SeriousDelinquencyRate

WeightedAverageOriginationLTVRatio

OriginationLTVRatio>90%

WeightedAverageMark-to-MarketLTVRatio

Mark-to-MarketLTVRatio>100%and<=125%

Mark-to-MarketLTVRatio>125%

WeightedAverageFICOCreditScore

FICO<620

InterestOnly

NegativeAmortizing

Fixed-rate

PrimaryResidence

Condo/Co-op

CreditEnhanced

CumulativeDefaultRate n/a

19.0%

9.4%

88.0%

93.1%

0.1%

2.0%

2.2%

744

0.7%

2.4%

61.6%

16.4%

75.0%

1.44%

$160,822

100.0%

$2,770.0

n/a

16.5%

9.3%

89.3%

70.1%

1.0%

12.2%

9.1%

699

3.3%

8.8%

65.4%

14.0%

74.9%

4.84%

$98,886

13.4%

$371.8

4.9%

24.2%

10.6%

87.9%

72.4%

0.0%

8.5%

6.3%

713

1.4%

6.1%

68.4%

12.6%

74.8%

5.55%

$141,726

1.8%

$48.8

0.8%

5.0%

8.7%

90.7%

97.3%

0.0%

1.1%

0.9%

752

0.0%

0.5%

54.2%

6.5%

69.7%

1.00%

$145,459

4.5%

$124.5

0.6%

5.7%

8.2%

89.2%

96.3%

0.0%

0.9%

0.8%

756

0.0%

0.4%

52.3%

10.3%

71.2%

0.60%

$149,364

6.4%

$177.7

0.3%

8.1%

8.5%

87.1%

95.5%

0.0%

0.5%

0.8%

757

0.0%

0.3%

50.7%

12.5%

71.3%

0.43%

$150,769

7.7%

$214.0

0.3%

12.8%

8.9%

88.7%

97.8%

0.0%

0.3%

1.1%

759

0.5%

2.1%

55.0%

19.0%

76.4%

0.31%

$181,591

20.1%

$555.8

0.2%

19.2%

10.1%

86.2%

97.8%

0.0%

0.2%

1.7%

750

0.7%

2.3%

60.8%

20.5%

76.7%

0.36%

$179,169

17.5%

$485.6

0.0%

38.6%

9.9%

86.6%

95.9%

0.0%

0.0%

1.3%

743

0.3%

1.0%

68.7%

19.6%

77.0%

0.28%

$186,792

10.5%

$291.3

0.0%

28.9%

9.9%

88.3%

97.7%

0.0%

0.0%

0.6%

748

0.1%

0.6%

71.6%

16.1%

74.9%

0.05%

$214,783

15.9%

$441.0

0.0%

25.4%

9.3%

89.0%

98.5%

0.0%

0.0%

0.6%

745

0.1%

0.5%

74.1%

15.0%

74.3%

0.00%

$219,789

2.1%

$59.5

CreditCharacteristicsofSingle-FamilyConventionalGuarantyBookofBusinessbyOriginationYear

Excludesnon-FannieMaesecuritiesheldinportfolioandthoseAlt-AandsubprimewrapsforwhichFannieMaedoesnothaveloan-levelinformation.FannieMaehadaccesstodetailedloan-levelinformation

forapproximately99%ofitssingle-familyconventionalguarantybookofbusinessasofMarch31,2016.

FICOcreditscoreisasofloanorigination,asreportedbythesellerofthemortgageloan.Loansacquiredafter2009withFICOcreditscoresbelow620primarilyconsistoftherefinanceofexistingloansunder

ourRefiPlusinitiative,whichincludesHARP.

Unpaidprincipalbalanceofallloanswithcreditenhancementasapercentageofunpaidprincipalbalanceofsingle-familyconventionalguarantybookofbusinessforwhichFannieMaehasaccesstoloan-level

information.

Defaultsincludeloanforeclosures,shortsales,salestothirdpartiesatthetimeofforeclosureanddeeds-in-lieuofforeclosure.CumulativeDefaultRateisthetotalnumberofsingle-familyconventionalloansin

theguarantybookofbusinessoriginatedintheidentifiedyearthathavedefaulted,dividedbythetotalnumberofsingle-familyconventionalloansintheguarantybookofbusinessoriginatedintheidentified

year.For2007andearliercumulativedefaultrates,refertoslide18.

©2016FannieMae.TrademarksofFannieMae. 10

(1)

(2)

(3)

(4)

.

(1)

(1)

(2)

(2)

(3)

(4)

AsofMarch31,2016
CategoriesNotMutuallyExclusive

InterestOnly

Loans

Loanswith

FICO<620

LoanswithFICO≥

620and<660

Loanswith

OriginationLTV

Ratio>90%

LoanswithFICO

<620 and

OriginationLTV

Ratio>90%

Alt-ALoans

RefiPlus

IncludingHARP

UnpaidPrincipalBalance(UPB)($B)

