February 29, 2012

Fannie Mae

2011 Credit Supplem
 This presentation includes information about Fannie 

information contained in Fannie Mae’s Annual Report the year ended December 31, 2011, the “2011 Form 10terms used in these materials are defined and discusthe 2011 Form 10-K. These materials should be reviewthe 2011 Form 10-K, copies of which are available on page in the “Investors” section of Fannie Mae’s Web 

www.fanniemae.com. 

 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 2011 Q4 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 State 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 2011 Credit Losses by State 
7.0% 6.3% 7.5% 7.7%

10.6% 11.3%

2.8%

-3.3%

-9.0%

-

-10%

-5%

0%5%

10%15%

2000 2001 2002 2003 2004 2005 2006 2007 2008 

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 declines on higher priced homes to have a greater effect on the overall resultof foreclosed homes while our estimates attempt to exclude foreclosed homes sales, because we believe that differing maintenance praforeclosed home prices less representative of market values. We believe, however, that the impact of sales of foreclosed homes is reflecpricing of non-distressed sales. We recently enhanced our home price estimates to identify and exclude a greater portion of foreclosed hcomparisons of home prices differ from those indicated by our prior estimates. We estimate the S&P/Case-Shiller comparison numbers b

compensate for weighting based on property value and the impact of foreclosed property sales. In addition to these differences, our esticombined with publicly available data, and are therefore based on data collected nationwide, whereas the S&P/Case-Shiller index is bascertain geographic areas of the country. Our comparative calculations to the S&P/Case-Shiller index provided above are not modified to 

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

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 23% to 30% range (comparable to a decline in S&P/Case-Shiller index method).

*Estimate based on purchase transactions in Fannie-Freddie acquisition and public deed data available through the end of January 2012different results.
Top %: State/Region Home Price Decline Rate percentage from applicable peak in that state/region through December 31, 2011.Bottom %: Percent of Fannie Mae single-family conventional guaranty book of business by unpaid principal balance as of December 31, 20Note: 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.

TX

-4.2%

5.1%

MT

-10.9%

0.3%

WY

-9.7%

0.2%

CO

-12.4%

2.4%

ND

0.0%0.1%

KS

-6.1%

0.5%

NE

-5.3%

0.4%

SD

-1.6%

0.2%

OK

-3.0%

0.6%

MO

-12.8%

1.4%

IA

-3.5%

0.6%

AR

-6.9%

0.5% MS

-9.2%

0.4%

WI

-14.1%

1.8%

AL

-11.2%

1.0%

IN

-8.2%

1.2%

LA

-2.5%

0.9%

KY

-5.1%

0.6%

TN

-11.1%

1.4%

W

-5.4

0.2

CA

-46.9%

18.7%

NM

-16.2%

0.6%

AZ

-52.4%

2.4%

NV

-61.3%

1.0%

OR

-29.5%

1.6%

UT

-23.8%

1.0%

MN

-23.4%

1.8%

ID

-31.6%

0.5%

WA

-27.7%

3.5%

GA

-28.7%

2.8%

IL

-26.7%

4.3%

OH

-15.1%

2.3%

MI

-32.0%

2.5%

Home Price Change Peak-to-Current as o

United States -23.0%

West North Central

-11.7%

5.0%

Mountain

-34.3%

8.4%

West South Central

-3.8%

7.0%

East South Central

-9.5%

3.4%

East North Centr

-20.7%

12.1%

Pacific

-41.1%

24.8%

State

Growth Rate

UPB%

State Growth

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

0%

State Growth

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

0%

AK

-1.6%

0.2%

HI

-24.4%

0.8%
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 and 2011 is the result of our Refi PlusTM initiative, which involves the refinance of existing Fannie Mae loa

(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, and 2011 consist of the refinance of existing Alt-A loans under our Refi Plu

Acquisition Year 2011 2010 2009 2008 

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

Weighted Average Origination Note Rate 4.35% 4.64% 4.93% 6.00% Origination Loan-to-Value Ratio

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

 >60% and <= 70% 15.5% 15.9% 17.0% 16.1%  >70% and <= 80% 37.3% 38.5% 39.9% 39.5%  >80% and <= 90% 8.9% 8.6% 6.9% 11.7%  >90% and <= 100% (2) 6.8% 5.2% 3.3% 10.0% 

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

Weighted Average Origination Loan-to-Value Ratio 69.3% 68.4% 66.8% 72.0% Weighted Average Origination Loan-to-Value Ratio Excluding HARP (3) 67.0% 66.0% 65.8% 

