May 10, 2010

Fannie Mae

2010 First Quarter Credit Su
 These materials present tables and other informatio

Mae, including information contained in Fannie Maeon Form 10-Q for the quarter ended March 31, 2010, 10-Q.” Some of the terms used in these materials ardiscussed more fully in the 2010 Q1 Form 10-Q. Theshould be reviewed together with the 2010 Q1 Form which are available in the “Investor Information” seMae’s Web site at www.fanniemae.com. 

 Some of the information in this presentation is base

that we received from third-party sources such as sof mortgage loans. Although we generally consider reliable, we do not independently verify all reported 

 This presentation includes forward-looking stateme

future home price changes. These statements are bopinions, analyses, estimates, forecasts and other vof economic and other information, and changes in and other information underlying these views could different results. The impact of future home price cbusiness, results or financial condition will depend factors. 
Table of Contents

Slide

Home Price Growth/Decline Rates in the U.S. Home Price Declines Peak-to-Current (by State) as of 2010 Q1 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 Selected States Fannie Mae Alt-A Credit Profile by Key Product Features Fannie Mae Alt-A Loans Versus Loans Underlying Private-Label Alt-A Securities Fannie 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 
Home Price Growth/Decline Rates in the U.S.

We expect peak-to-trough declines in home prices to be in the 18% to 23% range (comparable to a decline of 32% to 4

method). 

Note: Our estimates differ from the S&P/Case-Shiller index in two principal ways: (1) our estimates weight expectations for each individual property by number of 

expectations of home price declines based on property value, causing declines in home prices on higher priced homes to have a greater effect on the overall resu

foreclosed homes because we believe that differing maintenance practices and the forced nature of the sales make foreclosed home prices less representative of 

sales of foreclosed homes. The S&P/Case Shiller comparison numbers shown above for the peak-to-trough forecast are calculated using our models and assump

expectations based on property value and the inclusion of foreclosed property sales). In addition to these differences, our estimates are based on our own interna

therefore based on data collected nationwide, whereas the S&P/Case-Shiller index is based only on publicly available data, which may be limited in certain geogra

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% -8.5% 

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 the end data available for April and May 2010. Including subsequent data may lead to materially different results.

6.7%

5.7%

8.1% 7.5%

10.5%

11.4%

2.6%

-4.0%

-15%-10%

-5%

0%5%

10%15%

2000 2001 2002 2003 2004 2005 2006 2007 
United States -18.4%

Initial estimate based on purchase transactions in Fannie-Freddie acquisition and public deed data available through the end of March 20April and May 2010. Including subsequent data may lead to materially different results.

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

- Top %: State/Region Home Price Decline Rate % from applicable peak in that 

state through March 31, 2010

-Bottom %: % of Fannie Mae single-family conventional guaranty book 

of business by unpaid principal balance as of March 31, 2010

State Home Price Change

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

Note: Regional home price decline percentages are a housing stock unit-weighted average of home price decline percentages o

HI

-21.5%

0.8%

AK

-5.7%

0.2%

Pacific

-35.8%

23.7%

Mountain

-28.0%

8.9%

West North Central

-8.3%

5.1% East North 

-18.1

12.5

East South Central

-5.6%

3.5%

West South Central

-2.1%

6.9%

WV

-7.4%

0.2%

WI

-9.1%

1.7%

IN

-5.9%

1.2%

S

-8

1

MS

-6.1%

0.5%

AL

-6.2%

1.1%

TN

-6.4%

1.4%

KY

-4.0%

0.6%

MO

-9.0%

1.5%

IA

-2.3%

0.6%

NE

-5.5%

0.4%

KS

-1.1%

0.5%

LA

-2.2%

0.9%

AR

-4.0%

0.5%

OK

-2.7%

0.6%

TX

-1.9%

4.9%

SD

-2.2%

0.2%

ND

-1.2%

0.1%

CO

-9.8%

2.4%

MT

-6.3%

0.3%

MI

-34.9%

2.7%

AZ

-46.1%

2.7%

OH

-11.3%

2.5%

IL

-20.0%

4.4%

-4

6

GA

-16.4%

2.9%

MN

-19.5%

ID 1.9%

-24.9%

0.5%

UT

-18.0%

1.0%

WY

-11.0%

0.2%

NM

-10.1%

0.6%

NV

-55.4%

1.2%

OR

-21.7%

1.7%

WA

-19.3%

3.4%

CA

-42.3%

17.6%
Fannie Mae Acquisition Profile by Key Product 

Credit Characteristics of Single-Family Business Volume (1)