ShareofSingle-FamilyConventionalGuarantyBook

AverageUnpaidPrincipalBalance

SeriousDelinquencyRate

AcquisitionYears2005-2008

WeightedAverageOriginationLTVRatio

OriginationLTVRatio>90%

WeightedAverageMark-to-MarketLTVRatio

Mark-to-MarketLTVRatio>100%and<=125%

Mark-to-MarketLTVRatio>125%

WeightedAverageFICOCreditScore

FICO<620

Fixed-rate

PrimaryResidence

Condo/Co-op

CreditEnhanced 12.3%

9.4%

84.4%

98.9%

5.1%

734

1.6%

6.1%

66.4%

39.6%

86.7%

0.0%

0.77%

$151,744

17.3%

$478.2

10.1%

9.7%

77.0%

65.5%

2.9%

711

4.6%

12.3%

73.9%

16.0%

78.6%

59.1%

6.11%

$146,571

3.6%

$98.6

53.9%

5.9%

94.1%

88.7%

100.0%

583

9.6%

21.7%

93.1%

100.0%

108.3%

30.4%

8.47%

$132,620

0.7%

$18.7

63.6%

9.8%

92.4%

96.0%

4.1%

729

3.1%

9.2%

85.8%

100.0%

103.5%

9.1%

2.19%

$171,424

16.4%

$453.6

22.0%

6.1%

93.1%

87.2%

0.0%

642

2.6%

6.9%

69.7%

23.0%

79.2%

29.1%

4.67%

$134,333

5.5%

$151.5

22.5%

4.7%

94.4%

83.8%

100.0%

583

4.0%

10.1%

72.4%

30.2%

81.8%

40.7%

7.45%

$117,422

2.2%

$61.9

13.5%

14.6%

85.7%

23.5%

1.6%

722

6.0%

16.5%

80.8%

8.1%

74.3%

81.9%

7.52%

$228,378

2.0%

$55.9

Loanswithmultipleproductfeaturesareincludedinallapplicablecategories.Thesubtotaliscalculatedbycountingaloanonlyonceevenifitisincludedinmultiplecategories.

FICOcreditscoreisasofloanorigination,asreportedbythesellerofthemortgageloan.

ForadescriptionofourAlt-Aloanclassificationcriteria,refertoFannieMae’s2016Q1Form10-Q.

OurRefiPlusinitiative,whichstartedinApril2009,includestheHomeAffordableRefinanceProgram(“HARP”).OurRefiPlusinitiativeprovidesexpandedrefinanceopportunitiesforeligibleFannieMae

borrowers,andmayinvolvetherefinanceofexistingFannieMaeloanswithhighloan-to-valueratios,includingloanswithloan-to-valueratiosinexcessof100%.

Excludesnon-FannieMaesecuritiesheldinportfolioandthoseAlt-AandsubprimewrapsforwhichFannieMaedoesnothaveloan-levelinformation.FannieMaehadaccesstodetailedloan-levelinformation

forapproximately99%ofitssingle-familyconventionalguarantybookofbusinessasofMarch31,2016.

Unpaidprincipalbalanceofallloanswithcreditenhancementasapercentageofunpaidprincipalbalanceofsingle-familyconventionalguarantybookofbusinessforwhichFannieMaehadaccesstoloan-level

information.

©2016FannieMae.TrademarksofFannieMae. 11

Subtotalof

CertainProduct

Features

33.0%

8.8%

89.6%

90.1%

6.5%

719

2.0%

6.1%

71.9%

47.5%

85.7%

16.8%

2.62%

$151,557

34.5%

$955.6

CreditCharacteristicsofSingle-FamilyConventionalGuarantyBookofBusinessbyCertainProductFeatures

(1)

(2)

(3)

(4)

(5)

(6)

.

(1)

(2)

(3)

(2)

(2)

(4)

(5)

(5)

(6)

AsofMarch31,2016

(2)

(2)

(1)
UnpaidPrincipal

Balance(UPB)

($B)

Shareof

Single-Family

Conventional

GuarantyBook

Weighted

Average

Mark-to-Market

LTVRatio

Mark-to-Market

LTV>100%

Seriously

DelinquentLoan

Share

Serious

Delinquency

Rate

Q12016

Acquisitions

(#ofproperties)

Q12016

Dispositions

(#ofproperties)

REOEnding

Inventory

asof3/31/16

AverageDaysto

Foreclosure

%ofYTD2016

CreditLosses

California

Texas

Florida

NewYork

Illinois

NewJersey

Washington

Virginia

Pennsylvania

Massachusetts 2.2%

4.4%

1.5%

0.7%

17.1%

8.0%

23.5%

9.3%

0.9%

1.5%

1,347

920

603

967

1,727

895

1,697

1,392

742

674

1,413

2,184

1,106

974

4,405

4,368

2,773

7,505

1,032

2,114

301

1,049

406

373

1,099

1,734

747

4,021

460

826

363

718

379

265

1,138

1,074

706

2,451

427

622

1.71%

1.90%

0.88%

0.88%

4.46%

1.72%

3.32%

2.56%

0.72%

0.55%

2.9%

4.7%

1.8%

1.9%

9.9%

5.3%

10.6%

11.4%

3.4%

5.3%

1.3%

2.5%

2.7%

1.2%

7.6%

7.5%

3.0%

10.0%

0.1%

1.9%

59.6%

65.6%

64.2%

58.6%

67.9%

69.5%

57.3%

67.2%

59.1%

52.0%

3.0%

3.0%

3.5%

3.5%

3.9%

4.0%

5.4%

5.6%

5.9%

19.6%

$82.0

$83.7

$96.8

$98.2

$107.2

$109.7

$149.0

$154.5

$162.7

$544.3

Midwest

Northeast

Southeast

Southwest

West 4.0%

5.3%

20.7%

53.2%

16.9%

954

676

986

1,421

676

5,542

4,713

16,594

13,309

12,131

2,158

2,186

7,841

4,140

5,006

1,476

1,983

5,399

3,679

3,830

0.73%

0.86%

1.67%

2.80%

1.25%

10.9%

11.2%

27.7%

33.7%

16.5%

2.1%

1.4%

4.8%

3.9%

3.6%

54.5%

61.6%

65.7%

63.0%

67.1%

28.0%

16.7%

22.0%

18.5%

14.8%

$775.8

$461.3

$609.1

$513.3

$410.5

Regions

Basedontheunpaidprincipalbalance(UPB)ofthesingle-familyconventionalguarantybookofbusinessasofMarch31,2016.Excludesnon-FannieMaesecuritiesheldinportfolioandthoseAlt-Aand

subprimewrapsforwhichFannieMaedoesnothaveloan-levelinformation.FannieMaehadaccesstodetailedloan-levelinformationforapproximately99%ofitssingle-familyconventionalguarantybookof

businessasofMarch31,2016.

