2017ThirdQuarterCreditSupplement

November2,2017

©2017FannieMae.TrademarksofFannieMae.
ThispresentationincludesinformationaboutFannieMae,includinginformationcontainedin

FannieMae’sQuarterlyReportonForm10-QforthequarterendedSeptember30,2017,the

“2017Q3Form 10-Q.”Someofthetermsusedinthesematerialsaredefinedanddiscussed

morefullyinthe2017Q3Form 10-QandinFannieMae’sForm10-Kfortheyearended

December31,2016,the“2016Form 10-K.”Thesematerialsshouldbereviewedtogetherwith

the2017Q3Form10-Qandthe2016Form10-K,copiesofwhichareavailablethroughthe

“SECFilings”pageinthe“AboutUs/InvestorRelations”sectionofFannieMae’swebsiteat

www.fanniemae.com.

Someoftheinformationinthispresentationisbaseduponinformationthatwereceivedfrom

third-partysourcessuchassellersandservicersofmortgageloans.Althoughwegenerally

considerthisinformationreliable,wedonotindependentlyverifyallreportedinformation.

Duetorounding,amountsreportedinthispresentationmaynotaddtototalsindicated(or

100%).

Unlessotherwiseindicateddatalabeledas“YTD2017”isasofSeptember30,2017orforthe

firstninemonthsof2017.

§

.

.§

.

§

§

©2017FannieMae.TrademarksofFannieMae.
©2017FannieMae.TrademarksofFannieMae. 2

TableofContents

HomePriceGrowth/DeclineRatesintheU.S.

OneYearHomePriceChangeasof2017Q3

HomePriceChangeFrom2006Q3Through2017Q3 5

4

3

HomePrices

CreditCharacteristicsofSingle-FamilyBusinessAcquisitions

CreditRiskProfileSummaryofSingle-FamilyBusinessAcquisitions

CertainCreditCharacteristicsofSingle-FamilyBusinessAcquisitions:2006-2017

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
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

-10.0%

-5.0%

0.0%

5.0%

10.0%

15.0%

-3.7%

-9.0%

-4.8%

-4.2%

-3.5%

2.6%

4.0%

7.6%

4.2% 4.6%

5.7% 5.3%

FannieMaeHomePriceIndex

Basedonourhomepriceindex,weestimatethathomepricesonanationalbasisincreasedby1.1%inthethirdquarterof2017andby5.3%inthefirstnine

monthsof2017,followingincreasesof5.7%in2016,4.6%in2015and4.2%in2014.Ourhomepriceestimatesarebasedonpreliminarydataandaresubjectto

changeasadditionaldatabecomesavailable.

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

1.7% -5.4% -12.0% -3.8% -4.1% -3.9% 6.5% 10.7% 4.5% 5.2% 5.4% 4.3%

S&P/Case-ShillerIndex

HomePriceGrowth/DeclineRatesintheU.S.

Note:EstimatebasedonpurchasetransactionsinFannie-FreddieacquisitionandpublicdeeddataavailablethroughtheendofSeptember2017.Includingsubsequentdatamayleadtomateriallydifferentresults.

*Year-to-dateasofSeptember2017.

**Year-to-dateasofQ22017.Ascomparison,FannieMae'sindexforthesameperiodis4.2%.

©2017FannieMae.TrademarksofFannieMae. 3

*

**
OneYearHomePriceChangeasof2017Q3

NC

4.7%

2.5%

WA

11.1%

3.6%

CA

6.8%

19.5%

AR

3.3%

0.5%

IA

3.8%

0.7%

IL

4.3%

3.8% KS

4.8%

0.5%

LA

2.9%

0.9%

MO

4.6%

1.3%

MS

3.0%

0.4%

MT

4.9%

0.3%

ND

1.1%

0.2%

NM

3.5%

0.5%

OK

2.3%

0.7%

PA

4.7%

3.0%

TX

4.5%

6.2%

VA

3.5%

3.5%

WV

1.2%

0.2%

WY

2.3%

0.2%

AZ

7.0%

2.5%

AL

3.2%

1.0%

FL

6.1%

5.7%

GA

6.8%

2.7%

ID

9.3%

0.6%

IN

5.0%

1.1%

KY

6.5%

0.6%

ME

7.4%

0.3%

MI

9.1%

2.3%

MN

6.2%

2.1%

NE

5.6%

0.5%

NV

9.3%

1.1%

NY

5.1%

5.1%

OH

5.5%

2.0%

OR

8.6%

1.8%

SC

5.4%

1.2%

SD

5.4%

0.2%

TN

7.3%

1.3%

UT

8.9%

1.3%

WI

6.5%

1.8%

CO

8.5%

2.9%

State:FL

GrowthRate:6.1%

UPB% :5.7%

UnitedStates:5.6%

(1)Source:FannieMae.HomepriceestimatesarebasedonpurchasetransactionsinFannie-FreddieacquisitionandpublicdeeddataavailablethroughtheendofSeptember2017.UPBestimatesarebasedon

dataavailablethroughtheendofSeptember2017.Includingsubsequentdatamayleadtomateriallydifferentresults.

(2)“UPB%”referstounpaidprincipalbalanceofloansonpropertiesintheapplicablestateasapercentageofunpaidprincipalbalanceofsingle-familyconventionalguarantybookofbusinessforwhichFannie

Maehasaccesstoloan-levelinformation.

©2017FannieMae.TrademarksofFannieMae. 4

AK

2.8%

0.2%

Growth

Rate

UPB%

CT

DC

DE

MA

MD

NH

NJ

RI

VT 0.2%

0.3%

3.7%

0.5%

2.7%

2.9%

0.4%

0.4%

1.3%

3.9%

6.4%

3.1%

6.6%

3.6%

6.1%

1.3%

11.4%

1.3%

HI

2.2%

0.7% StateGrowthRate

0%to5%

5%to10%

10%andAbove

(1)

(2)

(2)
SC

6.6%

1.2%

NC

8.4%

2.5%

AZ

-18.3%

2.5%

FL

-19.0%

5.7%

NV

-22.8%

1.1%

CA

-6.1%

19.5%

IN

14.2%

1.1% KS

17.9%

0.5%

KY

16.7%

0.6%

LA

18.3%

0.9%

MT

22.6%

0.3%

ND

54.8%

0.2%

NE

23.8%

0.5%

OK

18.1%

0.7%

OR

16.7%

1.8%

SD

30.6%

0.2%

TN

17.9%

1.3%

TX

35.8%

6.2%

UT

26.2%

1.3%

WA

18.2%

3.6%

WY

18.6%

0.2%

CO

40.0%

2.9%

IA

19.6%

0.7%

IL

-8.7%

3.8%

VA

-6.0%

3.5%

NM

-1.4%

0.5%

AL

3.4%

1.0%

GA

2.4%

2.7%

MI

1.7%

2.3%

MN

4.4%

2.1%

MS

4.8%

0.4%

OH

4.2%

2.0%

AR

8.4%

0.5%

ID

8.7%

0.6%

ME

6.6%

0.3%

MO

7.6%

1.3%

NY

5.2%

5.1%

WI

6.7%

1.8%

WV

7.3%

0.2%

PA

8.8%

3.0%

State:FL

GrowthRate:-19.0%

UPB% :5.7%

UnitedStates:3.9%

HomePriceChangeFrom 2006Q3Through2017Q3

(1)Source:FannieMae.HomepriceestimatesarebasedonpurchasetransactionsinFannie-FreddieacquisitionandpublicdeeddataavailablethroughtheendofSeptember2017.UPBestimatesarebasedon

dataavailablethroughtheendofSeptember2017.Includingsubsequentdatamayleadtomateriallydifferentresults.

