November 5, 2010

Fannie Mae

2010 Third-Quarter Credit S
 This presentation includes information about Fannie Mae, in

contained in Fannie Mae’s Quarterly Report on Form 10-Q foSeptember 30, 2010, the “2010 Q3 Form 10-Q.” Some of the materials are defined and discussed more fully in the 2010 QFannie Mae’s Form 10-K for the year ended December 31, 2010-K.” These materials should be reviewed together with the 

and the 2009 Form 10-K, copies of which are available in the Information” section of Fannie Mae’s Web site at www.fanni

 Some of the information in this presentation is based upon 

received from third-party sources such as sellers and servicloans. Although we generally consider this information relia

independently verify all reported information.

 This presentation includes forward-looking statements relat

price changes. These statements are based on our opinionsforecasts and other views on a variety of economic and othechanges in the assumptions and other information underlyiproduce materially different results. The impact of future ho

our business, results or financial condition will depend on m

 Due to rounding, amounts reported in this presentation may 

indicated (or 100%). 
Table of Contents

Slide

Home Price Growth/Decline Rates in the U.S. Home Price Declines Peak-to-Current (by State) as of 2010 Q3 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 Single-Family Cumulative Default Rates Fannie Mae Credit Profile by State Fannie Mae Single-Family Serious Delinquency Rates by State and Region Home Price Growth/Decline and Fannie Mae Real Estate Owned (REO) in SelFannie Mae Alt-A Credit Profile by Key Product Features Fannie Mae Alt-A Loans Versus Loans Underlying Private-Label Alt-A SecuritieFannie Mae Workouts by Type Home Affordable Modification Program (HAMP) Fannie Mae Modifications of Single-Family Delinquent Loans Fannie Mae Multifamily Credit Profile by Loan Attributes Fannie Mae Multifamily Credit Profile by Acquisition Year Fannie Mae Multifamily Credit Profile by Region and State 
6.7%

5.7%

8.1% 7.4%

10.6% 11.4%

2.6%

-4.2%

-15%-10%

-5%

0%5%

10%15%

2000 2001 2002 2003 2004 2005 2006 2007 

Home Price Growth/Decline Rates in the U.S.

We expect peak-to-trough declines in home prices to be in the 19% to 25% range (comparable to a decline of 32% to 40% 

method). 

Note: Our estimates differ from the S&P/Case-Shiller index in two principal ways: (1) our estimates weight expectations for each individS&P/Case-Shiller index weights expectations of home price declines based on property value, causing declines in home prices on high

result; and (2) our estimates do not include known sales of foreclosed homes because we believe that differing maintenance practices ahome prices less representative of market values, whereas the S&P/Case-Shiller index includes sales of foreclosed homes. The S&P/Cpeak-to-trough forecast are calculated using our models and assumptions, but modified to account for weighting of expectations based property sales. In addition to these differences, our estimates are based on our own internally available data combined with publicly avanationwide, whereas the S&P/Case-Shiller index is based only on publicly available data, which may be limited in certain geographic arthe S&P/Case-Shiller index provided above are not modified to account for this data pool difference.

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

Fannie Mae Home Price Index

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

* Initial estimate based on purchase transactions in Fannie-Freddie acquisition and public deed data available through th

preliminary data available for purchase transactions to be closed in October and November 2010. Including subsequently results.
ND

0.0%0.1%

WI

-8.6%

1.7%

IN

-4.8%

1.2%

MS

-6.8%

0.4%

AL

-7.3%

1.0%

TN

-6.4%

1.4%

KY

-2.8%

0.6%

MO

-7.2%

1.4%

IA

-1.2%

0.6%

NE

-2.4%

0.4%

KS

-1.8%

0.5%

LA

-1.2%

0.9%

AR

-5.5%

0.5%

OK

-1.6%

0.6%

TX

-0.8%

5.0%

SD

-1.0%

WY 0.2%

-5.8%

0.2%

CO

-9.3%

2.4%

MT

-5.2%

0.3%

MI

-33.1%

2.6%

AZ

-48.0%

2.6%

OH

-10.1%

2.5%

IL

-18.8%

4.3%

-1

2

MN

-18.7%

ID 1.9%

-24.8%

0.5%

UT

-17.9%

1.0%

NM

-11.0%

0.6%

NV

-56.5%

1.2%

OR

-22.8%

1.6%

WA

-20.2%

3.5%

CA

-42.4%

Pacific 18.0%-36.0%

8.7%

Mountain

-28.8%

109.2% 

East North Ce

-16.8%

104.9% 

0.8%

HI

-21.1%

United States -18.1%

Top %: State/Region Home Price Decline Rate percentage from applicable peak in that state through September 30, 2010