“Seriouslydelinquentloans”referstosingle-familyconventionalloansthatare90daysormorepastdueorintheforeclosureprocess.“Seriouslydelinquentloanshare”referstothepercentageofoursinglefamilyseriouslydelinquentloanpopulationintheapplicablestateorregion.“Seriousdelinquencyrate”referstothenumberofsingle-familyconventionalloansthatwereseriouslydelinquentintheapplicable

stateorregion,dividedbythenumberofloansinoursingle-familyconventionalguarantybookofbusinessinthatstateorregion.

Measuredfromtheborrowers’lastpaidinstallmentontheirmortgagestowhentherelatedpropertieswereaddedtoourREOinventoryforforeclosurescompletedduringthefirstthreemonthsof2016.Home

EquityConversionMortgages(HECMs)insuredbyHUDareexcludedfromthiscalculation.

Expressedasapercentageofcreditlossesforthesingle-familyguarantybookofbusiness.Creditlossesconsistof(a)charge-offs,netofrecoveriesand(b)foreclosedpropertyexpense(income),adjustedto

excludetheimpactoffairvaluelossesresultingfromcredit-impairedloansacquiredfromMBStrusts.Forinformationontotalcreditlosses,refertoFannieMae’s2016Q1Form10-Q.

SelectstatesrepresentthetoptenstatesinUPBofthesingle-familyconventionalguarantybookofbusinessasofMarch31,2016.

Forinformationonwhichstatesareincludedineachregion,refertoFannieMae’s2016Q1Form10-Q.

©2016FannieMae.TrademarksofFannieMae. 12

CreditCharacteristicsofSingle-FamilyConventionalGuarantyBookofBusinessandSingle-FamilyRealEstate

Owned(REO)inSelectStates

SFConventionalGuarantyBookofBusiness

asofMarch31,2016

SeriouslyDelinquentLoans

asofMarch31,2016

RealEstateOwned(REO) CreditLoss

(1)

(2)

(3)

(4)

(5)

(6)

Total $2,770.0 100.0% 61.6% 3.1% 100.0% 1.44% 16,367 21,331 52,289 972 100.0%

(1) (2)

(3) (4)

(6)

SelectStates

(5)

(2) (2)
Basedonstateswiththelargestvolumeofseriouslydelinquentloansinoursingle-familyconventionalguarantybookofbusinessasofMarch31,2016.

“Seriouslydelinquentloanshare”referstothepercentageofoursingle-familyseriouslydelinquentloanpopulationintheapplicablestate.

ShareofREOendinginventorycalculatedasthenumberofpropertiesinthesingle-familyREOendinginventoryforthestatedividedbythetotalnumberofsingle-familypropertiesintheREOendinginventory

forthespecifiedtimeperiod.

Oursingle-familyseriousdelinquencyrateandtheperiodoftimethatloansremainseriouslydelinquentcontinuetobenegativelyimpactedbythelengthoftimerequiredto

completeaforeclosureinsomestates.Longerforeclosuretimelinesresultintheseloansremaininginourbookofbusinessforalongertime,whichhascausedourserious

delinquencyratetodecreasemoreslowlyinthelastfewyearsthanitwouldhaveifthepaceofforeclosureshadbeenfaster.

2013

Q4

2014

Q1

2014

Q2

2014

Q3

2014

Q4

2015

Q1

2015

Q2

2015

Q3

2015

Q4

2016

Q1

0K

100K

200K

300K

400K

500K

SDQ

Volume

0%

5%

10%

15%

20%

25%

247K

419K

10.6%

5.7%

8.7%

8.5%

9.9%

5.8%

5.3%

19.0%

11.4%

5.3%

SeriouslyDelinquentLoanSharebySelectStates

California

Florida

Illinois

NewJersey

NewYork

SDQVolume

2013

Q4

2014

Q1

2014

Q2

2014

Q3

2014

Q4

2015

Q1

2015

Q2

2015

Q3

2015

Q4

2016

Q1

0K

20K

40K

60K

80K

100K

120K

REOEndingInventory

0%

5%

10%

15%

20%

25%

52K

103K

1.1%

5.3%

1.8%

8.4%

10.9%

8.4%

19.3%

14.4%

4.8%

4.0%

REOEndingInventorySharebySelectStates

California

Florida

Illinois

NewJersey

NewYork

REOEndingInventory

(1)

(2)

(3)

.