(2)“UPB%”referstounpaidprincipalbalanceofloansonpropertiesintheapplicablestateasapercentageofunpaidprincipalbalanceofsingle-familyconventionalguarantybookofbusinessforwhichFannieMae

hasaccesstoloan-levelinformation.

©2017FannieMae.TrademarksofFannieMae. 5

AK

15.5%

0.2%

HI

5.9%

0.7%

Growth

Rate

UPB%

CT

DC

DE

MA

MD

NH

NJ

RI

VT 0.2%

0.3%

3.7%

0.5%

2.7%

2.9%

0.4%

0.4%

1.3%

2.9%

-10.8%

-15.1%

-1.4%

-14.0%

7.3%

-11.3%

45.8%

-16.3%

StateGrowthRate

Below-15%

-15%to-5%

-5%to0%

0%to5%

5%to10%

10%andAbove

(1)

(2)

(2)
Q32017

Single-Family

Acquisitions

Excl.

RefiPlus

Q22017

Single-Family

Acquisitions

Excl.

RefiPlus

Q12017

Single-Family

Acquisitions

Excl.

RefiPlus

FullYear2016

Single-Family

Acquisitions

Excl.

RefiPlus

Q42016

Single-Family

Acquisitions

Excl.

RefiPlus

Q32016

Single-Family

Acquisitions

Excl.

RefiPlus

UnpaidPrincipalBalance(UPB)($B)

WeightedAverageOriginationNoteRate 4.13%

$131.5

4.13%

$134.2

4.25%

$117.6

4.26%

$121.2

4.00%

$113.4

4.00%

$118.5

3.73%

$558.9

3.74%

$581.0

3.57%

$173.1

3.58%

$178.2

3.66%

$160.2

3.66%

$165.6

<=60%

60.01%to70%

70.01%to80%

80.01%to90%

90.01%to100%

>100%

WeightedAverageOriginationLTVRatio 76.6%

0.0%

19.7%

12.9%

39.6%

12.0%

15.8%

76.5%

0.1%

19.5%

12.9%

39.2%

12.0%

16.2%

76.3%

0.0%

19.2%

12.7%

39.9%

12.0%

16.2%

76.1%

0.2%

18.8%

12.7%

39.3%

12.1%

16.8%

73.3%

0.0%

14.8%

11.1%

38.6%

14.4%

21.1%

73.2%

0.3%

14.5%

11.1%

37.8%

14.5%

21.7%

73.6%

0.0%

14.8%

11.5%

38.8%

14.5%

20.4%

73.6%

0.4%

14.6%

11.6%

38.1%

14.5%

20.7%

72.0%

0.0%

12.8%

10.6%

37.5%

15.6%

23.5%

71.9%

0.2%

12.7%

10.7%

37.1%

15.6%

23.8%

73.9%

0.0%

15.5%

11.7%

38.4%

14.2%

20.2%

73.8%

0.3%

15.3%

11.8%

37.8%

14.3%

20.6%

OriginationLoan-to-Value(LTV)Ratio

<620

620to<660

660to<700

700to<740

>=740

WeightedAverageFICOCreditScore 746

59.7%

22.5%

12.9%

5.0%

0.0%

745

59.2%

22.4%

13.0%

5.1%

0.2%

746

59.5%

22.6%

12.8%

5.0%

0.0%

745

58.7%

22.6%

13.1%

5.2%

0.3%

747

60.4%

22.2%

12.7%

4.7%

0.0%

746

59.4%

22.1%

13.0%

5.0%

0.4%

752

64.9%

20.4%

10.9%

3.8%

0.0%

750

63.9%

20.4%

11.3%

4.1%

0.3%

754

66.9%

19.8%

10.0%

3.3%

0.0%

753

66.1%

19.8%

10.3%

3.6%

0.2%

753

66.1%

19.9%

10.4%

3.6%

0.0%

752

65.2%

19.9%

10.7%

3.9%

0.3%

FICO CreditScores

CreditCharacteristicsofSingle-FamilyBusinessAcquisitions

Fixed-rate

Adjustable-rate

Alt-A

InterestOnly

Investor

Condo/Co-op

Refinance 36.1%

9.6%

6.1%

0.0%

0.0%

3.0%

97.0%

37.4%

9.6%

6.4%

0.0%

0.2%

3.0%

97.0%

37.1%

9.9%

6.7%

0.0%

0.0%

3.4%

96.6%

39.0%

10.0%

7.0%

0.0%

0.3%

3.4%

96.6%

53.4%

9.9%

7.3%

0.0%

0.0%

2.2%

97.8%

55.4%

9.8%

7.7%

0.0%

0.3%

2.1%

97.9%

54.0%

9.6%

5.6%

0.0%

0.0%

1.6%

98.4%

55.7%

9.6%

6.0%

0.0%

0.3%

1.5%

98.5%

60.1%

9.4%

5.5%

0.0%

0.0%

1.1%

98.9%

61.2%

9.4%

5.7%

0.0%

0.2%

1.1%

98.9%

51.5%

9.5%

5.2%

0.0%

0.0%

1.6%

98.4%

53.0%

9.5%

5.4%

0.0%

0.2%

1.6%

98.4%

CertainCharacteristics

Purchase

Cash-outrefinance

Otherrefinance 16.3%

19.8%

63.9%

17.9%

19.5%

62.6%

16.9%

20.2%

62.9%

19.4%

19.6%

61.0%

28.7%

24.7%

46.6%

31.8%

23.6%

44.6%

33.9%

20.1%

46.0%

36.4%

19.3%

44.3%

38.6%

21.5%

39.9%

40.3%

20.9%

38.8%

33.0%

18.4%

48.5%

35.2%

17.8%

47.0%

LoanPurpose

Percentagecalculatedbasedonunpaidprincipalbalanceofloansattimeofacquisition.Single-familybusinessacquisitionsrefertosingle-familymortgageloansweacquirethroughpurchaseorsecuritizationtransactions.

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

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

FICOcreditscoreisasofloanorigination,asreportedbythesellerofthemortgageloan.

NewlyoriginatedAlt-AloansfortheapplicableperiodsconsistoftherefinanceofexistingloansunderourRefiPlusinitiative.ForadescriptionofourAlt-Aloanclassificationcriteria,refertoFannieMae’s2016Form10-K.

(1)

(2)

(3)

(4)

Single-FamilyAcquisitions

4.6%

6.3%

23.7%

Single-FamilyAcquisitions

5.1%

6.9%

22.9%

Single-FamilyAcquisitions

California

Texas

Florida 6.1%

7.0%

18.4%

Single-FamilyAcquisitions

4.9%

6.9%

22.8%

Single-FamilyAcquisitions

6.0%

7.3%

20.3%

Single-FamilyAcquisitions

6.8%

7.6%

18.9%

©2017FannieMae.TrademarksofFannieMae. 6

AcquisitionPeriod

(4)

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

(3)

(1)

Top3GeographicConcentrations

®
Percentagecalculatedbasedonunpaidprincipalbalanceofloansattimeofacquisition.Single-familybusinessacquisitionsrefertosingle-familymortgageloansweacquirethroughpurchaseorsecuritization

transactions.