(1) Percentage calculated based on unpaid principal balance of loans at time of acquisition. Single-family business volume refer

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

(2) FICO Credit scores reported in the table are those provided by the sellers of the mortgage loans at time of delivery.

(3) The Home Affordable Refinance Program (HARP) started in April 2009.

Acquisition Year 2010 Q1 2009 2008 

Unpaid Principal Balance (billions) $ 116.0 $ 684.7 $ 5

Weighted Average Origination Note Rate 4.89% 4.93% 6Original Loan-to-Value Ratio

 <= 60% 30.4% 32.6% 2 >60% and <= 70% 15.5% 17.0% 1 >70% and <= 80% 37.3% 39.9% 3 >80% and <= 90% 9.4% 6.9% 1 >90% and <= 100% 5.6% 3.3% 1 > 100% 1.8% 0.4% 

Weighted Average Original Loan-to-Value Ratio 68.5% 66.8% 7FICO Scores (2)

 0 to < 620 0.7% 0.4%  >= 620 and < 660 2.1% 1.5%  >=660 and < 700 7.8% 6.5% 1 >=700 and < 740 17.8% 17.2% 2 >=740 71.5% 74.4% 5 Missing 0.1% 0.1% 

Weighted Average FICO(2) 761 758 

 

Product

Fixed-rate 92.0% 96.6% 9Adjustable-rate 8.0% 3.4% 

Alt-A 0.0% 0.0% Subprime 0.0% 0.0% Interest Only 2.2% 1.0% Negative Amortizing 0.0% 0.0% Refinance 78.5% 79.9% 5 HARP (3) 11.9% 3.8% 

 HARP Weighted Average Original Loan-to-Value Ratio (3) 91.7% 90.7% Investor 4.9% 2.5% Condo/Co-op 10.0% 8.2% 1
Fannie Mae Credit Profile by Key Product Feat

Credit Characteristics of Single-Family Conventional Guaranty Bo

(1) Loans with multiple product features are included in all applicable categories. The subtotal is calculated by counting a loan only once even if it is in(2) Excludes non-Fannie Mae securities held in portfolio and those Alt-A and subprime wraps for which Fannie Mae does not have loan-level informati

information which constituted over 99% of its single-family conventional guaranty book of business as of March 31, 2010.

(3) FICO Credit scores reported in the table are those provided by the sellers of the mortgage loans at time of delivery.

(4) Unpaid principal balance of all loans with credit enhancement as a percentage of unpaid principal balance of single-family conventional guaranty bo

level information. Includes primary mortgage insurance, pool insurance, lender recourse and other credit enhancement.

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

As of March 31, 2010

Negative 

Amortizing 

Loans

Interest 

Only Loans 

Loans with 

FICO

< 620(3)

Loans with 

FICO ≥ 620 

and < 660(3)

Loans with 

Original 

LTV Ratio 

> 90%

Loans wit

FICO < 620 a

Original LT

Ratio > 90%

Unpaid Principal Balance (billions) (2) $13.0 $177.3 $107.0 $225.1 $262.8 $2

Share of Single-Family Conventional Guaranty Book 0.5% 6.3% 3.8% 8.0% 9.4% 0.Average Unpaid Principal Balance (2) $128,617 $243,452 $123,789 $138,534 $144,817 $118,4