SeriouslyDelinquentLoanandREOEndingInventorySharebySelectStates

©2016FannieMae.TrademarksofFannieMae. 13

(1)

(2) (3)
Single-FamilyShortSalesandREOSalesPricestoUnpaidPrincipalBalance(UPB)ofMortgageLoans

Q4

2013

Q1

2014

Q2

2014

Q3

2014

Q4

2014

Q1

2015

Q2

2015

Q3

2015

Q4

2015

Q1

2016

60%

70%

80%

90%

67.9% 67.6%

68.6% 69.8%

72.4% 72.6% 73.1%

69.2% 69.3%

72.5%

74.2% 73.8%

75.2% 76.3%

79.3% 79.9%

75.7% 75.9%

79.3% 79.7%

REO DirectSaleDispositions:SalesPricestoUPB

NetSalesPricestoUPBTrendsforTop10States

REOGrossSales/UPB REONetSales/UPB

Q4

2013

Q1

2014

Q2

2014

Q3

2014

Q4

2014

Q1

2015

Q2

2015

Q3

2015

Q4

2015

Q1

2016

60%

70%

80%

90%

69.9%

70.6%

72.2% 72.6%

73.8% 73.5%

71.7% 72.2%

73.6% 74.1%

78.0% 78.6%

80.4%

80.7%

82.4% 82.0%

79.7% 80.4%

82.0% 82.7%

ShortSales:SalesPricestoUPB

Q12015 Q22015 Q32015 Q42015 Q12016

Florida

Illinois

NewJersey

Pennsylvania

Maryland

Ohio

Michigan

NewYork

California

Georgia 79.4%

82.6%

61.4%

66.0%

62.6%

71.4%

61.0%

59.6%

63.9%

78.3%

78.0%

84.3%

67.8%

66.8%

62.9%

69.5%

62.8%

58.5%

60.9%

77.5%

77.5%

83.1%

62.9%

65.7%

63.4%

67.3%

61.3%

58.8%

63.9%

74.8%

78.3%

84.0%

61.7%

64.6%

62.7%

67.5%

63.0%

57.7%

64.5%

73.5%

76.8%

81.3%

59.2%

59.2%

55.9%

64.9%

59.6%

54.2%

60.8%

70.8%

Q12015 Q22015 Q32015 Q42015 Q12016

Florida

NewJersey

Illinois

California

NewYork

Maryland

Nevada

Arizona

Washington

Michigan 66.6%

79.8%

74.8%

71.2%

71.2%

72.1%

79.4%

66.1%

66.0%

73.9%

74.1%

81.9%

78.8%

69.5%

69.1%

74.1%

81.3%

66.3%

66.6%

72.3%

63.3%

80.5%

77.5%

70.5%

70.6%

73.1%

80.0%

66.8%

66.9%

72.0%

71.7%

78.5%

77.0%

71.5%

70.3%

72.8%

78.3%

64.5%

65.7%

72.7%

67.6%

76.2%

75.3%

68.6%

70.0%

73.6%

78.4%

65.5%

67.8%

69.1%

ShortSalesGrossSales/UPB ShortSalesNetSales/UPB

IncludesREOpropertiesthathavebeensoldtoathirdparty(excludingpropertiesthathavebeenrepurchasedbytheseller/servicer,acquiredbyamortgageinsurancecompany,redeemedbyaborrower,or

soldthroughtheFHFARentalPilot).

SalesPricestoUPBarecalculatedasthesumofsalesproceedsreceiveddividedbytheaggregateunpaidprincipalbalance(UPB)oftherelatedloans.Grosssalespricerepresentsthecontractsaleprice.Net

salespricerepresentsthecontractsalepricelesscharges/creditspaidbyorduetothesellerorotherpartiesatclosing.

Thestatesshownhadthegreatestvolumeofpropertiessoldinthefirstthreemonthsof2016ineachrespectivecategory.

©2016FannieMae.TrademarksofFannieMae. 14

(1)

(2)

(3)

(1) (2) (2)

(2)(3)

REONetSales

PricestoUPB

ShortSales

NetSales

PricestoUPB
ForeclosureAlternatives

Consistsof(a)modifications,whichdonotincludetrialmodifications,loanstocertainborrowerswhohavereceivedbankruptcyreliefthatareaccountedforastroubleddebtrestructurings,orrepaymentplans

orforbearancesthathavebeeninitiatedbutnotcompletedand(b)repaymentplansandforbearancescompleted.

Consistsof(a)shortsales,inwhichtheborrower,workingwiththeservicerandFannieMae,sellsthehomepriortoforeclosureforlessthantheamountowedtopayofftheloan,accruedinterestandother

expensesfromthesaleproceedsand(b)deeds-in-lieuofforeclosure,whichinvolvetheborrower’svoluntarilysigningovertitletotheproperty.

Q42013Q12014Q22014Q32014Q42014Q12015Q22015Q32015Q42015Q12016

5K

10K

15K

20K

25K

30K

35K

40K

45K

#ofLoans

4K

3K 3K

3K

2K

2K 2K 2K 2K 2K9K

7K 7K 5K 4K 4K 4K 4K 3K 3K

13K

10K 10K

8K

7K

6K 6K 6K 5K 5K

©2016FannieMae.TrademarksofFannieMae. 15

ShortSales

Deeds-in-Lieu

Q42013Q12014Q22014Q32014Q42014Q12015Q22015Q32015Q42015Q12016

0K

5K

10K

15K

20K

25K

30K

35K

40K

45K

#ofLoans

21K

19K

22K

26K 27K 26K

29K

32K

36K

39K

1K

1K

1K

2K

2K

2K

2K

2K

2K

2K

41K

38K

34K

31K

28K

29K

28K

24K

20K

22K

Modifications

RepaymentPlansandForbearancesCompleted

(1)

(2)

.

HomeRetentionSolutions

Single-FamilyLoanWorkouts

(1) (2)
Modificationsreflectpermanentmodificationswhichdoesnotincludeloanscurrentlyintrialmodifications.