FICO Credit Scores (4)

 0 to < 620 0.5% 0.4% 0.4% 2.8%  >= 620 and < 660 1.8% 1.6% 1.5% 5.7%  >=660 and < 700 7.0% 6.6% 6.5% 13.9%  >=700 and < 740 16.2% 16.1% 17.2% 21.7%  >=740 74.5% 75.1% 74.4% 55.8%  Missing 0.1% 0.1% 0.1% 0.1% 

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

 

Product Distribution

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

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

Subprime





 0.3% 

Interest Only 0.7% 1.3% 1.0% 5.6% Negative Amortizing





 0.0% 

Refinance 76.5% 77.4% 79.9% 58.6% 

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

 HARP (3) 8.5% 9.0% 3.8% 

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

Investor 6.5% 4.6% 2.5% 5.6% Condo/Co-op 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 once 

(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 December 31, 2011.

(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, ref(6) These amounts have been revised from the amounts reported in the version of this Credit Supplement originally posted to Fannie M

As of December 31, 2011

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) $9.1 $130.2 $87.5 $184.9 $275.6 $19

Share of Single-Family Conventional Guaranty Book 0.3% 4.7% 3.2% 6.7% 10.0% 0.7% 

Average Unpaid Principal Balance (2) $111,563 $241,567 $120,420 $133,263 $154,490 $118,106 

Serious Delinquency Rate 7.57% 15.27% 13.47% 10.16% 8.08% 18.67% Origination Years 2005-2008 55.4% 82.4% 60.2% 56.1% 44.9% 65.3% Weighted Average Origination Loan-to-Value Ratio 70.6% 74.8% 76.7% 77.0% 97.5% 98.2% Origination Loan-to-Value Ratio > 90% 0.3% 8.9% 21.7% 20.2% 100.0% 100.0% Weighted Average Mark-to-Market Loan-to-Value Ratio 100.8% 117.9% 91.1% 91.8% 110.5% 114.8% Mark-to-Market Loan-to-Value Ratio > 100% and <= 125% 12.9% 24.8% 18.2% 17.4% 36.0% 34.2% Mark-to-Market Loan-to-Value Ratio > 125% 34.9% 36.5% 14.8% 15.6% 19.6% 27.0% Weighted Average FICO (3) 707 725 587 641 713 59

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

 6.9% 100.0% 

Fixed-rate 1.0% 31.0% 80.3% 82.9% 88.5% 77.6% 

Primary Residence 68.7% 85.3% 96.6% 94.1% 95.5% 99.0% 

Condo/Co-op 13.5% 16.1% 4.8% 6.5% 10.1% 5.8% 

Credit Enhanced (4) 55.1% 17.0% 29.1% 27.4% 72.2% 85.9% 

% 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) (6) 1.2% 25.8% 7.9% 10.8% 14.0% 2.2% 

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 December 31, 2011.

(2) The increase for 2010 and 2011 is the result of our Refi Plus loans, which started in April 2009, and involve the refinance of existing (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) These amounts have been revised from the amounts reported in the version of this Credit Supplement originally posted to Fannie M(7) 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 2000 to 2004 

As of December 31, 2011 Overall Book 2011 2010 2009 2008 

Unpaid Principal Balance (billions) (1) $2,761.5 $447.6 $517.7 $460.7 $192.7 

Share of Single-Family Conventional Guaranty Book 100.0% 16.2% 18.7% 16.7% 7.0% 

Average Unpaid Principal Balance(1) $156,194 $202,870 $203,020 $194,685 $174,124 

Serious Delinquency Rate 3.91% 0.04% 0.24% 0.55% 5.64% Weighted Average Origination Loan-to-Value Ratio 71.4% 69.8% 69.3% 68.2% 75.1% Origination Loan-to-Value Ratio > 90% (2) 10.0% 10.0% 7.7% 4.9% 13.1% 

Weighted Average Mark-to-Market Loan-to-Value Ratio 79.3% 70.4% 71.3% 72.7% 92.2% 

Mark-to-Market Loan-to-Value Ratio > 100% and <= 125% 10.4% 3.3% 4.5% 5.9% 23.9% Mark-to-Market Loan-to-Value Ratio > 125% 7.5% 0.2% 0.3% 0.4% 10.9% Weighted Average FICO(3) 738 761 762 759 729 