Serious Delinquency Rate 10.09% 20.82% 17.86% 13.20% 12.93% 26.9Origination Years 2005-2007 59.7% 77.7% 54.8% 52.6% 51.4% 68.Weighted Average Original Loan-to-Value Ratio 71.2% 75.5% 76.6% 77.3% 97.2% 98.Original Loan-to-Value Ratio > 90% 0.3% 9.1% 21.9% 20.7% 100.0% 100.Weighted Average Mark-to-Market Loan-to-Value Ratio 99.7% 108.5% 84.0% 85.8% 105.8% 106.Mark-to-Market Loan-to-Value Ratio > 100% and <= 125% 14.3% 23.9% 15.6% 15.6% 32.7% 35.Mark-to-Market Loan-to-Value Ratio > 125% 34.5% 27.1% 9.2% 10.7% 15.8% 16.Weighted Average FICO (3) 706 725 588 641 700 5

FICO < 620 (3) 7.4% 1.3% 100.0%

 8.9% 100.

Fixed-rate 0.3% 38.1% 91.2% 90.9% 93.2% 91.Primary Residence 69.0% 85.0% 96.7% 94.2% 97.0% 99.Condo/Co-op 14.1% 16.5% 4.9% 6.6% 9.9% 6.Credit Enhanced (4) 67.1% 24.4% 32.0% 32.3% 85.4% 91.

% of 2007 Credit Losses (5) 0.9% 15.0% 18.8% 21.9% 17.4% 6.

% of 2008 Credit Losses (5) 2.9% 34.2% 11.8% 17.4% 21.3% 5.% of 2009 Credit Losses (5) 2.0% 32.6% 8.8% 15.5% 19.2% 3.% of 2009 Q1 Credit Losses (5) 1.8% 34.2% 10.7% 16.0% 22.5% 4.% of 2009 Q2 Credit Losses (5) 2.2% 32.2% 9.2% 16.0% 19.7% 3.% of 2009 Q3 Credit Losses (5) 1.8% 31.8% 8.6% 15.3% 18.9% 3.% of 2009 Q4 Credit Losses (5) 2.0% 32.6% 7.7% 15.1% 17.1% 2.% of 2010 Q1 Credit Losses (5) 2.6% 30.7% 7.1% 14.1% 16.3% 2.

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

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 inform

information which constituted over 99% of its single-family conventional guaranty book of business as of March 31, 2010.

(2) FICO Credit scores reported in the table are those provided by the sellers of the mortgage loans at time of delivery.

(3) Unpaid principal balance of all loans with credit enhancement as a percentage of unpaid principal balance of single-family conventional guaranty 

loan-level information. Includes primary mortgage insurance, pool insurance, lender recourse and other credit enhancement.

(4) Expressed as a percentage of credit losses for the single-family guaranty book of business. For information on total credit losses, refer to Fannie 

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

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

family conventional loans in the guaranty book of business originated in the identified year. For 2000 to 2004 cumulative default rates, refer to s

As of March 31, 2010 Overall Book 2010 2009 2008 200

Unpaid Principal Balance (billions) (1) $2,797.6 $61.7 $660.4 $334.2 

Share of Single-Family Conventional Guaranty Book 100.0% 2.2% 23.6% 11.9% 

Average Unpaid Principal Balance(1) $153,780 $219,774 $216,324 $193,161 $1

Serious Delinquency Rate 5.47% 0.00% 0.08% 4.51% 1Weighted Average Original Loan-to-Value Ratio 71.3% 68.7% 67.0% 73.4% Original Loan-to-Value Ratio > 90% 9.4% 8.3% 4.0% 10.8% Weighted Average Mark-to-Market Loan-to-Value Ratio 75.9% 68.5% 67.9% 81.5% Mark-to-Market Loan-to-Value Ratio > 100% and <= 125% 9.5% 2.2% 1.2% 13.3% 

Mark-to-Market Loan-to-Value Ratio > 125% 6.3% 0.0% 0.0% 2.9% 

Weighted Average FICO(2) 731 757 761 736 

FICO < 620 (2) 3.8% 0.8% 0.4% 2.6% 

Interest Only 6.3% 2.0% 1.0% 5.5% 

Negative Amortizing 0.5% 0.0% 0.0% 0.0% 

Fixed-rate 91.2% 93.1% 96.8% 92.7% Primary Residence 89.9% 90.3% 92.7% 88.3% Condo/Co-op 9.4% 9.5% 8.3% 11.4% 