Bottom %: Percent of Fannie Mae single-family conventional guaranty book of business by unpaid principal balance as of Se

Note: Regional home price decline percentages are a housing stock unit-weighted average of home price decline percentages of states witInitial estimate based on purchase transactions in Fannie-Freddie acquisition and public deed data available through the end of September for purchase transactions to be closed in October and November 2010. Including subsequently available data may lead to materially differe

Home Price Declines Peak-to-Current (by State) as 

State Home Price Change

In excess of -15%-15% to -10%-5% to 0%-10% to -5%

Pacific

-36.0%

24.1%

Mountain

-28.8%

8.7%

West North Central

-6.9%

5.1% East North 

-16.8

12.4

East South Central

-5.8%

3.5%

West South Central

-1.1%

6.9%

AK

-0.8%

0.2%
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 

purchase for our mortgage portfolio and single-family mortgage loans we securitize into Fannie Mae MBS.

(2) The increase for 2010 is the result of HARP loans, which involve the refinance of existing Fannie Mae loans with loan-to(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 and 2010 consist of the refinance of existing Alt-A loans. We've revised o

Alt-A loans. 

(6) Represented as a percentage of total unpaid principal balance of loans at time of acquisition. 

Acquisition Year 2010 YTD 2009 2008 2007 

Unpaid Principal Balance (billions) $ 384.0 $ 684.7 $ 557.2 $ 643

Weighted Average Origination Note Rate 4.81% 4.93% 6.00% 6.51Original Loan-to-Value Ratio

 <= 60% 29.5% 32.6% 22.7% 16.7

 >60% and <= 70% 15.3% 17.0% 16.1% 13.5 >70% and <= 80% 39.0% 39.9% 39.5% 44.7 >80% and <= 90% 9.1% 6.9% 11.7% 9.1 >90% and <= 100% (2) 5.5% 3.3% 10.0% 15.8

 > 100% (2) 1.7% 0.4% 0.1% 0.1

Weighted Average Origination Loan-to-Value Ratio 68.8% 66.8% 72.0% 75.5Weighted Average Origination Loan-to-Value Ratio Excluding HARP (3) 66.3% 65.8% 

FICO Credit Scores (4)

 0 to < 620 0.5% 0.4% 2.8% 6.4 >= 620 and < 660 1.9% 1.5% 5.7% 11.5 >=660 and < 700 7.1% 6.5% 13.9% 19.2 >=700 and < 740 16.7% 17.2% 21.7% 22.6 >=740 73.7% 74.4% 55.8% 40.1 Missing 0.1% 0.1% 0.1% 0.1

Weighted Average FICO Credit Score(4) 761 760 738 71

 

Product Distribution

Fixed-rate 92.7% 96.6% 91.7% 90.1Adjustable-rate 7.3% 3.4% 8.3% 9.9

Alt-A (5) 1.1% 0.2% 3.1% 16.7

Subprime 0.0% 0.0% 0.3% 0.7Interest Only 1.7% 1.0% 5.6% 15.2Negative Amortizing 0.0% 0.0% 0.0% 0.3Refinance 73.6% 79.9% 58.6% 50.4 Total Refi Plus (3)(6) 24.0% 10.6%



 HARP (3)(6) 9.7% 3.8%



 HARP Weighted Average Origination Loan-to-Value Ratio (3) 92.0% 90.7%



Investor 4.8% 2.5% 5.6% 6.5Condo/Co-op 9.3% 8.2% 10.3% 10.4
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-le

loan-level information for over 99% of its single-family conventional guaranty book of business as of September 30, 2010.