FICO < 620 (3) 3.2% 0.5% 0.4% 0.5% 3.5% 

Interest Only 4.7% 0.6% 1.0% 0.9% 6.2% Negative Amortizing 0.3%   

Fixed-rate 89.3% 93.6% 94.8% 97.3% 86.6% 

Primary Residence 89.5% 88.5% 90.6% 92.0% 87.2% 

Condo/Co-op 9.4% 8.8% 8.6% 8.7% 12.1% Credit Enhanced (4) 14.0% 9.8% 7.2% 7.2% 28.0% 

% 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) (6) 100.0%

 0.7% 1.6% 5.7% 

Cumulative Default Rate (7)

 0.0% 0.06% 0.17% 2.52% 

Origination Y
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 December 31, 2011

(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.(6) These amounts have been revised from the amounts reported in the version of this Credit Supplement originally posted to Fannie 

As of December 31, 2011 Overall Book AZ CA 

Unpaid Principal Balance (billions) (1) $2,761.5 $66.9 $516.6 

Share of Single-Family Conventional Guaranty Book 100.0% 2.4% 18.7% Average Unpaid Principal Balance (1) $156,194 $149,921 $222,280 

Serious Delinquency Rate 3.91% 3.65% 2.46% Origination Years 2005-2008 30.4% 45.1% 25.3% Weighted Average Origination Loan-to-Value Ratio 71.4% 74.7% 65.0% Origination Loan-to-Value Ratio > 90% 10.0% 12.2% 4.7% Weighted Average Mark-to-Market Loan-to-Value Ratio 79.3% 108.6% 80.8% Mark-to-Market Loan-to-Value Ratio >100% and <=125% 10.4% 18.3% 10.4% Mark-to-Market Loan-to-Value Ratio >125% 7.5% 29.9% 11.7% Weighted Average FICO (2) 738 739 748 

FICO < 620 (2) 3.2% 2.6% 1.7% 

Interest Only 4.7% 9.5% 7.0% Negative Amortizing 0.3% 0.4% 1.0% Fixed-rate 89.3% 83.8% 86.2% Primary Residence 89.5% 81.5% 87.7% Condo/Co-op 9.4% 4.6% 11.9% Credit Enhanced (3) 14.0% 13.5% 6.1% 

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

% of 2008 Credit Losses (4) 100.0% 8.0% 25.2% % of 2009 Credit Losses (4) 100.0% 10.8% 24.4% % of 2010 Credit Losses (4) 100.0% 10.0% 22.6% % of 2011 Credit Losses (4) (6) 100.0% 11.7% 27.0% 
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 Ahave 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, and 2011 consist of the refinance of Alt-A existing loans under our Refi Plus initiative.

(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 December 31, 2011.

(4) The increase for 2009, 2010, and 2011 is the result of Refi Plus loans, which started in April 2009 and can have loan-to-value ratios up to 125%.

(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 Decem

carried only primary mortgage insurance (no deductible), 4.8% had only pool insurance (which is generally subject to a deductible), 1.1% 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) These amounts have been revised from the amounts reported in the version of this Credit Supplement originally posted to Fannie Mae’s website on (9) 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 December 31, 2011 Alt-A (1) 2011 (2) 2010 (2) 2009 (2) 2008 

Unpaid principal balance (billions) (3) $182.2 $6.1 $4.1 $1.5 $4.4 

Share of Alt-A 100.0% 3.4% 2.3% 0.8% 2.4% 

Weighted Average Origination Loan-to-Value Ratio 73.4% 73.7% 78.9% 74.8% 68.2% Origination Loan-to-Value Ratio > 90% (4) 6.7% 23.9% 28.2% 20.3% 2.6% 

Weighted Average Mark-to-Market Loan-to-Value Ratio 101.4% 75.0% 83.2% 81.7% 88.4% 

Mark-to-Market Loan-to-Value Ratio > 100% and <=125% 19.2% 13.0% 19.9% 18.9% 19.7% 

Mark-to-Market Loan-to-Value Ratio > 125% 23.9% 1.2% 0.7% 1.5% 10.8% 

Weighted Average FICO (5) 717 744 734 735 724 

FICO < 620 (5) 0.9% 2.6% 3.2% 3.6% 0.3% 

Adjustable-rate 33.4% 2.2% 4.4% 3.7% 21.6% Interest Only 27.4%   0.1% 7.2% 

Negative Amortizing 2.6% 

Investor 17.8% 22.5% 12.0% 5.4% 18.6% 

Condo/Co-op 10.4% 6.8% 9.5% 8.8% 6.8% 

California 21.1% 25.3% 19.9% 16.0% 20.4% 

Florida 11.9% 4.0% 3.5% 3.4% 9.8% 

Credit Enhanced (6) 16.3% 2.1% 2.3% 1.5% 14.2% 

2010 Serious Delinquent Rate 13.87%

 0.44% 2.24% 10.29% 

2011 Serious Delinquent Rate 12.43% 0.21% 2.11% 4.25% 10.70% 

% 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) (8) 27.3%

 0.1% 0.1% 0.3% 

Cumulative Default Rate (9)