FICOcreditscoreisasofloanorigination,asreportedbythesellerofthemortgageloan.FICOcreditscoresatoriginationbelow620primarilyconsistoftherefinanceofexistingloansunderourRefiPlus

initiative,whichincludestheHomeAffordableRefinanceProgram(“HARP”).OurRefiPlusinitiativeprovidesexpandedrefinanceopportunitiesforeligibleFannieMaeborrowers,andmayinvolvetherefinance

ofexistingFannieMaeloanswithhighloan-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%

0.3%

5.1%

35.4%

59.1%

0.2%

0.0%

0.0%

0.1%

0.1%

30.0%

0.1%

1.2%

12.0%

16.7%

51.6%

0.1%

2.8%

18.0%

30.7%

18.1%

0.1%

1.0%

5.4%

11.6%

<=60%

60.01%

to80%

80.01%

to100% >100% Total

>=740

660to<740

620to<660

<620

Total 100.0%

0.4%

4.3%

32.3%

62.9%

0.4%

0.0%

0.1%

0.2%

0.1%

27.5%

0.1%

1.1%

10.5%

15.8%

52.7%

0.2%

2.3%

16.8%

33.4%

19.4%

0.1%

0.8%

4.9%

13.6%

<=60%

60.01%

to80%

80.01%

to95% >95% Total

>=740

660to<740

620to<660

Total 100.0%

4.9%

35.2%

59.8%

4.3%

0.2%

2.1%

2.1%

26.0%

1.0%

10.0%

15.0%

52.1%

2.8%

18.0%

31.3%

17.6%

0.9%

5.1%

11.5%

<=60%

60.01%

to80%

80.01%

to95% >95% Total

>=740

660to<740

620to<660

Total 100.0%

3.9%

32.0%

64.0%

2.3%

0.1%

1.1%

1.1%

25.3%

0.9%

9.4%

15.0%

53.4%

2.2%

16.9%

34.3%

19.0%

0.7%

4.6%

13.6%

CreditProfileforSingle-FamilyAcquisitions(ExcludingRefiPlus)

FICOCreditScoreFICOCreditScoreFICOCreditScore

FICOCreditScoreFICOCreditScoreFICOCreditScore

(1)

(2)

(3)

©2017FannieMae.TrademarksofFannieMae. 7

<=60%

60.01%

to80%

80.01%

to95% >95% Total

>=740

660to<740

620to<660

Total 0.0%

0.9%

3.2%

-4.2%

2.0%

0.1%

1.0%

1.0%

0.6%

0.1%

0.6%

-0.1%

-1.3%

0.5%

1.2%

-3.0%

-1.4%

0.2%

0.5%

-2.1%

<=60%

60.01%

to80%

80.01%

to100% >100% Total

>=740

660to<740

620to<660

<620

Total 0.0%

-0.1%

0.8%

3.1%

-3.8%

-0.2%

0.0%

0.0%

-0.1%

-0.1%

2.5%

0.0%

0.1%

1.5%

0.9%

-1.0%

0.0%

0.5%

1.2%

-2.7%

-1.3%

0.0%

0.2%

0.5%

-2.0%

CreditProfileforSingle-FamilyAcquisitions

CreditRiskProfileSummaryofSingle-FamilyBusinessAcquisitions

FortheNine

MonthsEnded

September30,2017

FortheNine

MonthsEnded

September30,2017

FortheNine

MonthsEnded

September30,2016

FortheNine

MonthsEnded

September30,2016

Changein

Acquisitions

Profile

Changein

Acquisitions

Profile

OriginationLTVRatio OriginationLTVRatio OriginationLTVRatio

OriginationLTVRatio OriginationLTVRatio OriginationLTVRatio

(2)(2)(2)

(2)(2)(2)

(3)

(1)
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

40%

60%

80%

100%

OriginationLTV

Ratio

0%

5%

10%

15%

20%

%ofSingle-FamilyBusinessAcquisitions

OriginationLoan-to-Value(OLTV)Ratio

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

660

680

700

720

740

760

780

FIC

O

CreditScore

0%

5%

10%

15%

20%

%ofSingle-FamilyBusinessAcquisitions

FICOCreditScore

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

0%

20%

40%

60%

80%

100%

%ofSingle-FamilyBusinessAcquisitions

ShareofSingle-FamilyBusinessAcquisitions:

Fixed-rateProduct

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

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.Loansacquiredafter2009withFICOcreditscoresatoriginationbelow620primarilyconsistoftherefinanceofexisting

loansunderourRefiPlusinitiative,whichincludesHARP.

CertainCreditCharacteristicsofSingle-FamilyBusinessAcquisitions:2006-2017

(1)

(2)

.

©2017FannieMae.TrademarksofFannieMae. 8

*Year-to-datethroughSeptember30,2017.

(2)

(1)

* *

* *
2010 2011 2012 2013 2014 2015 2016 2017

0%

20%

40%

60%

80%

100%

%ofSingle-FamilyBusinessAcquisitions

2% 1% 1%

4% 3% 2% 6%

16% 14% 10% 10%

6%

9%

9%

14% 14%

41%

36% 48% 52%

48%

54% 52% 55%

56%

45% 44%

52%

30%

23% 24% 21%

Single-FamilyBusinessAcquisitionsbyLoanPurpose

HARP RefiPlusAcquisitions(ExcludingHARP) RefinanceAcquisitions(ExcludingRefiPlus) PurchaseAcquisitions

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)

2017

HARP

RefiPlus

(Excl.

HARP)

UnpaidPrincipalBalance(UPB)($B)

WeightedAverageOriginationNoteRate 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

3.89%

$14.7

4.05%

$7.4

4.14%

$8.1

4.29%

$3.3

CreditCharacteristicsofSingle-FamilyBusinessAcquisitionsUndertheRefiPlusInitiative

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

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

FICOcreditscoreisasofloanorigination,asreportedbythesellerofthemortgageloan.

©2017FannieMae.TrademarksofFannieMae. 9

<=80%

80.01%to105%

105.01%to125%

>125%

WeightedAverageOriginationLTVRatio 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%

60.0%

0.0%

0.0%

0.0%

100.0%

96.9%

5.4%

13.5%

81.1%

0.0%

58.6%

0.0%

0.0%

0.0%

100.0%

96.2%

4.9%

12.6%

82.5%

0.0%

OriginationLTVRatio

<620

620to<660

660to<740

>=740

WeightedAverageFICOCreditScore 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%

717

41.6%

37.5%

11.6%

9.2%

703

30.8%

44.9%

15.3%

9.1%

712

38.0%

40.1%

12.3%

9.6%

703

30.0%

46.2%

15.0%

8.8%

FICOCreditScores

(1)

(2)

*Year-to-datethroughSeptember30,2017.

AcquisitionYear

(1)

(2)