(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 convention

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

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

As of September 30, 2010

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 a

Origination 

LTV Ratio > 

90%(3)

Unpaid Principal Balance (billions) (2) $11.5 $161.4 $100.7 $211.6 $259.7 $2

Share of Single-Family Conventional Guaranty Book 0.4% 5.8% 3.6% 7.6% 9.4% 0.8Average Unpaid Principal Balance (2) $122,829 $244,107 $122,961 $136,989 $147,075 $118,6

Serious Delinquency Rate 8.88% 17.95% 14.73% 11.12% 10.36% 21.80Origination Years 2005-2008 58.0% 85.6% 62.0% 59.8% 59.8% 69.4Weighted Average Origination Loan-to-Value Ratio 70.9% 75.2% 76.6% 77.1% 97.2% 98.1Original Loan-to-Value Ratio > 90% 0.3% 9.0% 21.7% 20.4% 100.0% 100.0Weighted Average Mark-to-Market Loan-to-Value Ratio 97.4% 108.1% 84.0% 85.3% 104.8% 106.6Mark-to-Market Loan-to-Value Ratio > 100% and <= 125% 13.7% 23.3% 14.8% 14.6% 29.2% 32.1Mark-to-Market Loan-to-Value Ratio > 125% 32.7% 26.9% 9.7% 10.9% 15.1% 17.6Weighted Average FICO (3) 706 725 588 641 703 5

FICO < 620 (3) 7.1% 1.4% 100.0%

 8.4% 100.0

Fixed-rate 0.3% 35.0% 85.8% 87.1% 90.1% 84.0Primary Residence 68.8% 85.2% 96.7% 94.2% 96.7% 99.3Condo/Co-op 13.8% 16.4% 4.9% 6.6% 10.0% 5.9Credit Enhanced (4) 59.7% 18.9% 30.9% 29.7% 81.7% 89.8

% 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 Q1 Credit Losses (5) 2.6% 30.7% 7.1% 14.1% 16.3% 2.5% of 2010 Q2 Credit Losses (5) 2.4% 29.6% 7.6% 14.7% 17.9% 2.8% of 2010 Q3 Credit Losses (5) 2.5% 29.9% 7.9% 15.2% 14.3% 2.6

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

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

detailed loan-level information for over 99% of its single-family conventional guaranty book of business as of September 30, 201

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

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

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

in lieu of foreclosure. Cumulative Default Rate is the total number of single-family conventional loans in the guaranty book of bu

defaulted, divided by the total number of single-family conventional loans in the guaranty book of business originated in the idenrefer to slide 8.

Credit Characteristics of Single-Family Conventional Guaranty Book of B

As of September 30, 2010 Overall Book 2010 2009 2008 2007 

Unpaid Principal Balance (billions) (1) $2,767.4 $317.6 $614.4 $285.9 $356

Share of Single-Family Conventional Guaranty Book 100.0% 11.5% 22.2% 10.3% 12.9% 

Average Unpaid Principal Balance(1) $154,561 $217,052 $210,556 $187,035 $180,49

Serious Delinquency Rate 4.56% 0.03% 0.18% 4.46% 13.04% Weighted Average Origination Loan-to-Value Ratio 71.2% 69.2% 67.2% 73.8% 77.9% Original Loan-to-Value Ratio > 90% (2) 9.4% 7.5% 4.2% 11.4% 20.1% 

Weighted Average Mark-to-Market Loan-to-Value Ratio 74.9% 68.5% 66.6% 81.5% 100.2% Mark-to-Market Loan-to-Value Ratio > 100% and <= 125% 8.6% 1.8% 1.2% 13.4% 23.0% Mark-to-Market Loan-to-Value Ratio > 125% 6.0% 0.0% 0.0% 3.5% 17.7% Weighted Average FICO(3) 733 761 761 734 70

FICO < 620 (3) 3.6% 0.5% 0.4% 2.8% 7.6% 

Interest Only 5.8% 1.5% 1.0% 5.6% 15.5% Negative Amortizing 0.4% 0.0% 0.0% 0.0% 0.1% 

Fixed-rate 90.1% 93.2% 97.0% 90.7% 85.0% Primary Residence 89.9% 90.6% 92.5% 87.9% 88.2% Condo/Co-op 9.4% 9.2% 8.4% 11.7% 11.4% Credit Enhanced (4) 15.3% 7.1% 6.7% 25.2% 31.0% 