Definedastotalnumberofcompletedmodificationsforthetimeperiodsnoted.

2013Q2 2013Q3 2013Q4 2014Q1 2014Q2 2014Q3 2014Q4 2015Q1 2015Q2 2015Q3 2015Q4

Modifications 40,358 37,337 39,159 36,044 32,010 28,861 25,908 26,700 26,214 22,199 19,099

Re-performanceRatesofModifiedSingle-FamilyLoans

©2016FannieMae.TrademarksofFannieMae. 16

(1)

(2)

3MonthsPostModification

6MonthsPostModification

9MonthsPostModification

12MonthsPostModification

15MonthsPostModification

18MonthsPostModification

21MonthsPostModification

24MonthsPostModification n/a

n/a

n/a

n/a

n/a

n/a

n/a

78%

n/a

n/a

n/a

n/a

n/a

n/a

69%

76%

n/a

n/a

n/a

n/a

n/a

67%

69%

77%

n/a

n/a

n/a

n/a

67%

68%

72%

79%

n/a

n/a

n/a

66%

67%

70%

74%

80%

n/a

n/a

67%

67%

69%

71%

74%

79%

n/a

68%

66%

67%

70%

71%

72%

79%

70%

69%

70%

71%

72%

72%

76%

83%

70%

71%

71%

72%

73%

74%

79%

84%

72%

72%

72%

72%

73%

76%

79%

83%

72%

71%

70%

71%

74%

75%

77%

83%

%CurrentorPaidOff

(1)

(2)
Basedontheunpaidprincipalbalance(UPB)ofthesingle-familyconventionalguarantybookofbusinessasofDecember31forthetimeperiodsnoted,withtheexceptionof2016whichisasofMarch31,2016.

Basedonthesingle-familycreditlossesfortheyearendedDecember31forthetimeperiodsnoted,withtheexceptionof2016whichisthroughMarch31,2016.Creditlossesconsistof(a)charge-offs,netofrecoveriesand(b)

foreclosedpropertyexpense(income),adjustedtoexcludetheimpactoffairvaluelossesresultingfromcredit-impairedloansacquiredfromMBStrusts.Doesnotreflecttheimpactofrecoveriesthathavenotbeenallocatedto

specificloans.Negativevaluesaretheresultofrecoveriesonpreviouslyrecognizedcreditlosses.Beginningin2015,includestheimpactofcreditlossesassociatedwithourredesignationfromheldforinvestmenttoheldfor

saleofcertainnonperformingsingle-familyloansexpectedtobesoldintheforeseeablefuture.Also,2015creditlossesincludetheimpactofourapproachtoadoptingthecharge-offprovisionsoftheFederalHousingFinance

Agency’sAdvisoryBulletinAB2012-02,“FrameworkforAdverselyClassifyingLoans,OtherRealEstateOwned,andOtherAssetsandListingAssetsforSpecialMention”onJanuary1,2015.

Loanswithmultipleproductfeaturesareincludedinallapplicablecategories.Categoriesarenotmutuallyexclusive.

FICOcreditscoreisasofloanorigination,asreportedbythesellerofthemortgageloan.

NewlyoriginatedAlt-Aloansacquiredafter2008consistoftherefinanceofexistingloansunderourRefiPlusInitiative.ForadescriptionofourAlt-Aloanclassificationcriteria,refertoFannieMae’s2016Q1Form10-Q.

Foradescriptionofoursubprimeloanclassificationcriteria,refertoFannieMae’s2015Form10-K.

Selectstatesrepresentthetoptenstateswiththehighestpercentageofsingle-familycreditlossesforthethreemonthsendedMarch31,2016.