*

*

Acquisitions
OverallBook

OriginationYear

2017 2016 2015 2014 2013 2012 2011 2010 2009

2008&

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

39.5%

9.3%

88.4%

94.9%

0.1%

1.3%

1.8%

745

0.2%

0.8%

57.6%

16.6%

74.9%

1.01%

$165,691

100.0%

$2,845.1

15.6%

9.2%

89.5%

70.4%

1.0%

11.3%

9.5%

698

1.4%

4.5%

58.1%

14.4%

75.3%

4.21%

$98,740

10.4%

$296.5

0.8%

3.3%

8.6%

90.6%

97.4%

0.0%

1.1%

1.0%

751

0.0%

0.1%

46.8%

6.3%

69.5%

0.89%

$133,010

3.0%

$84.9

0.6%

4.5%

8.1%

89.1%

96.8%

0.0%

0.9%

0.8%

756

0.0%

0.1%

45.0%

10.0%

71.0%

0.54%

$135,231

4.3%

$123.4

0.4%

6.6%

8.3%

86.9%

96.4%

0.0%

0.5%

0.8%

757

0.0%

0.1%

43.5%

12.1%

71.1%

0.43%

$136,182

5.3%

$151.2

0.4%

22.9%

8.7%

88.6%

98.2%

0.0%

0.2%

1.1%

759

0.2%

0.8%

47.3%

18.9%

76.5%

0.30%

$168,312

15.0%

$427.6

0.3%

46.0%

9.9%

86.0%

98.0%

0.0%

0.2%

1.9%

750

0.3%

1.1%

52.1%

20.5%

76.8%

0.42%

$165,845

13.1%

$371.8

0.2%

60.5%

9.7%

85.8%

96.2%

0.0%

0.0%

1.5%

742

0.1%

0.5%

59.1%

19.9%

76.9%

0.51%

$169,614

7.2%

$205.0

0.0%

64.8%

9.6%

88.1%

97.8%

0.0%

0.0%

0.6%

748

0.0%

0.2%

61.7%

16.7%

75.1%

0.27%

$198,687

12.1%

$344.7

0.0%

62.0%

9.5%

90.4%

98.7%

0.0%

0.0%

0.3%

750

0.0%

0.1%

65.8%

15.4%

73.6%

0.11%

$222,215

18.7%

$532.7

0.0%

36.7%

9.7%

88.7%

97.1%

0.0%

0.0%

0.3%

745

0.0%

0.2%

73.4%

18.7%

75.9%

0.02%

$221,997

10.8%

$307.4

Excludesnon-FannieMaesecuritiesheldinportfolioandthoseAlt-AandsubprimewrapsforwhichFannieMaedoesnothaveloan-levelinformation.FannieMaehadaccesstodetailedloan-levelinformation

forapproximately99%ofitssingle-familyconventionalguarantybookofbusinessasofSeptember30,2017.

FICOcreditscoreisasofloanorigination,asreportedbythesellerofthemortgageloan.Loansacquiredafter2009withFICOcreditscoresatoriginationbelow620primarilyconsistoftherefinanceofexisting

loansunderourRefiPlusinitiative,whichincludesHARP.

Percentageofloansinoursingle-familyconventionalguarantybookofbusiness,measuredbyunpaidprincipalbalance,includedinanagreementusedtoreducecreditriskbyrequiringcollateral,lettersof

credit,mortgageinsurance,corporateguarantees,inclusioninacreditrisktransfertransactionreferencepool,orotheragreementthatprovidesforourcompensationtosomedegreeintheeventofafinancial

lossrelatingtotheloan.BecauseweincludeloansinreferencepoolsforourConnecticutAvenueSecuritiesTM andCreditInsuranceRiskTransferTM creditrisktransfertransactionsonalaggedbasis(typically

aboutsixmonthstooneyearafterweinitiallyacquiretheloans),weexpectthepercentageofour2017single-familyloanacquisitionswithcreditenhancementwillincreaseinthefuture.

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

theguarantybookofbusinessoriginatedintheidentifiedyearthathavedefaulted,dividedbythetotalnumberofsingle-familyconventionalloansintheguarantybookofbusinessoriginatedintheidentified

year.For2008andearliercumulativedefaultrates,refertoslide18.

©2017FannieMae.TrademarksofFannieMae. 10

(1)

(2)

(3)

(4)

.

CreditCharacteristicsofSingle-FamilyConventionalGuarantyBookofBusinessbyOriginationYear

(1)

(1)

(2)

(2)

(3)

(4)

AsofSeptember30,2017

n/a n/a
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 11.4%

9.3%

84.2%

99.0%

5.7%

731

0.6%

2.7%

57.8%

38.6%

86.1%

0.0%

0.74%

$141,329

13.8%

$391.7

9.1%

9.4%

77.0%

68.2%

3.4%

709

2.0%

6.3%

64.5%

17.5%

79.2%

55.7%

4.54%

$141,676

2.7%

$75.7

49.2%

5.9%

93.9%

90.3%

100.0%

582

4.4%

11.7%

81.8%

100.0%

108.9%

27.4%

7.62%

$130,698

0.5%

$15.6

70.9%

9.4%

94.2%

97.3%

3.3%

732

1.0%

3.4%

78.6%

100.0%

101.7%

6.3%

1.59%

$174,428

16.6%

$473.4

34.0%

6.0%

93.3%

90.4%

0.0%

642

0.9%

2.9%

63.0%

22.0%

78.4%

22.0%

3.55%

$138,171

5.3%

$149.4

20.3%

4.6%

94.2%

85.6%

100.0%

582

1.8%

5.3%

64.0%

30.5%

82.0%

37.7%

6.52%

$115,145

1.8%

$51.1

12.9%

14.1%

86.1%

25.1%

1.7%

721

2.6%

8.7%

70.6%

8.2%

74.2%

81.6%

6.20%

$221,843

1.3%

$38.0

Loanswithmultipleproductfeaturesareincludedinallapplicablecategories.

FICOcreditscoreisasofloanorigination,asreportedbythesellerofthemortgageloan.

ForadescriptionofourAlt-Aloanclassificationcriteria,refertoFannieMae’s2016Form10-K.

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

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

Thesubtotaliscalculatedbycountingaloanonlyonceevenifitisincludedinmultiplecategories.

Excludesnon-FannieMaesecuritiesheldinportfolioandthoseAlt-AandsubprimewrapsforwhichFannieMaedoesnothaveloan-levelinformation.FannieMaehadaccesstodetailedloan-levelinformation

forapproximately99%ofitssingle-familyconventionalguarantybookofbusinessasofSeptember30,2017.

Percentageofloansinoursingle-familyconventionalguarantybookofbusiness,measuredbyunpaidprincipalbalance,includedinanagreementusedtoreducecreditriskbyrequiringcollateral,lettersof

credit,mortgageinsurance,corporateguarantees,inclusioninacreditrisktransfertransactionreferencepool,orotheragreementthatprovidesforourcompensationtosomedegreeintheeventofafinancial

lossrelatingtotheloan.

©2017FannieMae.TrademarksofFannieMae. 11

Subtotalof

CertainProduct

Features

42.0%

8.6%

90.9%

92.6%

5.7%

719

0.7%

2.4%

66.3%

52.9%

86.4%

13.0%

1.97%

$151,258

31.5%

$895.5

CreditCharacteristicsofSingle-FamilyConventionalGuarantyBookofBusinessbyCertainProductFeatures

(1)

(2)

(3)

(4)

(5)

(6)

(7)

.

(1)

(2)

(3)

(2)

(2)

(4)

(6)

(6)

(7)

AsofSeptember30,2017

(2)

(2)

(5)
Midwest

Northeast

Southeast

Southwest

West 12.6%

7.1%

24.1%

38.3%

17.8%

909

638

851

1,470

594

2,470

3,186

7,966

8,659

6,732

923

1,417

3,098

2,795

2,468

569

1,107

2,436

2,227

2,004

0.51%

0.70%

1.16%

1.81%

0.94%

10.9%

13.3%

27.5%

30.6%

17.8%

0.5%

0.4%

1.8%

1.6%

1.1%

50.9%

59.2%

61.8%

58.1%

61.6%

28.0%

17.2%

22.2%

17.9%

14.7%

$797.1

$490.2

$630.5

$509.0

$418.4

Regions

Basedontheunpaidprincipalbalance(UPB)ofthesingle-familyconventionalguarantybookofbusinessasofSeptember30,2017.Excludesnon-FannieMaesecuritiesheldinportfolioandthoseAlt-Aand

subprimewrapsforwhichFannieMaedoesnothaveloan-levelinformation.FannieMaehadaccesstodetailedloan-levelinformationforapproximately99%ofitssingle-familyconventionalguarantybookof

businessasofSeptember30,2017.