% of 2007 Credit Losses (5) 100.0%  1.9% 

% of 2008 Credit Losses (5) 100.0%   0.5% 27.9% % of 2009 Credit Losses (5) 100.0%

 0.0% 4.8% 36.0% 

% of 2010 Q1 Credit Losses (5) 100.0% 0.0% 0.1% 6.6% 36.6% 

% of 2010 Q2 Credit Losses (5) 100.0% 0.0% 0.3% 7.1% 36.8% % of 2010 Q3Credit Losses (5) 100.0% 0.0% 0.4% 6.9% 35.3% Cumulative Default Rate (6)

 0.00% 0.03% 1.22% 5.45% 

Origination Y
2003

2004

2005

2007 2006

2008

2009

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%

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

Q

Time Since Beginning of Origination Year

Cumulative Default Rate 

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 September 30, 2010 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
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 loan

detailed loan-level information for over 99% of its single-family conventional guaranty book of business as of September 30, 2010.

(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 conventio

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

(4) Expressed as a percentage of credit losses for the single-family guaranty book of business. For information on total credit losses, re(5) Select Midwest states are Illinois, Indiana, Michigan and Ohio.

As of September 30, 2010 Overall Book AZ CA FL 

Unpaid Principal Balance (billions) (1) $2,767.4 $71.6 $498.5 $1

Share of Single-Family Conventional Guaranty Book 100.0% 2.6% 18.0% Average Unpaid Principal Balance (1) $154,561 $155,816 $218,047 $142

Serious Delinquency Rate 4.56% 6.39% 4.28% 12Origination Years 2005-2008 41.2% 57.2% 35.8% 6Weighted Average Origination Loan-to-Value Ratio 71.2% 73.9% 63.9% 7Original Loan-to-Value Ratio > 90% 9.4% 10.4% 3.5% 1Weighted Average Mark-to-Market Loan-to-Value Ratio 74.9% 103.6% 75.0% 10Mark-to-Market Loan-to-Value Ratio >100% and <=125% 8.6% 18.8% 10.2% 1Mark-to-Market Loan-to-Value Ratio >125% 6.0% 27.7% 9.8% 2Weighted Average FICO (2) 733 733 742 

FICO < 620 (2) 3.6% 3.1% 2.0% 

Interest Only 5.8% 11.9% 9.2% Negative Amortizing 0.4% 0.5% 1.3% Fixed-rate 90.1% 84.3% 85.9% 8Primary Residence 89.9% 83.1% 88.6% 8Condo/Co-op 9.4% 5.0% 11.9% 1Credit Enhanced (3) 15.3% 15.5% 6.8% 1

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

% of 2008 Credit Losses (4) 100.0% 8.0% 25.2% 1% of 2009 Credit Losses (4) 100.0% 10.8% 24.4% 1% of 2010 Q1 Credit Losses (4) 100.0% 10.8% 24.9% 1% of 2010 Q2 Credit Losses (4) 100.0% 9.2% 21.5% 1% of 2010 Q3 Credit Losses (4) 100.0% 9.3% 22.4% 1
Serious Delinquency Rate by States

2007 Q1 2007 Q2 2007 Q3 2007 Q4 2008 Q1 2008 Q2 2008 Q3 2008 Q4 2009 Q1 2009 Q2 2009 Q3 2009 Q

AZ CA FL NV Select Midw est States 

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 each specif(2) Select Midwest states are Illinois, Indiana, Michigan and Ohio. (3) For information on which states are included in each region, refer to Fannie Mae’s 2010 Q3 Form 10-Q.