%ofSingle-FamilyConventionalGuarantyBookofBusiness

2016 2015 2014 2013 2012 2011

%ofSingle-FamilyCreditLosses

2016 2015 2014 2013 2012 2011

NegativeAmortizing

InterestOnly

FICO<620

FICO620to<660

OriginationLTVRatio>90%

FICO<620andOriginationLTVRatio>90%

Alt-A

Subprime

RefiPlusincludingHARP 11.2%

0.2%

6.6%

0.7%

10.0%

6.7%

3.2%

4.7%

0.3%

16.5%

0.2%

5.6%

0.7%

12.8%

6.0%

2.9%

3.7%

0.3%

19.5%

0.1%

4.7%

0.7%

15.1%

5.5%

2.6%

2.9%

0.2%

19.1%

0.1%

4.2%

0.7%

15.9%

5.5%

2.5%

2.5%

0.2%

17.6%

0.1%

3.7%

0.7%

16.3%

5.5%

2.3%

2.1%

0.1%

17.3%

0.1%

3.6%

0.7%

16.4%

5.5%

2.2%

2.0%

0.1%

1.4%

0.6%

27.3%

2.2%

14.0%

14.7%

7.9%

25.8%

1.2%

3.5%

1.1%

23.7%

2.3%

16.8%

14.2%

7.8%

21.8%

0.5%

7.4%

-0.2%

26.0%

2.0%

20.8%

15.7%

7.0%

18.7%

0.8%

10.4%

1.3%

17.4%

2.9%

15.3%

17.6%

12.1%

10.2%

0.9%

7.8%

1.6%

29.3%

2.7%

16.4%

18.3%

11.1%

18.0%

1.2%

10.4%

1.9%

26.9%

3.1%

18.4%

20.1%

13.4%

11.9%

0.4%

NewYork

NewJersey

Florida

Illinois

Pennsylvania

Maryland

Ohio

Connecticut

Massachusetts

Michigan

AllOtherStates 64.6%

2.5%

3.1%

1.4%

2.3%

2.9%

3.0%

4.3%

6.3%

4.0%

5.6%

65.1%

2.5%

3.1%

1.4%

2.2%

2.8%

3.1%

4.2%

6.0%

4.0%

5.6%

65.8%

2.4%

3.1%

1.4%

2.1%

2.8%

3.1%

4.1%

5.7%

4.0%

5.6%

66.2%

2.4%

3.0%

1.3%

2.1%

2.7%

3.0%

4.1%

5.6%

4.0%

5.5%

66.7%

2.4%

3.0%

1.3%

2.0%

2.7%

3.0%

4.0%

5.6%

3.9%

5.4%

66.8%

2.4%

3.0%

1.3%

2.0%

2.7%

3.0%

4.0%

5.6%

3.9%

5.4%

73.2%

5.8%

1.2%

0.3%

2.1%

0.6%

0.8%

3.5%

11.0%

0.8%

0.6%

53.2%

4.5%

1.0%

0.9%

3.3%

1.8%

1.6%

9.6%

21.4%

2.0%

0.9%

37.1%

3.2%

0.8%

1.4%

4.1%

3.1%

3.0%

12.9%

28.9%

3.7%

1.9%

24.7%

1.7%

1.0%

2.8%

4.2%

5.9%

4.2%

10.9%

32.6%

7.2%

4.8%

18.4%

1.5%

1.9%

2.3%

2.2%

3.8%

3.4%

7.8%

20.8%

21.6%

16.4%

24.7%

1.9%

2.2%

2.4%

3.2%

3.5%

4.4%

8.0%

9.3%

17.1%

23.5%

SelectStates

©2016FannieMae.TrademarksofFannieMae. 17

2009-2016

2005-2008

2004&Prior 18.0%

30.4%

51.6%

13.1%

21.7%

65.3%

9.1%

14.7%

76.2%

7.3%

12.2%

80.5%

5.8%

10.1%

84.1%

5.5%

9.7%

84.8%

14.8%

82.9%

2.4%

13.1%

81.8%

5.1%

12.4%

77.6%

10.0%

12.0%

74.7%

13.3%

12.1%

77.6%

10.3%

16.9%

68.9%

14.2%

Vintage

CreditLossConcentrationofSingle-FamilyConventionalGuarantyBookofBusiness

(1)

(2)

(3)

(4)

(5)

(6)

(7)

(1) (2)

(3)

(4)

(4)

(4)

(5)

(6)

(7)

CertainProductFeatures
©2016FannieMae.TrademarksofFannieMae. 18

Note:Defaultsincludeloanforeclosures,shortsales,salestothirdpartiesatthetimeofforeclosureanddeeds-in-lieuofforeclosure.CumulativeDefaultRateisthetotalnumberofsingle-familyconventionalloansin

theguarantybookofbusinessoriginatedintheidentifiedyearthathavedefaulted,dividedbythetotalnumberofsingle-familyconventionalloansintheguarantybookofbusinessoriginatedintheidentifiedyear.

DataasofMarch31,2016isnotnecessarilyindicativeoftheultimateperformanceoftheloansandperformanceislikelytochange,perhapsmaterially,infutureperiods.

Yr1-Q1

Yr1-Q2

Yr1-Q3

Yr1-Q4

Yr2-Q1

Yr2-Q2

Yr2-Q3

Yr2-Q4

Yr3-Q1

Yr3-Q2

Yr3-Q3

Yr3-Q4

Yr4-Q1

Yr4-Q2

Yr4-Q3

Yr4-Q4

Yr5-Q1

Yr5-Q2

Yr5-Q3

Yr5-Q4

Yr6-Q1

Yr6-Q2

Yr6-Q3

Yr6-Q4

Yr7-Q1

Yr7-Q2

Yr7-Q3

Yr7-Q4

Yr8-Q1

Yr8-Q2

Yr8-Q3

Yr8-Q4

Yr9-Q1

Yr9-Q2

Yr9-Q3

Yr9-Q4

Yr10-Q1

Yr10-Q2

Yr10-Q3

Yr10-Q4

Yr11-Q1

Yr11-Q2

Yr11-Q3

Yr11-Q4

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

CumulativeDefaultRate

2007

2006

2005

2008

2004

2003

2002

2012 2011 2010 2009

2014 2013

2016 2015

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

CumulativeDefaultRatesofSingle-FamilyConventionalGuarantyBookofBusinessbyOriginationYear

TimeSinceBeginningofOriginationYear
LoanCount UPB($B)

%ofMultifamily

GuarantyBookof

Business

%DUS®Loans

%Seriously

Delinquent

YTD2016

MultifamilyCredit

Losses($M)

2015Multifamily

CreditLosses($M)

2014Multifamily

CreditLosses($M)

TotalMultifamilyGuarantyBookofBusiness 29,765 $219.2 100% 96% 0.06% $3 ($56) ($46)

MultifamilyCreditProfilebyLoanAttributes

Loansmaturingin2016

Loansmaturingin2017

Loansmaturingin2018

Loansmaturingin2019

Loansmaturingin2020

Othermaturities ($34)

$2

$1

($4)

($19)

$8

($32)

($1)

($2)

$0

($15)

($6)

$2

$1

$0

$1

($1)