“Seriouslydelinquentloans”referstosingle-familyconventionalloansthatare90daysormorepastdueorintheforeclosureprocess.“Seriouslydelinquentloanshare”referstothepercentageofour

single-familyseriouslydelinquentloanpopulationintheapplicablestateorregion.“Seriousdelinquencyrate”referstothenumberofsingle-familyconventionalloansthatwereseriouslydelinquentinthe

applicablestateorregion,dividedbythenumberofloansinoursingle-familyconventionalguarantybookofbusinessinthatstateorregion.

Measuredfromtheborrowers’lastpaidinstallmentontheirmortgagestowhentherelatedpropertieswereaddedtoourREOinventoryforforeclosurescompletedduringthefirstninemonthsof2017.Home

EquityConversionMortgages(HECMs)insuredbyHUDareexcludedfromthiscalculation.

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

excludetheimpactoffairvaluelossesresultingfromcredit-impairedloansacquiredfromMBStrusts.Forinformationontotalcreditlosses,refertoFannieMae’s2017Q3Form10-Q.

SelectstatesrepresentthetoptenstatesinUPBofthesingle-familyconventionalguarantybookofbusinessasofSeptember30,2017.

Forinformationonwhichstatesareincludedineachregion,refertothesingle-familymortgagecreditriskmanagementdiscussioninFannieMae’s2017Q3Form10-Q.

©2017FannieMae.TrademarksofFannieMae. 12

CreditCharacteristicsofSingle-FamilyConventionalGuarantyBookofBusinessandSingle-FamilyRealEstate

Owned(REO)inSelectStates

SFConventionalGuarantyBookofBusiness

asofSeptember30,2017

SeriouslyDelinquentLoans

asofSeptember30,2017

RealEstateOwned(REO) CreditLoss

(1)

(2)

(3)

(4)

(5)

(6)

AllStates $2,845.1 100.0% 57.6% 1.1% 100.0% 1.01% 8,343 10,701 29,013 922 100.0%

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

Q32017

Acquisitions

(#ofproperties)

Q32017

Dispositions

(#ofproperties)

REOEnding

Inventory

asof9/30/17

AverageDaysto

Foreclosure

%ofYTD2017

CreditLosses

California

Texas

Florida

NewYork

Illinois

NewJersey

Washington

Virginia

Pennsylvania

Colorado 0.1%

4.7%

1.9%

0.5%

13.9%

9.1%

11.1%

10.3%

0.7%

8.8%

740

844

540

1,124

1,891

749

1,948

1,345

621

644

71

1,306

760

406

2,915

1,969

1,794

2,595

616

975

41

535

269

138

922

685

526

1,158

295

427

20

357

242

93

791

547

380

852

196

302

0.27%

1.41%

0.68%

0.55%

2.36%

1.28%

2.13%

1.50%

0.67%

0.43%

0.7%

5.0%

2.0%

1.6%

7.3%

5.5%

9.4%

9.6%

4.6%

5.8%

0.0%

0.8%

1.0%

0.1%

3.4%

2.9%

1.4%

3.7%

0.0%

0.5%

54.0%

61.7%

61.6%

52.8%

61.8%

63.4%

52.8%

62.2%

58.3%

49.0%

2.9%

3.0%

3.5%

3.6%

3.7%

3.8%

5.1%

5.7%

6.2%

19.5%

$83.6

$84.8

$98.7

$102.6

$105.4

$107.3

$146.0

$161.1

$175.9

$555.3

(1) (2)

(3) (4)

(6)

SelectStates

(5) (2) (2)

Total
Basedonstateswiththelargestvolumeofseriouslydelinquentloansinoursingle-familyconventionalguarantybookofbusinessasofSeptember30,2017.

“Seriouslydelinquentloanshare”referstothepercentageofoursingle-familyseriouslydelinquentloanpopulationintheapplicablestate.

ShareofREOendinginventorycalculatedasthenumberofpropertiesinthesingle-familyREOendinginventoryforthestatedividedbythetotalnumberofsingle-familypropertiesintheREOendinginventory

forthespecifiedtimeperiod.

2015

Q2

2015

Q3

2015

Q4

2016

Q1

2016

Q2

2016

Q3

2016

Q4

2017

Q1

2017

Q2

2017

Q3

0K

40K

80K

120K

160K

200K

240K

280K

320K

360K

SDQ

Volume

0%

5%

10%

15%

20%

25%

173K

7.3%

5.8%

10.7%

9.4%

10.4%

5.4%

5.5%

13.1%

9.6%

5.2%

SeriouslyDelinquentLoanSharebySelectStates

California

Florida

Illinois

NewJersey

NewYork

SDQVolume

2015

Q2

2015

Q3

2015

Q4

2016

Q1

2016

Q2

2016

Q3

2016

Q4

2017

Q1

2017

Q2

2017

Q3

0K

20K

40K

60K

80K

100K

REOEndingInventory

0%

5%

10%

15%

20%

25%

29K

5.4%

6.8%

8.9%

3.6%

3.3%

6.2%

10.0% 9.6%

20.6%

3.4%

REOEndingInventorySharebySelectStates

California

Florida

Illinois

NewJersey

NewYork

REOEndingInventory

(1)

(2)

(3)

.

SeriouslyDelinquentLoanandREOEndingInventorySharebySelectStates

©2017FannieMae.TrademarksofFannieMae. 13

(1)

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

2015

Q2

2015

Q3

2015

Q4

2016

Q1

2016

Q2

2016

Q3

2016

Q4

2017

Q1

2017

Q2

2017

Q3

60%

70%

80%

90%

72.4% 72.6% 73.1%

75.0% 73.9% 73.6%

74.1% 75.2% 75.8%

72.5%

79.3% 79.9%

81.9% 80.9% 80.3% 80.9%

82.3% 83.0%

79.3% 79.7%

REO DirectSaleDispositions:SalesPricestoUPB

NetSalesPricestoUPBTrendsforTop10States

REOGrossSales/UPB REONetSales/UPB

2015

Q2

2015

Q3

2015

Q4

2016

Q1

2016

Q2

2016

Q3

2016

Q4

2017

Q1

2017

Q2

2017

Q3

60%

70%

80%

90%

73.8% 73.5% 73.3% 74.1% 74.6% 73.7% 74.1%

75.3% 75.5%

73.6%

82.0% 81.7%

83.2% 82.7% 82.4% 82.5%

84.3%

82.4%

84.2%

82.0%

ShortSales:SalesPricestoUPB

Q32016 Q42016 Q12017 Q22017 Q32017

Florida

NewJersey

Illinois

Ohio

NewYork

Pennsylvania

Michigan

California

Maryland

Georgia 83.2%

70.4%

89.4%

69.6%

68.8%

71.3%

63.3%

64.9%

64.1%

83.1%

80.8%

67.7%

87.7%

68.0%

66.6%

70.3%

60.0%

62.5%

65.2%

81.7%

79.9%

70.4%

88.3%

62.4%

60.6%

68.3%

58.6%

64.7%

63.9%

80.5%

79.1%

70.4%

87.2%

60.9%

64.9%

66.9%

58.1%

63.3%

63.0%

79.7%

79.0%

69.3%

88.1%

62.7%

65.0%

68.2%

59.2%

64.3%

59.9%

80.1%

Q32016 Q42016 Q12017 Q22017 Q32017

Florida

Illinois

NewJersey

California

NewYork

Maryland

Nevada

Virginia

Arizona

Connecticut 74.2%

79.5%

76.7%

75.6%

72.9%

76.0%

83.7%

68.0%

70.6%

76.0%

71.5%

81.1%

80.3%

76.2%

72.7%

73.1%

84.1%

64.0%

70.2%

77.5%

65.4%

80.3%

79.5%

70.7%

70.0%

74.7%

81.9%

62.5%

70.6%

74.3%

69.9%

79.4%

78.2%

73.3%

73.0%

74.8%

81.4%

65.1%

69.1%

73.4%

71.1%

79.0%

78.6%

74.3%

70.8%

72.9%

80.8%

65.8%

70.9%

73.1%

ShortSalesGrossSales/UPB ShortSalesNetSales/UPB

IncludesREOpropertiesthathavebeensoldtoathirdparty(excludingpropertiesthathavebeenrepurchasedbytheseller/servicer,acquiredbyamortgageinsurancecompany,orredeemedbyaborrower).