Credit Enhanced (3) 16.8% 5.8% 6.6% 24.0% 

% of 2007 Credit Losses (4) 100.0%  

% of 2008 Credit Losses (4) 100.0%   0.5% % of 2009 Credit Losses (4) 100.0%

 0.0% 4.8% 

% of 2009 Q1 Credit Losses (4) 100.0%

 0.0% 2.6% 

% of 2009 Q2 Credit Losses (4) 100.0%

 0.0% 4.3% 

% of 2009 Q3 Credit Losses (4) 100.0%

 0.0% 5.4% 

% of 2009 Q4 Credit Losses (4) 100.0%

 0.0% 6.0% 

% of 2010 Q1 Credit Losses (4) 100.0% 0.0% 0.1% 6.6% Cumulative Default Rate (5)

 0.00% 0.00% 0.57% 

Origination 
Data as of March 31, 2010 are not necessarily indicative of the ultimate performance of the loans and performance is likely to 

Note: Defaults include loan liquidations other than through voluntary pay-off or repurchase by lenders and include loan forec

third parties and deeds in lieu of foreclosure. Cumulative Default Rate is the total number of single-family conventional loans originated in the identified year that have defaulted, divided by the total number of single-family conventional loans in the guaidentified year.

Fannie Mae Single-Family Cumulative Default R

Cumulative Default Rates of Single-Family Conventional Guaranty Book o

200

2003

2004

2005

2006

2007

2008

2009

0.0%0.4%0.8%1.2%1.6%2.0%2.4%2.8%3.2%3.6%4.0%

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

Yr9-Q1

Yr9-Q2

Time Since Beginning of Origination Year

Cumulative Default Rate 
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-level inform

information which constituted over 99% of its single-family conventional guaranty book of business as of March 31, 2010.

(2) FICO Credit scores reported in the table are those provided by the sellers of the mortgage loans at time of delivery.

(3) Unpaid principal balance of all loans with credit enhancement as a percentage of unpaid principal balance of single-family conventional guarant

loan-level information. Includes primary mortgage insurance, pool insurance, lender recourse and other credit enhancement.

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

As of March 31, 2010 Overall Book AZ CA FL 

Unpaid Principal Balance (billions) (1) $2,797.6 $74.8 $492.3 $192

Share of Single-Family Conventional Guaranty Book 100.0% 2.7% 17.6% 6.9Average Unpaid Principal Balance (1) $153,780 $158,093 $215,267 $143,8

Serious Delinquency Rate 5.47% 8.76% 5.72% 13.27Origination Years 2005-2007 34.3% 50.0% 29.4% 53.Weighted Average Original Loan-to-Value Ratio 71.3% 73.8% 63.6% 73.2Original Loan-to-Value Ratio > 90% 9.4% 10.1% 3.2% 10.4Weighted Average Mark-to-Market Loan-to-Value Ratio 75.9% 103.2% 76.5% 103.0Mark-to-Market Loan-to-Value Ratio >100% and <=125% 9.5% 19.4% 11.3% 19.Mark-to-Market Loan-to-Value Ratio >125% 6.3% 27.5% 10.8% 28.6Weighted Average FICO (2) 731 730 740 7

FICO < 620 (2) 3.8% 3.2% 2.2% 5.0

Interest Only 6.3% 13.1% 10.1% 10.5Negative Amortizing 0.5% 0.6% 1.5% 1.0Fixed-rate 91.2% 86.2% 86.7% 87.4Primary Residence 89.9% 83.4% 88.7% 82.0Condo/Co-op 9.4% 5.2% 11.9% 15.2Credit Enhanced (3) 16.8% 17.7% 8.2% 19.5

% of 2007 Credit Losses (4) 100.0% 1.8% 7.2% 4.7

% of 2008 Credit Losses (4) 100.0% 8.0% 25.2% 10.9% of 2009 Credit Losses (4) 100.0% 10.8% 24.4% 15.5% of 2009 Q1 Credit Losses (4) 100.0% 12.2% 26.3% 12.0% of 2009 Q2 Credit Losses (4) 100.0% 11.0% 24.7% 14.6% of 2009 Q3 Credit Losses (4) 100.0% 9.3% 23.9% 16.7% of 2009 Q4 Credit Losses (4) 100.0% 11.2% 23.6% 17.% of 2010 Q1 Credit Losses (4) 100.0% 10.8% 24.9% 18.0
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 (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 Q1 Form 10-Q.