$0

0.05%

0.09%

0.07%

0.06%

0.20%

0.21%

97%

97%

98%

96%

78%

83%

72%

7%

8%

6%

5%

1%

$156.9

$16.3

$17.8

$13.3

$11.7

$3.2

19,118

2,582

2,320

2,347

2,575

823

MaturityDates

Lessthanorequalto70%

Greaterthan70%andlessthanorequalto80%

Greaterthan80% $3

($38)

($11)

$2

($34)

($24)

$1

$4

($2)

0.07%

0.11%

0.02%

92%

99%

94%

2%

44%

54%

$5.4

$96.3

$117.6

1,592

9,519

18,654

OriginationLTVRatio

Lessthanorequalto$750K

Greaterthan$750Kandlessthanorequalto$3M

Greaterthan$3Mandlessthanorequalto$5M

Greaterthan$5Mandlessthanorequalto$25M

Greaterthan$25M ($9)

($53)

($9)

$19

$5

($15)

($60)

$9

$9

$1

($1)

($1)

$2

$2

$0

0.00%

0.08%

0.18%

0.26%

0.22%

98%

98%

91%

80%

22%

44%

42%

7%

6%

1%

$96.4

$92.2

$14.9

$14.2

$1.5

1,889

8,687

4,074

9,226

5,889

LoanSizeDistribution

(1)

(2)

(3)

(4)

(5)

(6)

Representsthepercentageofloansforagivencategory(row)comprisedofDUSloans,measuredbyunpaidprincipalbalance.

Multifamilyloansareclassifiedasseriouslydelinquentwhenpaymentis60daysormorepastdue.

Dollaramountofmultifamilycredit-relatedlosses/(gains)fortheapplicableperiodandcategory.Totalcreditlossesforeachperiodmaynottietosumofallcategoriesduetorounding.

Weightedaverageoriginationloan-to-valueratiois66%asofMarch31,2016.

UndertheDelegatedUnderwritingandServicing,orDUS,program,FannieMaeacquiresindividual,newlyoriginatedmortgagesfromspeciallyapprovedDUSlendersusingDUSunderwritingstandardsand/orDUSloandocuments.BecauseDUS

lendersgenerallysharetheriskoflosswithFannieMae,theyareabletooriginate,underwrite,closeandservicemostloanswithoutourpre-review.

Multifamilyloanswithanoriginalunpaidbalanceofupto$3millionnationwideorupto$5millioninhighcostmarkets.

DUS-SmallBalanceLoans

DUS-NonSmallBalanceLoans

Total ($57)

($67)

$11

($54)

($57)

$3

$2

$1

$1

0.06%

0.05%

0.23%

100%

100%

100%

96%

89%

7%

$210.1

$195.5

$14.6

21,498

13,642

7,856

DelegatedUnderwritingandServicing(DUS)Loans

Non-DUS-SmallBalanceLoans

Non-DUS-NonSmallBalanceLoans

Total $11

$0

$11

($2)

($5)

$2

$0

$0

$0

0.14%

0.00%

0.24%

0%

0%

0%

4%

2%

2%

$9.1

$4.0

$5.2

8,267

337

7,930

Non-DelegatedUnderwritingandServicing(Non-DUS)Loans

LenderRisk-Sharing

NoRecoursetotheLender ($26)

($20)

($24)

($32)

($2)

$5

0.09%

0.06%

72%

98%

8%

92%

$17.1

$202.1

2,409

27,356

LenderRisk-Sharing

Fixed

Variable ($49)

$2

($34)

($22)

$3

$0

0.01%

0.08%

96%

96%

20%

80%

$44.6

$174.6

7,661

22,104

InterestRateType

©2016FannieMae.TrademarksofFannieMae. 19

(1)

(3)

(3)

(4)

(5)

(6)

(6)

(2) (3)

AsofMarch31,2016
UPB($B)

%ofMultifamily

GuarantyBookof

Business

%DUSLoans

%Seriously

Delinquent

YTD2016Multifamily

CreditLosses($M)

2015Multifamily

CreditLosses($M)

2014Multifamily

CreditLosses($M)

TotalMultifamilyGuarantyBookofBusiness $219.2 100% 96% 0.06% $3 ($56) ($46)

MultifamilyCreditProfilebyLoanAttributes(cont.)

California

Texas

NewYork

Florida

Washington $0

($8)

$2

($33)

($2)

$1

($3)

$1

($6)

$0

$0

$0

$0

$0

$0

0.01%

0.04%

0.03%

0.01%

0.02%

98%

99%

83%

100%

94%

4%

7%

10%

11%

22%

$8.3

$14.5

$22.8

$24.5

$48.2

SelectStates

PrivatelyOwnedwithSubsidy $29.5 13% 97% 0.13% $2 ($4) ($4)

TargetedAffordableSegment

DUS:Bank(Direct,OwnedEntity,orSubsidiary)

DUS:Non-BankFinancialInstitution

Non-DUS:Bank(Direct,OwnedEntity,orSubsidiary)

Non-DUS:Non-BankFinancialInstitution

Non-DUS:PublicAgency/NonProfit $0

$6

$2

($25)

($28)

$0

$0

$0

($12)

($45)

$0

$0

$0

$4

($2)

0.00%

0.00%

0.11%

0.07%

0.06%

0%

0%

0%

100%

96%

0%

0%

2%

57%

41%

$0.1

$0.3

$4.4

$125.3

$89.1

DUS&Non-DUSLenders/Servicers

Representsthepercentageofloansforagivencategory(row)comprisedofDUSloans,measuredbyunpaidprincipalbalance.

Multifamilyloansareclassifiedasseriouslydelinquentwhenpaymentis60daysormorepastdue.