 0.0% 0.58% 1.64% 7.21% 
Serious Delinquency Rate by States

2008 Q4 2009 Q1 2009 Q2 2009 Q3 2009 Q4 2010 Q1 2010 Q2 2010 Q3 2010 Q4 2011 Q

AZ CA FL NV Select Mi

Serious Delinquency Rate by Region (3)

2008 Q4 2009 Q1 2009 Q2 2009 Q3 2009 Q4 2010 Q1 2010 Q2 2010 Q3 2010 Q4 2011 Q

Midw est Northeast Southeast So

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 41 in Fannie Mae’s 2011 Form 

Select Mid

Midwest S
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 completed modifications made under the Administration's Home which was implemented in March 2009, but do not reflect loans currently in trial modifications. Information on Fannie MModification Program is provided on Slide 12.

 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.

105,297

78,079 80,195

87,53

0

30,00060,00090,000

120,000

2010 Q4 2011 Q1 2011 Q2 2011 Q

Number of Loans

Modifications Repayment Plans Completed Forbearances Completed Preforeclosu
 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 December 31, 2011 reporting period Active HAMP Trials

 Ac

Total 21,698 Modification StructureRate Reduction 93% Term Extension 67% Forbearance 21% Median Monthly Interest and Principal Payment Reduction% of December 31, 2011 Seriously Delinquent Loans

$428 

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%

Q4 2010 Q1 2011 

Capitalization of MExtend Term, RedExtend Term and Extend Term Only Reduce Rate Only 

0%

20%40%60%80%

100%

Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011

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. 

(2) Includes loans that are paid off.

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% n/a 18 months post modification 41% 58% 60% 65% n/a n/a 21 months post modification 40% 56% 59% n/a n/a n/a 24 months post modification 39% 55% n/a n/a n/a n/a 

% Current and Performing (2)
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 December 31, 2011 are not necessarily indicative of the ultimate performance of the loans and performance is periods.

Fannie Mae Single-Family Cumulative Default 

Cumulative Default Rates of Single-Family Conventional Guaranty Book o

2

2004

2005

2006 2007

2008

2009

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 Yr9-Q1 

Time Since Beginning of Origination Year

Cumulative Default Rate 

2000 2001 2002 2003 2004 2005 2006 2007 2008 
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 2011.

(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 delinquedelinquency to foreclosure for all states combined were 327, 325, 407, 479, and 529 in the years 2007 through 2011, respectiv

(2)

2011 2010 2009 2008 2007 200

55% 57% 55% 68% 78% 83% 

REO Net Sales Prices Compared With Unpaid Principal Balances of M

2011 2010 2009 2008 

Beginning Balance NA 162,489 86,155 63,538 33,729 Arizona 401 16,172 20,691 12,854 5,532 California 529 27,589 34,051 19,565 10,624 Florida 890 13,748 29,628 13,282 6,159 Nevada 513 8,406 9,418 6,075 2,906 Select Midwest States (1) 534 33,777 45,411 28,464 23,668 All other States 499 100,004 122,879 65,377 45,763 

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

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

REO Acquisitions and Dispositions (Number of Prop

Average Days 

From Last Paid 

Installment to 

Foreclosure (2) (3)

State
Fannie Mae Multifamily Credit Profile by Loan 

(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 December 31, 2011.(4) Under the Delegated Underwriting and Servicing, or DUS ®, product line, Fannie Mae purchases individual, newly originated 

lenders using DUS underwriting standards and/or DUS loan documents. Because DUS lenders generally share the risk of los

originate, underwrite, close and service most loans without our pre-review. 