State March 31, 2010 December 31, 2009 September 30, 2009 Ju

Arizona 8.76% 8.80% 7.87% 

California 5.72% 5.73% 5.06% 

Florida 13.27% 12.82% 11.31% 

Nevada 13.95% 13.00% 11.16% 

Select Midwest States (2) 5.65% 5.62% 4.98% 

All conventional single-family loans 5.47% 5.38% 4.72% 

Region (3)

Midwest 4.96% 4.97% 4.42% 

Northeast 4.74% 4.53% 3.91% 

Southeast 7.22% 7.06% 6.18% 

Southwest 4.17% 4.19% 3.71% 

West 5.55% 5.45% 4.77% 

All conventional single-family loans 5.47% 5.38% 4.72% 
Home Price Growth/Decline and Fannie Mae Real Estate Owned 

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

preliminary data available for April and May 2010. Including subsequent data may lead to materially different results. 

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

2010 Q1 2009 Q4 2009 Q3 2009 Q2 2009 Q1 

56% 56% 54% 54% 57% 

REO Net Sales Prices Compared With Unpaid Principal Balances of Mortgage L

2010 Q1 2009 2008 2007

Arizona 12,854 5,374 5,532 7,779 751 

4

California 19,565 8,700 10,624 1,681 14,676 

8

Florida 13,282 6,556 6,159 1,714 9,304 

3

Nevada 6,075 1,451 2,906 2,550 530 

2

Select Midwest States (2) 28,464 12,058 23,668 16,678 26,389 16All other States 65,377 27,790 45,763 27,767 49,291 26 Total 145,617 61,929 94,652 49,121 109,989 62

 

REO Acquisitions (Number of Properties)

State

REO 

Invent

as o

March 

200

REO 

Inventory 

as of 

March 31, 

2010
Fannie Mae Alt-A Credit Profile by Key Product 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 

include other alternative product features. In reporting our Alt-A exposure, we have classified mortgage loans as Alt-A if the lenders that deliver t

A based on documentation or other product features. We have classified private-label mortgage-related securities held in our investment portfoliissued. 

(2) As a result of our decision to discontinue the purchase of newly originated Alt-A loans effective January 1, 2009, no comparable data will be prov(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 inform

information which constituted over 99% of its single-family conventional guaranty book of business as of March 31, 2010.

(4) FICO Credit scores reported in the table are those provided by the sellers of the mortgage loans at time of delivery.

(5) 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 Ma

loans carried only primary mortgage insurance (no deductible), 15.5% had only pool insurance (which is generally subject to a deductible), 2.1% 0.4% carried other credit enhancement such as lender recourse. 

(6) Expressed as a percentage of credit losses for the single-family guaranty book of business. For information on total credit losses, refer to Fannie 

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

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

family conventional loans in the guaranty book of business originated in the identified year.

As of March 31, 2010 Alt-A (1) 2008 2007 2006 

Unpaid principal balance (billions) (3) $238.3 $6.1 $62.5 $67.1 

Share of Alt-A 100.0% 2.5% 26.2% 28.1% 

Weighted Average Original Loan-to-Value Ratio 73.0% 67.4% 75.1% 74.2% Original Loan-to-Value Ratio > 90% 5.4% 2.4% 8.6% 4.7% 