SalesPricestoUPBarecalculatedasthesumofsalesproceedsreceiveddividedbytheaggregateunpaidprincipalbalance(UPB)oftherelatedloans.Grosssalespricerepresentsthecontractsaleprice.Net

salespricerepresentsthecontractsalepricelesscharges/creditspaidbyorduetothesellerorotherpartiesatclosing.

Thestatesshownhadthegreatestvolumeofpropertiessoldinthefirstninemonthsof2017ineachrespectivecategory.

©2017FannieMae.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.

2015

Q1

2015

Q2

2015

Q3

2015

Q4

2016

Q1

2016

Q2

2016

Q3

2016

Q4

2017

Q1

2017

Q2

2017

Q3

0K

5K

10K

15K

20K

25K

30K

35K

#ofLoans

2K

2K 2K

2K 2K 2K 1K 1K 1K

4K 4K 4K 3K 3K 3K 3K 2K 2K 2K 2K

6K

6K 6K

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

2K

©2017FannieMae.TrademarksofFannieMae. 15

ShortSales

Deeds-in-Lieu

2015

Q1

2015

Q2

2015

Q3

2015

Q4

2016

Q1

2016

Q2

2016

Q3

2016

Q4

2017

Q1

2017

Q2

2017

Q3

0K

5K

10K

15K

20K

25K

30K

35K

#ofLoans

20K

22K

20K

17K

21K 21K 21K

19K

22K

27K 26K

1K

2K

2K

2K

2K

2K 1K

1K

1K

2K

2K

29K

28K

24K

20K

22K

23K 22K

19K

22K

23K

21K

Modifications

RepaymentPlansandForbearancesCompleted

(1)

(2)

.

HomeRetentionSolutions

Single-FamilyLoanWorkouts

(1) (2)
Modificationsreflectpermanentmodificationswhichdoesnotincludeloanscurrentlyintrialmodifications.

Definedastotalnumberofcompletedmodificationsforthetimeperiodsnoted.

2014Q4 2015Q1 2015Q2 2015Q3 2015Q4 2016Q1 2016Q2 2016Q3 2016Q4 2017Q1 2017Q2

Modifications 25,908 26,700 26,214 22,199 19,099 20,899 21,278 20,802 17,325 19,928 21,539

Re-performanceRatesofModifiedSingle-FamilyLoans

©2017FannieMae.TrademarksofFannieMae. 16

(1)

(2)

3MonthsPostModification

6MonthsPostModification

9MonthsPostModification

12MonthsPostModification

15MonthsPostModification

18MonthsPostModification

21MonthsPostModification

24MonthsPostModification n/a

n/a

n/a

75%

n/a

n/a

n/a

70%

79%

n/a

n/a

n/a

66%

71%

77%

n/a

n/a

n/a

65%

67%

69%

75%

n/a

n/a

n/a

64%

66%

67%

68%

77%

n/a

n/a

65%

65%

66%

65%

70%

79%

n/a

65%

65%

64%

64%

67%

72%

78%

65%

65%

63%

62%

64%

67%

69%

76%

68%

65%

64%

64%

67%

67%

69%

77%

67%

65%

65%

66%

67%

68%

72%

79%

67%

66%

67%

66%

67%

70%

74%

80%

%CurrentorPaidOff

(1)

(2)

n/a n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a
Basedontheunpaidprincipalbalance(UPB)ofthesingle-familyconventionalguarantybookofbusinessasofDecember31forthetimeperiodsnoted,withtheexceptionof2017whichisasofSeptember30.

Basedonthesingle-familycreditlossesfortheyearendedDecember31forthetimeperiodsnoted,withtheexceptionof2017whichisasofSeptember30.Creditlossesconsistof(a)charge-offs,netofrecoveriesand(b)

foreclosedpropertyexpense(income),adjustedtoexcludetheimpactoffairvaluelossesresultingfromcredit-impairedloansacquiredfromMBStrusts.Doesnotreflecttheimpactofrecoveriesthathavenotbeenallocatedto

specificloans.Negativevaluesaretheresultofrecoveriesonpreviouslyrecognizedcreditlosses.Beginningin2015,creditlossesalsoincludetheimpactofourredesignationfromheldforinvestmenttoheldforsaleofcertain

nonperformingandreperformingsingle-familyloansexpectedtobesoldintheforeseeablefuture,aswellasthecharge-offprovisionsoftheFederalHousingFinanceAgency’sAdvisoryBulletinAB2012-02,“Frameworkfor

AdverselyClassifyingLoans,OtherRealEstateOwned,andOtherAssetsandListingAssetsforSpecialMention.”

Loanswithmultipleproductfeaturesareincludedinallapplicablecategories.Categoriesarenotmutuallyexclusive.

FICOcreditscoreisasofloanorigination,asreportedbythesellerofthemortgageloan.

NewlyoriginatedAlt-Aloansacquiredafter2008consistoftherefinanceofexistingloansunderourRefiPlusInitiative.ForadescriptionofourAlt-Aloanclassificationcriteria,refertoFannieMae’s2016Form10-K.

Foradescriptionofoursubprimeloanclassificationcriteria,refertoFannieMae’s2016Form10-K.

Selectstatesrepresentthetoptenstateswiththehighestpercentageofsingle-familycreditlossesfortheninemonthsendedSeptember30,2017.

©2017FannieMae.TrademarksofFannieMae. 17

CreditLossConcentrationofSingle-FamilyConventionalGuarantyBookofBusiness

(1)

(2)

(3)

(4)

(5)

(6)

(7)