(2)

Serious Delinquency Rate by Region (3)

2007 Q1 2007 Q2 2007 Q3 2007 Q4 2008 Q1 2008 Q2 2008 Q3 2008 Q4 2009 Q1 2009 Q2 2009 Q3 2009 

Midw est Northeast Southeast Southw est 
Home Price Growth/Decline and Fannie Mae R(REO) in Selected States

(1) Initial estimate based on purchase transactions in Fannie-Freddie acquisition and public deed data available through the en

data available for purchase transactions to be closed in October and November 2010. Including subsequently available dat

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

2010 Q3 2010 Q2 2010 Q1 2009 2008 2007 

57% 58% 56% 55% 68% 78% 

REO Net Sales Prices Compared With Unpaid Principal Balances of Mortg

2010 YTD 2009 2008 2007

Arizona 12,854 16,653 5,532 751 10,550 4,5

 

California 19,565 27,390 10,624 1,681 20,992 8,9

 

Florida 13,282 25,316 6,159 1,714 18,051 5,5

 

Nevada 6,075 7,415 2,906 530 5,368 2,6

 

Select Midwest States (2) 28,464 38,728 23,668 16,678 36,060 18,6

 

All other States 65,377 100,614 45,763 27,767 75,766 31,8

 

 Total 145,617 216,116 94,652 49,121 166,787 72,2

 

State

REO 

Inventory 

of 

Septem

30, 200

REO 

Inventory as 

of 

September 

30, 2010

REO Acquisitions (Number of Properties) 
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 loans documentation or other product features. We have classified private-label mortgage-related securities held in our investment portfolio as Alt-A if the s

(2) Alt-A loans originated in 2009 and 2010 consist of the refinance of existing Alt-A loans. We've revised our reporting from prior quarters to reflect thes(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

over 99% of its single-family conventional guaranty book of business as of September 30, 2010.

(4) The increase for 2009 and 2010 is the result of HARP 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 Septem

carried only primary mortgage insurance (no deductible), 6.6% had only pool insurance (which is generally subject to a deductible), 1.3% had primary other 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 Mae

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

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

As of September 30, 2010 Alt-A (1) 2010 (2) 2009 (2) 2008 2007 

Unpaid principal balance (billions) (3) $220.0 $3.0 $1.6 $5.5 $56

Share of Alt-A 100.0% 1.4% 0.7% 2.5% 25.5

Weighted Average Origination Loan-to-Value Ratio 73.0% 79.3% 74.2% 67.4% 74.8Original Loan-to-Value Ratio > 90% (4) 5.7% 28.6% 19.5% 2.5% 8.4

Weighted Average Mark-to-Market Loan-to-Value Ratio 93.4% 78.8% 74.5% 79.0% 105.5

Mark-to-Market Loan-to-Value Ratio > 100% and <=125% 15.9% 8.5% 6.1% 12.2% 22.3Mark-to-Market Loan-to-Value Ratio > 125% 18.4% 0.0% 0.1% 5.0% 23.9Weighted Average FICO (5) 717 734 736 726 71

FICO < 620 (5) 0.8% 3.1% 3.3% 0.2% 0.5

Adjustable-rate 30.3% 3.9% 3.7% 15.9% 27.7

Interest Only 28.4% 0.0% 0.1% 7.1% 37.5

Negative Amortizing 2.7% 0.0% 0.0% 0.0% 0.0

Investor 17.6% 11.9% 5.2% 18.2% 19.4

Condo/Co-op 10.7% 9.9% 8.9% 6.8% 9.6

California 21.8% 20.5% 16.6% 20.3% 22.0

Florida 11.5% 3.6% 3.3% 9.3% 12.3Credit Enhanced (6) 18.4% 2.2% 1.4% 13.8% 18.2

2010 Q1 Serious Delinquency Rate 16.09%

 0.58% 11.51% 23.71

2010 Q2 Serious Delinquency Rate 14.97% 0.07% 1.11% 11.03% 22.072010 Q3 Serious Delinquency Rate 13.79% 0.24% 1.59% 10.29% 20.37% of 2007 Credit Losses (7) 27.8%   0.7% of 2008 Credit Losses (7) 45.6%   0.0% 12.4

% of 2009 Credit Losses (7) 39.6%

 0.0% 0.4% 13.4

% of 2010 Q1 Credit Losses (7) 36.5% 0.0% 0.0% 0.6% 12.8

% of 2010 Q2 Credit Losses (7) 35.1% 0.0% 0.0% 0.5% 12.1% of 2010 Q3 Credit Losses (7) 35.8% 0.0% 0.0% 0.5% 12.0Cumulative Default Rate (8)