Weighted Average Mark-to-Market Loan-to-Value Ratio 94.1% 79.2% 105.5% 108.4% 

Mark-to-Market Loan-to-Value Ratio > 100% and <=125% 16.3% 12.5% 22.9% 19.4% 

Mark-to-Market Loan-to-Value Ratio > 125% 18.8% 4.5% 23.5% 27.6% 

Weighted Average FICO (4) 717 727 712 714 

FICO < 620 (4) 0.7% 0.2% 0.5% 0.5% 

Adjustable-rate 28.4% 11.6% 23.6% 30.9% Interest Only 29.6% 7.1% 38.2% 38.6% 

Negative Amortizing 2.9% 0.0% 0.0% 4.0% 

Investor 17.8% 18.5% 19.6% 17.3% 

Condo/Co-op 10.9% 7.0% 9.9% 11.9% California 22.0% 20.4% 22.3% 20.0% 

Florida 11.6% 9.3% 12.2% 13.3% 

Credit Enhanced (5) 27.6% 13.9% 25.1% 33.9% 

2009 Q1 Serious Delinquency Rate 9.54% 4.20% 13.51% 13.67% 

2009 Q2 Serious Delinquency Rate 11.91% 6.52% 17.05% 16.78% 

2009 Q3 Serious Delinquency Rate 13.97% 8.72% 20.19% 19.43% 

2009 Q4 Serious Delinquency Rate 15.63% 10.55% 22.72% 21.57% 2010 Q1 Serious Delinquency Rate 16.22% 11.57% 23.71% 22.26% % of 2007 Credit Losses (6) 27.8%

 0.7% 9.8% 

% of 2008 Credit Losses (6) 45.6% 0.0% 12.4% 20.2% 

% of 2009 Credit Losses (6) 39.6% 0.4% 13.4% 15.8% % of 2009 Q1 Credit Losses (6) 39.2% 0.2% 12.2% 16.2% % of 2009 Q2 Credit Losses (6) 41.2% 0.3% 13.5% 16.9% % of 2009 Q3 Credit Losses (6) 39.1% 0.5% 13.7% 15.3% % of 2009 Q4 Credit Losses (6) 39.0% 0.6% 13.7% 15.2% % of 2010 Q1 Credit Losses (6) 36.5% 0.6% 12.8% 14.4% Cumulative Default Rate (7)

 2.15% 7.28% 7.93% 

Origination Year (2)
Fannie Mae Alt-A Loans Versus Loans Underlying Private-La

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

(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/y(3) Due to low amount of Alt-A loans originated in 2008 and 2009, no comparable data has been provided f

Cumulative Default Rates F

 For 2005, 

0%2%4%6%8%

10%12%14%

Mo

Cumulative Default Rate

2005 PLS 2005 FNM 2

Fannie Mae Alt-A Private-Label Alt-A

Outstanding Alt-A loans 

in Fannie Mae's SingleFamily Guaranty Book 

of Business as of 

February 2010

Outstanding loans 

backing non-agency 

Conforming Alt-A MBS 

as of February 2010 

FICO 718 709Original Loan-to-Value Ratio 73% 75%Combined Loan-to-Value Ratio at Origination (1) 77% 81%Geography California 22% 27% Florida 12% 14%Product Type Fixed-Rate 72% 51% Adjustable-Rate 28% 49% Interest Only 20% 24% Negative Amortizing 3% 20%Investor 18% 21%

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

Data as of February 2010 are not necessarily indicative of the ultimate performance of the loans and performperhaps materially, in future periods.
Fannie Mae Workouts by Type 

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

maturity date and/or unpaid principal balance. Modifications include completed modifications made under the AModification Program, which was implemented beginning in March 2009, but do not reflect loans currently in trprogram. Information on Fannie Mae loans under the Home Affordable Modification Program is provided on S

• Repayment plans involve plans to repay past due principal and interest over a reasonable period of time throu

payments. Loans with completed repayment plans are included for loans that were at least 60 days delinquent 

• Forbearances involve an agreement to suspend or reduce borrower payments for a period of time. Loans with 

loans that were 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 adde

proceeding.

• In a preforeclosure sale, the borrower, working with the servicer, sells the home prior to foreclosure to pay off 

accrued interest and other expenses from the sale proceeds.

• HomeSaver Advance TM are unsecured, personal loans designed to help qualified borrowers bring their delinqu

temporary financial difficulty.

Number of Loans

0

20,00040,00060,00080,000

100,000120,000140,000

2009 Q1 2009Q2 2009Q3 2009 Q4 2010 Q1
 Provides immediate payment relief to borrowers who are delinquen

payment default.