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

Total Multifamily Guaranty Book of Business (1) 40,305 $192.7 100% 

Credit Enhanced Loans: Credit Enhanced 36,131 $173.1 90% 

Non-Credit Enhanced 4,174 $19.6 10% 

Originating loan-to-value ratio: (3)

Less than or equal to 70% 25,265 $102.0 53% Greater than 70% and less than or equal to 80% 11,879 $81.8 42% Greater than 80% 3,161 $9.0 5% Delegated Underwriting and Servicing (DUS ®) Loans: (4)

DUS ® - Small Balance Loans (5) 7,827 $15.0 8% 

DUS ® - Non Small Balance Loans 11,380 $140.0 72% DUS ® - Total 19,207 $154.9 80% 

Non-DUS - Small Balance Loans (5) 19,822 $16.7 9% 

Non-DUS - Non Small Balance Loans 1,276 $21.1 11% Non-DUS - Total 21,098 $37.8 20% 

Maturity Dates:Loans maturing in 2012 1,388 $9.2 5% 

Loans maturing in 2013 3,182 $18.1 9% 

Loans maturing in 2014 2,624 $14.6 8% 

Loans maturing in 2015 3,205 $16.5 9% 

Loans maturing in 2016 3,139 $16.7 9% 

Other maturities 26,767 $117.6 61% 

Loan Size Distribution:Less than or equal to $750K 11,875 $3.8 2% 

Greater than $750K and less than or equal to $3M 14,592 $21.5 11% 

Greater than $3M and less than or equal to $5M 4,713 $17.2 9% 

Greater than $5M and less than or equal to $25M 8,038 $81.1 42% 

Greater than $25M 1,087 $69.3 36% 

As of December 31, 2011 Unpaid Principal Balance (Billions) % of Multifamily Guaranty Book of Business (UPB) 

D

Loan Counts 
2005

2006

2007

2008

2009 2010

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

SDQ Rate (%)

2005 2006 2007 2008 2009 2010

0.00%0.20%0.40%0.60%0.80%1.00%1.20%1.40%1.60%1.80%2.00%

Year

1

Year

2

Year

3

Cumulative Default Rate 

2005 2006 

(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 Acqui

Multifamily SDQ Rate by Acquisition Year Cumulative 

As of December 31, 2011 Unpaid Principal Balance (Billions) % of Multifamily Guaranty Book of Business (UPB) % Seriously Delinquent (2) # o

D

Total Multifamily Guaranty Book of Business (1) $192.7 100% 0.59% 

By Acquisition Year:

2011 $24.2 13%  

2010 $17.1 9% 0.04% 2009 $18.2 9% 0.05% 

2008 $30.6 16% 1.12% 2007 $38.3 20% 0.89% 2006 $17.4 9% 0.66% 

2005 $14.8 8% 0.73% Prior to 2005 $32.2 17% 0.66% 
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 2011 Form 10-K.(4) Asset Class Definitions: Conventional/Co-Op Housing: Privately owned multifamily properties or multifamily properties in wh

through their shares in the cooperative corporation. Seniors Housing: Multifamily rental properties for senior citizens. Manufdevelopment consisting of housing sites for manufactured homes, related amenities, utility services, landscaping, roads and 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 p

with rent subsidies or income restrictions.

Total Multifamily Guaranty Book of Business (1) $192.7 100% 0.

Region: (3)

Midwest $15.9 8% 1.

Northeast $41.3 21% 0.Southeast $38.7 20% 0.Southwest $32.0 17% 0.Western $64.8 34% 0.Top Five States by UPB:California $51.0 26% 0.New York $24.6 13% 0.Texas $15.6 8% 1.Florida $9.6 5% 2.

Virginia $7.3 4%

Asset Class: (4)

Conventional/Co-op $171.1 89% 0.Seniors Housing $14.4 7% 0.Manufactured Housing $4.8 2% 0.

Student Housing $2.5 1% 0.Targeted Affordable Segment:Privately Owned with Subsidy (5) $27.0 14% 0.

DUS & Non-DUS Lenders:DUS Lender: Bank (Direct, Owned Entity, or Subsidiary) $84.9 44% 0.

DUS Lender Non-Bank Financial Institution $92.0 48% 0.

Non-DUS Lender: Bank (Direct, Owned Entity, or Subsidiary) $14.5 8% 0.

Non-DUS Lender: Non-Bank Financial Institution $1.1 1% 0.

Non-DUS Lender: Public Agency/Non Profit $0.2 0% 0.

As of December 31, 2011

% of Multifamily 

Guaranty Book of 

Business (UPB)

% Se

Delin

Unpaid Principal 

Balance (Billions)
Fannie Mae Multifamily 2011 Credit Losses by 

Exam

Michig

2011 Cr

b

Numbers: Represent 2011 credit losses for each state which total $410 million(2) as of December 31, 2011. States with no num

Shading: Represents Unpaid Principal Balance (UPB) for each state which total $192.7 billion as of December 31, 2011. 

(1) Excludes loans that have been defeased. Defeasance is prepayment of a loan through substitution of collateral(2) Excludes $19 million of credit-related income from other Multifamily Mortgage Business investments.