Dollaramountofmultifamilycredit-relatedlosses/(gains)fortheapplicableperiodandcategory.Totalcreditlossesforeachperiodwillnottietosumofallcategoriesduetorounding.

TheMultifamilyAffordableBusinessChannelfocusesonfinancingpropertiesthatareunderanagreementthatprovideslong-termaffordability,suchaspropertieswithrentsubsidiesorincomerestrictions.

Seehttps://www.fanniemae.com/multifamily/productsfordefinitions.

©2016FannieMae.TrademarksofFannieMae. 20

2016

2015

2014

2013

2012

2011

2010

2009

2008

2007

Priorto2007 ($25)

($17)

($4)

($3)

$2

$0

$0

$0

$0

$0

$0

($24)

($17)

($20)

$4

($1)

$2

$0

$0

$0

$0

$0

$1

($1)

$0

$1

$0

$0

$1

$0

$0

$0

$0

0.23%

0.32%

0.08%

0.11%

0.07%

0.11%

0.01%

0.02%

0.00%

0.00%

0.00%

94%

69%

92%

97%

96%

97%

97%

98%

99%

99%

100%

9%

6%

5%

5%

6%

8%

12%

11%

13%

19%

6%

$20.1

$12.1

$10.2

$11.8

$12.6

$18.2

$27.1

$24.7

$27.8

$42.0

$12.5

ByAcquisitionYear

Midwest

Northeast

Southeast

Southwest

West ($4)

($21)

($22)

$4

($3)

($31)

($11)

($19)

$4

$1

($1)

$0

$3

$0

$0

0.02%

0.04%

0.10%

0.09%

0.13%

95%

99%

99%

88%

97%

29%

21%

24%

17%

9%

$64.1

$46.5

$51.9

$37.4

$19.3

Regions

Conventional/Co-op

SeniorsHousing

ManufacturedHousing

StudentHousing ($4)

($2)

($3)

($37)

($7)

$0

$7

($56)

$0

$0

$0

$3

0.07%

0.00%

0.00%

0.07%

100%

100%

98%

95%

2%

3%

6%

90%

$4.8

$5.7

$12.4

$196.3

AssetClass

(1)

(2)

(3)

(4)

(5)

(2) (3) (3)

(4)

(3)

(1) AsofMarch31,2016

(5)
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

0.00%

0.20%

0.40%

0.60%

0.80%

1.00%

1.20%

1.40%

1.60%

1.80%

SeriousDelinquencyRate

0.05%

0.44%

0.55%

0.34%

0.15%

0.09%

0.08%

0.30%

1.36%

1.20%

0.24%

0.71%

0.21%

0.18%

0.56%

0.24%

0.63%

0.50%

0.10% 0.14%

0.08%

0.59%

0.07%

0.09%

0.06%

0.07% 0.06%

0.05%

0.92%

0.04%

0.39%

MultifamilyTotalSeriousDelinquencyRate DUS SeriousDelinquencyRate Non-DUSSeriousDelinquencyRate

SeriousDelinquency RatesofMultifamilyBookofBusiness

Multifamilyloansareclassifiedasseriouslydelinquentwhenpaymentis60daysormorepastdue.Seriousdelinquencyraterepresentstheyear-endpercentageofunpaidprincipalbalancethatisseriously

delinquentasofDecember31forthetimeperiodsnoted,withtheexceptionof2016whichisasofMarch31.

UndertheDelegatedUnderwritingandServicing,orDUS,program,FannieMaeacquiresindividual,newlyoriginatedmortgagesfromspeciallyapprovedDUSlendersusingDUSunderwritingstandardsand/or

DUSloandocuments.BecauseDUSlendersgenerallysharetheriskoflosswithFannieMae,theyareabletooriginate,underwrite,closeandservicemostloanswithoutourpre-review.

©2016FannieMae.TrademarksofFannieMae. 21

(1)

(2)

.

(1)

(2)
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

0

20

40

60

UPB($B)

$20 $19

$33

$19

$24 $22

$46

$34

$19

$17

$24

$33

$29 $29

$42

$13

DUS/Non-DUSAcquisitionUnpaidPrincipalBalance($B)

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

0.0%

0.5%

1.0%

1.5%

2.0%

CreditLossRate

0.3%

0.2%

0.3%

0.2%

0.0%

0.1%

0.2%

0.0%

0.1%

0.4%

0.0%

0.3%

0.5%

0.0%

0.3%

0.9%

0.2%

0.8%

1.3%

0.9%

1.1%

0.8%

1.4%

1.0%

0.3%

0.1%

0.3%

0.1%

0.0%

0.1%

0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

DUS/Non-DUSCumulativeCreditLossRatesthroughMarch31,2016

DUSCreditLossRate Non-DUSCreditLossRate MultifamilyTotalCreditLossRate

CumulativeCreditLossRatesofMultifamilyGuarantyBookofBusinessbyAcquisitionYear

DUS Non-DUS

AcquisitionYear

Cumulativecreditlossrateisthecumulativecreditlosses(gains)throughMarch31,2016onthemultifamilyloansthatwereacquiredintheapplicableperiod,asapercentageofthetotalacquiredunpaid

principalbalanceofmultifamilyloansintheapplicableperiod.

AcquisitionunpaidprincipalbalancerepresentsthetotalMultifamilyvolumeacquiredthroughpurchaseorsecuritizationtransactionsfortheapplicableperiod.

©2016FannieMae.TrademarksofFannieMae. 22

(1)

(2)

(1)

(2)

*

*

*Year-to-datethroughMarch31,2016.