$6.6 BILLION 

Comprehensive 

income for 

Q4 2013

Net income

for Q4 2013

$6.5 BILLION 

Fannie Mae

Progress Report

FOURTH QUARTER 2013

 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 return Americans’ 

investment in the company.

OUR RESULTS

FOURTH QUARTER 2013

	Our strong fourth quarter results were driven 

primarily by continued stable revenues, creditrelated income, and fair value gains, resulting 

in net income of $6.5 billion for the fourth 

quarter, the company’s eighth consecutive 

quarterly profit.

SINGLE-FAMILY

BOOK OF BUSINESS

AS OF DECEMBER 31, 2013

As of December 31, 2013

Single-Family Loans prior to 2009

Single-Family Loans 2009 through 2013

23% 77%

LEGACY NEW

New book of

business is strong,

profitable, and

growing.
For more information, see our 2013 Form 10-K Report,

filed with the SEC on February 21, 2014.

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

December 31, 2013, unless otherwise noted.

3900 Wisconsin Avenue, NW © 2014, Fannie Mae

Washington, DC 20016-2892 Published Feb. 21, 2014

This report includes our expectations regarding our future financial results, 

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

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

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

statements based on our current assumptions regarding numerous factors, 

including future home prices. Our actual results and future expectations 

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

changes, unemployment rates, other macroeconomic and housing market 

variables, future legislative or regulatory requirements, borrower behavior, 

and many other factors, including those discussed in the “Risk Factors” section of and elsewhere in our annual report on Form 10-K for the year ended 

Dec. 31, 2013. These forward-looking statements are representative only 

as of the date they are made, and we undertake no obligation to update any 

forward-looking statement as a result of new information, future events or 

otherwise, except as required under the federal securities laws.

FANNIE MAE

PERFORMANCE SNAPSHOT*

	High-quality new book of business 

accounted for 77 percent of single-family 

conventional guaranty book of business as 

of December 31, 2013.

	Remained the largest single issuer of 

single-family mortgage-related securities in 

the secondary market in the fourth quarter 

of 2013 and remained a continuous source 

of liquidity in the multifamily market.

	Funded the mortgage market with 

approximately $4.1 trillion in liquidity, which 

enabled borrowers to complete 12.3 million 

mortgage refinancings and 3.7 million 

home purchases, and provided financing 

for 2.2 million units of multifamily housing.

	Refinanced approximately 3.9 million 

mortgages through the company’s Refi 

PlusTM initiative, including loans refinanced 

under the Administration’s Home Affordable 

Refinance Program (HARP). As a result of 

Refi Plus, borrowers’ monthly payments 

were reduced by an average of $166 in the 

fourth quarter of 2013.

	Helped distressed families retain their 

homes or avoid foreclosure through more 

than 1.5 million workout solutions, including 

more than 1 million loan modifications.

DRIVING DOWN THE SERIOUS 

DELINQUENCY (SDQ) RATE

	Our single-family SDQ rate has declined 15 

consecutive quarters.

LIQUIDITY AND SUPPORT

TO THE MARKET

	We funded the mortgage market with 

approximately $4.1 trillion in liquidity since 

2009, enabling families to buy, refinance, or 

rent a home: 

	Fannie Mae’s single-family SDQ rate was 

2.38 percent.

	Our single-family SDQ rate is substantially 

lower than private market levels.

	95.5 percent of Fannie Mae’s 17.6 million 

single-family conventional loans are current.

Data as of Dec. 31, 2013

home

purchases

3.7

million

rental units

2.2

million

mortgage

refinancings

12.3

million

5.47%

2.38%

1Q10

4Q13

TREASURY DRAWS

AND DIVIDEND PAYMENTS

	As of March 31, 2014, Fannie Mae will have 

paid Treasury approximately $121.1 billion in 

dividends. We expect to remain profitable for 

the foreseeable future. 

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

requested and do not include the initial $1.0 billion liquidation 

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

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

dividends does not offset prior Treasury draws.

(2) Our dividend for the first quarter of 2014 is calculated based on 

our net worth of $9.6 billion as of Dec. 31, 2013 less the applicable 

capital reserve amount of $2.4 billion.

(3) Amounts may not sum due to rounding.

$8.6

Q4 13

$7.2

Q1 142

$0.03

2008

$2.5

2009

$7.7

2010

$9.6

2011

$11.6

2012

$4.2

Q1 13

Dividend Payment to Treasury

(in billions)

$59.4

Q2 13

$10.2

Q3 13

Cumulative

Total

Total Dividend Payments

through Q1 20143 $121.1

$15.2

2008

$60.0

2009

$15.0

2010

$25.9

2011

$0.0

2012

$0.0

Q1 13

$0.0

Q2 13

Draw Request from Treasury

(in billions)

Cumulative

Total

Initial Liquidation Preference $1.0

Treasury Draw Requests1 $116.1

Total Senior Preferred Stock Outstanding $117.1

$0.0

Q4 13

$0.0

Q3 13

TBD

Q1 14

www.fanniemae.com/progress