Florida

NewJersey

NewYork

Illinois

California

Pennsylvania

Maryland

Ohio

Connecticut

Nevada

AllOtherStates 50.6%

1.0%

1.4%

2.2%

2.8%

3.1%

19.0%

4.2%

5.6%

4.0%

6.0%

50.8%

1.0%

1.4%

2.1%

2.8%

3.1%

19.6%

4.1%

5.6%

4.0%

5.7%

51.0%

1.0%

1.3%

2.1%

2.7%

3.0%

19.6%

4.1%

5.5%

4.0%

5.6%

51.4%

1.0%

1.3%

2.0%

2.7%

3.0%

19.7%

4.0%

5.4%

3.9%

5.6%

51.9%

1.0%

1.3%

2.0%

2.7%

3.0%

19.6%

3.9%

5.2%

3.8%

5.6%

52.2%

1.1%

1.3%

2.0%

2.7%

3.0%

19.5%

3.8%

5.1%

3.7%

5.7%

35.4%

4.8%

0.9%

3.3%

1.8%

1.6%

18.4%

9.6%

0.9%

2.0%

21.4%

32.1%

3.8%

1.4%

4.1%

3.1%

3.0%

5.1%

12.9%

1.9%

3.7%

28.9%

26.7%

1.4%

2.8%

4.2%

5.9%

4.2%

-0.8%

10.9%

4.8%

7.2%

32.6%

18.6%

1.8%

2.3%

2.2%

3.8%

3.4%

1.4%

7.8%

16.4%

21.6%

20.8%

29.5%

1.2%

2.7%

4.3%

3.9%

5.0%

2.1%

8.7%

18.3%

16.5%

7.9%

28.9%

2.5%

2.7%

3.6%

4.5%

4.7%

8.8%

9.1%

11.1%

13.9%

10.3%

SelectState

%ofSingle-FamilyConventionalGuarantyBookofBusiness

2017 2016 2015 2014 2013 2012

%ofSingle-FamilyCreditLosses

2017 2016 2015 2014 2013 2012

NegativeAmortizing

InterestOnly

FICO<620

FICO620to<660

OriginationLTVRatio>90%

FICO<620andOriginationLTVRatio>90%

Alt-A

Subprime

RefiPlusincludingHARP 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%

15.4%

0.1%

3.1%

0.6%

16.4%

5.3%

2.0%

1.7%

0.1%

13.8%

0.1%

2.7%

0.5%

16.6%

5.3%

1.8%

1.3%

0.1%

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%

14.0%

1.3%

24.9%

3.9%

21.9%

21.3%

14.5%

12.2%

0.3%

16.0%

1.5%

22.0%

3.9%

24.5%

19.4%

13.4%

16.1%

0.2%

2009-YTD2017

2005-2008

2004&Prior 13.1%

21.7%

65.3%

9.1%

14.7%

76.2%

7.3%

12.2%

80.5%

5.8%

10.1%

84.1%

4.5%

8.1%

87.4%

3.7%

6.7%

89.6%

13.1%

81.8%

5.1%

12.4%

77.6%

10.0%

12.0%

74.7%

13.3%

12.1%

77.6%

10.3%

16.4%

64.7%

19.0%

10.6%

66.2%

23.2%

Vintage

(1) (2)

(3)

(4)

(4)

(4)

(5)

(6)

(7)

CertainProductFeatures
©2017FannieMae.TrademarksofFannieMae. 18

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

theguarantybookofbusinessoriginatedintheidentifiedyearthathavedefaulted,dividedbythetotalnumberofsingle-familyconventionalloansintheguarantybookofbusinessoriginatedintheidentifiedyear.

DataasofSeptember30,2017isnotnecessarilyindicativeoftheultimateperformanceoftheloansandperformanceislikelytochange,perhapsmaterially,infutureperiods.

Yr1-Q1Yr1-Q2Yr1-Q3Yr1-Q4Yr2-Q1Yr2-Q2Yr2-Q3Yr2-Q4Yr3-Q1Yr3-Q2Yr3-Q3Yr3-Q4Yr4-Q1Yr4-Q2Yr4-Q3Yr4-Q4Yr5-Q1Yr5-Q2Yr5-Q3Yr5-Q4Yr6-Q1Yr6-Q2Yr6-Q3Yr6-Q4Yr7-Q1Yr7-Q2Yr7-Q3Yr7-Q4Yr8-Q1Yr8-Q2Yr8-Q3Yr8-Q4Yr9-Q1Yr9-Q2Yr9-Q3Yr9-Q4

Yr10-Q1Yr10-Q2Yr10-Q3Yr10-Q4Yr11-Q1Yr11-Q2Yr11-Q3Yr11-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

2011 2010

2009

2012

2013

2014

2017 2016 2015

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

CumulativeDefaultRatesofSingle-FamilyConventionalGuarantyBookofBusinessbyOriginationYear

TimeSinceBeginningofOriginationYear
LoanCount UPB($B)

%ofMultifamily

GuarantyBookof

Business

%DUS®Loans

%Seriously

Delinquent

YTD2017

MultifamilyCredit

Losses($M)

2016Multifamily

CreditLosses($M)

2015Multifamily

CreditLosses($M)

TotalMultifamilyGuarantyBookofBusiness 28,338 $265.4 100% 97% 0.03% ($14) ($4) ($56)

MultifamilyCreditProfilebyLoanAttributes

Loansmaturingin2017

Loansmaturingin2018

Loansmaturingin2019

Loansmaturingin2020

Loansmaturingin2021

Othermaturities ($40)

$2

($1)

($2)

$0

($15)

($9)

$1

$5

$0

$4

($3)

$7

$0

($4)

($1)

($4)

($13)

0.01%

0.00%

0.06%

0.33%

0.04%

2.04%

97%

97%

97%

98%

96%

87%

80%

6%

5%

5%

3%

0%

$213.1

$16.9

$14.0

$13.6

$7.2

$0.6

20,392

2,329

2,239

1,823

1,403

152

MaturityDates

Lessthanorequalto70%

Greaterthan70%andlessthanorequalto80%

Greaterthan80% $2

($34)

($24)

$0

$3

($7)

$1

$0

($15)

0.09%

0.03%

0.04%

92%

99%

96%

2%

44%

54%

$4.3

$117.1

$144.0

1,035

9,902

17,401

OriginationLTVRatio

Lessthanorequalto$750K

Greaterthan$750Kandlessthanorequalto$3M

Greaterthan$3Mandlessthanorequalto$5M

Greaterthan$5Mandlessthanorequalto$25M

Greaterthan$25M ($15)

($60)

$9

$9

$1

$0

($15)

$6

$5

$0

($1)

($20)

$2

$4

$0

0.03%

0.01%

0.08%

0.22%

0.28%

98%

99%

93%

85%

24%

50%

40%

5%

5%

0%

$132.0

$106.0

$13.8

$12.5

$1.1

2,602

9,647

3,787

7,976

4,326

LoanSizeDistribution

(1)

(2)

(3)

(4)

(5)

(6)

Representsthepercentageofloansforagivencategory(row)comprisedofDUSloans,measuredbyunpaidprincipalbalance.

Multifamilyloansareclassifiedasseriouslydelinquentwhenpaymentis60daysormorepastdue.

Dollaramountofmultifamilycredit-relatedlosses/(gains)fortheapplicableperiodandcategory.Totalcreditlossesforeachperiodmaynottietosumofallcategoriesduetorounding.

Weightedaverageoriginationloan-to-valueratiois67%asofSeptember30,2017.

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

lendersgenerallysharetheriskoflosswithFannieMae,theyareabletooriginate,underwrite,closeandservicemostloanswithoutourpre-review.

Multifamilyloanswithanoriginalunpaidbalanceofupto$3millionnationwideorupto$5millioninhighcostmarkets.

DUS-SmallBalanceLoans

DUS-NonSmallBalanceLoans

Total ($54)

($57)

$3

($3)

($6)

$2

($14)

($21)

$7

0.03%

0.03%

0.17%

100%

100%

100%

97%

92%

5%

$258.1

$245.2

$12.9

22,457

15,459

6,998

DelegatedUnderwritingandServicing(DUS)Loans

Non-DUS-SmallBalanceLoans

Non-DUS-NonSmallBalanceLoans

Total ($2)

($5)

$2

($1)

($2)

$1

$0

$0

$0

0.11%

0.00%

0.23%

0%

0%

0%

3%

1%

1%

$7.3

$3.7

$3.5

5,881

262

5,619

Non-DelegatedUnderwritingandServicing(Non-DUS)Loans

LenderRisk-Sharing

NoRecoursetotheLender ($32)

($24)

($14)

$10

($16)

$2

0.02%

0.04%

70%

98%

4%

96%

$10.9

$254.5

1,861

26,477

LenderRisk-Sharing

Fixed

Variable ($22)

($34)

$2

($6)

($1)

($14)

0.02%

0.04%

97%

97%

19%

81%

$49.5

$215.8

6,222

22,116

InterestRateType

©2017FannieMae.TrademarksofFannieMae. 19

(1)

(3)

(3)

(4)

(5)

(6)

(6)

(2) (3)

AsofSeptember30,2017
UPB($B)

%ofMultifamily

GuarantyBookof

Business

%DUSLoans

%Seriously

Delinquent

YTD2017Multifamily

CreditLosses($M)

2016Multifamily

CreditLosses($M)

2015Multifamily

CreditLosses($M)

TotalMultifamilyGuarantyBookofBusiness $265.4 100% 97% 0.03% ($14) ($4) ($56)

MultifamilyCreditProfilebyLoanAttributes(cont.)