 We require servicers to first evaluate all Fannie Mae problem loans 

borrower in default is not eligible for HAMP, our servicers are requ

workout alternatives before proceeding to foreclosure.

Home Affordable Modification Program (HAMP

(1) Re-performance rates for modified single-family loans, including permanent HAMP modifications, are presented on S

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 March 31, 2010 reporting periodTotalModification StructureRate ReductionTerm ExtensionForbearanceMedian Monthly Principal and Interest Reduction% of March 31, 2010 SDQ Loans (1) 22%

Active HAMP Trials

296,295

100%

45%

P

22%

$468
Fannie Mae Modifications of Single-Family Delinquent Lo

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 m

modification. Modifications include permanent modifications made under the Administration's Home Affordable implemented beginning in March 2009, but do not reflect loans currently in trial modifications under that progra

Modification Program is provided on Slide 15.

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

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

(3) Includes loans that paid off.

Re-perfor

Sing

Q4 2008 

3 Months post modification 556 months post modification 419 months post modification 3212 Months post modification 27% Current and Performing

0%

20%40%60%80%

100%

Q4 2008 Q1 2009 Q2 2009 Q3 2009 Q4 2009 Q1 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
Fannie Mae Multifamily Credit Profile by Loan Attrib

(1) Excludes loans that have been defeased. Defeasance is prepayment of a loan through substitution of collateral, such as Treasury securitie(2) Consists of the portion of our multifamily guaranty book of business for which we have access to detailed loan level information, which con

of business as of March 31, 2010.

(3) Multifamily loans and securities that are 60 days or more past due.(4) Under the Delegated Underwriting and Servicing, or DUS ® product line, Fannie Mae purchases individual, newly originated mortgages from 

underwriting standards and/or DUS loan documents. Because DUS lenders generally share the risk of loss with Fannie Mae, they are able without our pre-review. 

(5) Numbers may not sum due to rounding.

Total Multifamily Guaranty Book of Business (1) (2) $183.5 100% 

Originating loan-to-value ratio: Less than or equal to 80% $173.9 95% Greater than 80% $9.6 5% Loan Size Distribution:Less than or equal to $750K $4.5 3% Greater than $750K and less than or equal to $3M $23.0 13% Greater than $3M and less than or equal to $5M $17.3 9% Greater than $5M and less than or equal to $25M $75.4 41% Greater than $25M $63.3 34% Credit Enhanced Loans: Credit Enhanced $163.7 89% Non-Credit Enhanced $19.8 11% Delegated Underwriting and Servicing (DUS ®) Loans: (4)

DUS ® $139.1 76% Remaining Book $44.4 24% Maturity Dates:Loans maturing in 2010 $3.8 2% 

Loans maturing in 2011 $8.4 5% 

Loans maturing in 2012 $15.3 8% 

Loans maturing in 2013 $21.1 11% 

Loans maturing in 2014 $15.9 9% Other $119.0 65% As of March 31, 2010 (5)

% of Multifamily 

Guaranty Book of 

Business

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

SDQ Rate

2009

0.00%0.05%0.10%0.15%0.20%0.25%0.30%0.35%0.40%0.45%0.50%

Year

1

Year

2

Cumulative Default Rate

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

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

business as of March 31, 2010.

(3) Multifamily loans and securities that are 60 days or more past due.(4) Includes only active loans.(5) Numbers may not sum due to rounding.

Fannie Mae Multifamily Credit Profile by Acquisition Year

Multifamily SDQ Rate by Acquisition Year Cumulative 

2005 2006 2007 2008 2009 2005 20

As of March 31, 2010 (5)

Unpaid Principal Balance 

(Billions) 

% of Multifamily Guara

Book of Business

Total Multifamily Guaranty Book of Business (1) (2) $183.5 100% 

By Acquisition Year:(4)

2010 $3.2 2% 

2009 $19.4 11% 

2008 $33.4 18% 2007 $43.4 24% 2006 $19.5 10% 2005 $17.7 9% Prior to 2005 $47.0 26%