 0.00% 0.18% 4.18% 11.24

Origination Y
Fannie Mae Alt-A Loans Versus Loans UnderlyAlt-A Securities

( 1 ) Includes first liens and any subordinate liens present at origination.( 2 ) The Cumulative Default Rate is based upon the number of months between the loan origination month/year and default month/year(3) Due to low amount of Alt-A loans originated in 2008, 2009 and 2010, no comparable data has been provided for these years.Data as of August 2010 are not necessarily indicative of the ultimate performance of the loans and performance is likely t

Note: Private-label securities data source: First American CoreLogic, LoanPerformance data, which estimates it captures 

as of August 2010 

Fannie Mae Alt-A Private-Label Alt-A

Outstanding Alt-A loans 

in Fannie Mae's

Single-Family Guaranty

as of August 2010

Outstanding loans 

backing non-agency 

Conforming Alt-A MBS 

FICO 717 709Original Loan-to-Value Ratio 73% 75%

Combined Loan-to-Value 

Ratio at Origination (1) 77% 81%

Geography

California 22% 27%Florida 12% 13%

Product Type

Fixed-Rate 70% 51%

Adjustable-Rate 30% 49%

Interest Only 20% 24%

Negative Amortizing 3% 20%

Investor 18% 21%

Fannie Mae Alt-A Versus Private-Label Security Conforming Alt-A

Book of Business 

Cumulative Default Rates For 

 For 2005, 20

0%2%4%6%8%

10%12%14%16%18%

Mon

Cumulative Default Rates

2005 PLS 2005 FNM 200
0

20,00040,00060,00080,000

100,000120,000140,000160,000

2009 Q3 2009 Q4 2010 Q1 2010 Q2 2010 Q3

HomPreDeeForRepMod

Fannie Mae Workouts by Type 

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

and/or unpaid principal balance. Modifications include completed modifications made under the Administration's Home implemented beginning in March 2009, but do not reflect loans currently in trial modifications under that program. InforHome Affordable Modification Program is provided on Slide 15.

 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 without the added expen In a preforeclosure sale, the borrower, working with the servicer, sells the home prior to foreclosure to pay off all or par

and other expenses from the sale proceeds.

 HomeSaver Advance TM are unsecured, personal loans designed to help qualified borrowers bring their delinquent mor

financial difficulty.

Number of Loans
 Provides immediate payment relief to borrowers who are delinquent or in imminent risk of payment default. We require servicers to first evaluate all Fannie Mae problem loans for HAMP eligibility. If a borrower is not eligible for 

exhaust all other workout alternatives before proceeding to foreclosure.

Home Affordable Modification Program (HAMP

(1) Active Permanent HAMP modifications exclude modifications on loans that subsequently canceled because the loans were 90+ day(2) Re-performance rates for modified single-family loans, including permanent HAMP modifications, are presented on Slide 16.Data Source: United States Treasury Department as reported by servicers to the system of record for the Home Affordab

Fannie Mae Loans Under HAMP

As of September 30, 2010 reporting periodTotalModification StructureRate ReductionTerm ExtensionForbearanceMedian Monthly Principal and Interest Reduction% of September 30, 2010 SDQ Loans (2)

60,516

Active HAMP Trials

$482

 Ac

100% 

66% 

6%

22% 
Fannie Mae Modifications of Single-Family De

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 were c

include permanent modifications started under the Administration's Home Affordable Modification Program, which was implemented loans currently in trial modifications under that program. Information on the Home Affordable Modification Program is provided on S

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

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

(3) Includes loans that paid off.

Re-perfor

Sin

0%

20%40%60%80%

100%

Q2 2009 Q3 2009 Q4 2009 Q1 2010 Q2 2010 Q3 2010

Decrease greater than 20% of Principal and Interest PaymentDecrease of less than or equal to 20% in Principal and Interest PaymentNo Change in Principal and InterestIncrease in Principal and Interest Payment

% Current and Performing(3) 

3 Months post modification 6 months post modification 9 months post modification 12 Months post modification 
Fannie Mae Multifamily Credit Profile by Loan 

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

(2) Consists of the portion of our multifamily guaranty book of business for which we have access to detailed loan level inform

multifamily guaranty book of business as of September 30, 2010.