California

Texas

NewYork

Florida

Washington $1

($3)

$1

($6)

$0

$0

$0

$0

($5)

$0

$0

$0

$0

$0

$0

0.00%

0.00%

0.01%

0.14%

0.01%

99%

98%

85%

100%

97%

4%

7%

9%

12%

20%

$10.0

$19.8

$24.0

$32.2

$53.0

SelectStates

PrivatelyOwnedwithSubsidy $32.7 12% 96% 0.02% $1 $2 ($4)

TargetedAffordableSegment

DUS:Bank(DirectorGuaranteedEntity)

DUS:Non-BankFinancialInstitution

Non-DUS:Bank(DirectorGuaranteedEntity)

Non-DUS:Non-BankFinancialInstitution

Non-DUS:PublicAgency/NonProfit $0

$0

$0

($13)

($44)

$0

($2)

$0

($5)

$3

$0

$0

$0

$3

($17)

0.00%

0.00%

0.11%

0.04%

0.02%

5%

1%

0%

100%

96%

0%

0%

1%

65%

34%

$0.1

$0.2

$3.3

$171.7

$90.0

DUS&Non-DUSLenders/Servicers

Representsthepercentageofloansforagivencategory(row)comprisedofDUSloans,measuredbyunpaidprincipalbalance.

Multifamilyloansareclassifiedasseriouslydelinquentwhenpaymentis60daysormorepastdue.

Dollaramountofmultifamilycredit-relatedlosses/(gains)fortheapplicableperiodandcategory.Totalcreditlossesforeachperiodwillnottietosumofallcategoriesduetorounding.

TheMultifamilyAffordableBusinessChannelfocusesonfinancingpropertiesthatareunderanagreementthatprovideslong-termaffordability,suchaspropertieswithrentsubsidiesorincomerestrictions.

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

©2017FannieMae.TrademarksofFannieMae. 20

2017

2016

2015

2014

2013

2012

2011

2010

2009

2008

2007

Priorto2007 ($24)

($17)

($20)

$4

($1)

$2

$0

$0

$0

$0

$0

$0

($7)

($3)

($1)

$0

$3

$0

$2

$0

$0

$0

$0

$0

$2

($15)

($2)

$1

($4)

$0

$0

$0

$2

$0

$1

$0

0.03%

0.39%

0.08%

0.05%

0.02%

0.04%

0.19%

0.03%

0.02%

0.01%

0.00%

0.00%

95%

71%

94%

97%

96%

96%

97%

98%

99%

99%

99%

97%

5%

1%

2%

4%

4%

5%

9%

8%

9%

15%

20%

18%

$13.0

$3.5

$6.3

$9.4

$9.8

$14.3

$22.9

$21.9

$24.7

$38.7

$54.2

$46.8

ByAcquisitionYear

Midwest

Northeast

Southeast

Southwest

West ($31)

($11)

($19)

$4

$1

($7)

($7)

$6

$1

$3

$0

($15)

$0

$0

$1

0.00%

0.08%

0.03%

0.02%

0.03%

97%

99%

99%

90%

99%

27%

23%

26%

15%

9%

$72.6

$60.2

$68.4

$40.5

$23.7

Regions

Conventional/Co-op

SeniorsHousing

ManufacturedHousing

StudentHousing ($7)

$0

$7

($56)

($5)

$0

$2

($1)

$1

$0

($1)

($14)

0.00%

0.00%

0.00%

0.04%

100%

100%

99%

97%

3%

3%

5%

88%

$8.7

$9.3

$13.4

$234.0

AssetClass

(1)

(2)

(3)

(4)

(5)

(2) (3) (3)

(4)

(3)

(1) AsofSeptember30,2017

(5)
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

0.00%

0.20%

0.40%

0.60%

0.80%

1.00%

1.20%

1.40%

1.60%

SeriousDelinquencyRate

0.09%

0.44%

0.55%

0.34%

0.15%

0.08% 0.03%

0.08% 0.03%

1.36%

0.24%

1.20%

0.30%

0.71%

0.18%

0.56%

0.21%

0.24%

0.21%

0.63%

0.50%

0.10%

0.07%

0.59%

0.07% 0.06%

0.11%

0.05% 0.05%

0.04% 0.05%

0.92%

0.39%

MultifamilyTotalSeriousDelinquencyRate DUS SeriousDelinquencyRate Non-DUSSeriousDelinquencyRate

SeriousDelinquency RatesofMultifamilyBookofBusiness

Multifamilyloansareclassifiedasseriouslydelinquentwhenpaymentis60daysormorepastdue.Seriousdelinquencyraterepresentstheyear-endpercentageofunpaidprincipalbalancethatisseriously

delinquentasofDecember31forthetimeperiodsnoted,withtheexceptionof2017whichisasofSeptember30.

UndertheDelegatedUnderwritingandServicing,orDUS,program,FannieMaeacquiresindividual,newlyoriginatedmortgagesfromspeciallyapprovedDUSlendersusingDUSunderwritingstandardsand/or

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

©2017FannieMae.TrademarksofFannieMae. 21

(1)

(2)

.

(1)

(2)
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

0

20

40

60

UPB($B)

$19

$33

$19

$24 $22

$46

$34

$19

$17

$24

$33

$29 $29

$42

$55

$47

DUS/Non-DUSAcquisitionUnpaidPrincipalBalance($B)

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

0.0%

0.5%

1.0%

1.5%

2.0%

CreditLossRate

0.2%

0.0%

0.1%

0.2%

0.0%

0.1%

0.4%

0.0%

0.3%

0.5%

0.0%

0.4%

0.9%

0.2%

0.7%

1.2%

0.9%

1.1%

0.8%

1.4%

0.9%

0.3%

0.1%

0.3%

0.1%

0.0%

0.1%

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

DUS/Non-DUSCumulativeCreditLossRatesthroughSeptember30,2017

DUSCreditLossRate Non-DUSCreditLossRate MultifamilyTotalCreditLossRate

CumulativeCreditLossRatesofMultifamilyGuarantyBookofBusinessbyAcquisitionYear

DUS Non-DUS

*Year-to-datethroughSeptember30,2017. AcquisitionYear

Cumulativecreditlossrateisthecumulativecreditlosses(gains)throughSeptember30,2017onthemultifamilyloansthatwereacquiredintheapplicableperiod,asapercentageofthetotalacquiredunpaid

principalbalanceofmultifamilyloansintheapplicableperiod.

AcquisitionunpaidprincipalbalancerepresentsthetotalMultifamilyvolumeacquiredthroughpurchaseorsecuritizationtransactionsfortheapplicableperiod.

©2017FannieMae.TrademarksofFannieMae. 22

(1)

(2)

(1)

(2)

*

*