(3) Multifamily loans and securities that are two or more months past due.(4) Under the Delegated Underwriting and Servicing, or DUS ®, product line, Fannie Mae purchases individual, newly originat

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

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

(5) Numbers may not sum due to rounding.

Loan Counts

Total Multifamily Guaranty Book of Business (1) (2) 42,140 $185.4 100% 

Originating loan-to-value ratio:Less than or equal to 80% 38,559 $175.7 95% Greater than 80% 3,581 $9.7 5% 

Loan Size Distribution:Less than or equal to $750K 13,171 $4.3 2% 

Greater than $750K and less than or equal to $3M 15,517 $22.9 12% Greater than $3M and less than or equal to $5M 4,756 $17.3 9% 

Greater than $5M and less than or equal to $25M 7,748 $76.8 42% Greater than $25M 948 $64.0 35% 

Credit Enhanced Loans: Credit Enhanced 37,840 $165.7 89% Non-Credit Enhanced 4,300 $19.7 11% Delegated Underwriting and Servicing (DUS ®) Loans: (4)

DUS ® - Less than or equal to $3M 7,143 $11.1 6% 

DUS ® - Greater than $3M 10,957 $131.1 71% 

DUS ® - Total 18,100 $142.2 77% 

Non-DUS - Less than or equal to $3M 21,545 $16.1 9% Non-DUS - Greater than $3M 2,495 $27.0 15% Non-DUS - Total 24,040 $43.1 23% 

Maturity Dates:Loans maturing in 2010 251 $1.2 1% 

Loans maturing in 2011 1,737 $8.0 4% Loans maturing in 2012 2,095 $14.7 8% Loans maturing in 2013 3,600 $20.5 11% 

Loans maturing in 2014 2,807 $15.7 8% Other maturity 31,650 $125.3 68% 

As of September 30, 2010 

(5)

% of Multifami

Guaranty Book 

Business (UPB

Unpaid Principal 

Balance (Billions)
2005

2006

2007

2008 

2009

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

SDQ Rate

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

(2) Consists of the portion of our multifamily guaranty book of business for which we have access to detailed loan level info

total multifamily guaranty book of business as of September 30, 2010.

(3) Multifamily loans and securities that are two or more months past due.(4) Includes only active loans.(5) Numbers may not sum due to rounding.

Fannie Mae Multifamily Credit Profile by Acqui

Multifamily SDQ Rate by Acquisition Year Cumulative 

2005 2006 2007 2008 2009 2005 20

2009

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

Year

1

Year

2

Cumulative Default Rate

As of September 30, 2010 (5)

Unpaid Principal 

Balance (Billions) 

% of Multifamily 

Guaranty Book o

Business (UPB)

Total Multifamily Guaranty Book of Business (1) (2) $185.4 100% 

By Acquisition Year:(4)

2010 $10.6 6% 

2009 $19.3 10% 

2008 $32.9 18% 2007 $42.6 23% 2006 $19.1 10% 2005 $16.7 9% Prior to 2005 $44.1 24% 
Fannie Mae Multifamily Credit Profile by Regio

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

(2) Consists of the portion of our multifamily guaranty book of business for which we have access to detailed loan level info

total multifamily guaranty book of business as of September 30, 2010.

(3) Multifamily loans and securities that are two or more months past due.(4) For information on which states are included in each region, refer to Fannie Mae’s 2010 Q3 Form 10-Q.(5) Numbers may not sum due to rounding.

Total Multifamily Guaranty Book of Business (1) (2) $185.4 100% 

Region (4)

Midwest $15.6 8% Northeast $40.6 22% Southeast $36.5 20% Southwest $25.1 14% Western $66.8 36% Top Five States by UPB California $50.8 27% New York $24.9 13% Texas $14.0 8% Florida $8.8 5% Virginia $6.9 4% Top Five States by Credit Losses YTD 2010 Arizona $3.5 2% Florida $8.8 5% Georgia $3.7 2% Texas $14.0 8% Michigan $2.9 2% As of September 30, 2010 

(5)

Unpaid Principal 

Balance (Billions)

% of Multifamily 

Guaranty Book of 

Business (UPB)