August 5, 2010

Fannie Mae

2010 Second Quarter Credit Supplement
 These materials present tables and other information 

including information contained in Fannie Mae’s QuaForm 10-Q for the quarter ended June 30, 2010, the “2Some of the terms used in these materials are defined more fully in the 2010 Q2 Form 10-Q and in Fannie Mathe year ended December 31, 2009, the “2009 Form 10materials should be reviewed together with the 2010 Qthe 2009 Form 10-K, copies of which are available in tInformation” section of Fannie Mae’s Web site at www

 Some of the information in this presentation is based 

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

 This presentation includes forward-looking statemen

home price changes. These statements are based on analyses, estimates, forecasts and other views on a vand other information, and changes in the assumptioinformation underlying these views could produce mresults. The impact of future home price changes on results or financial condition will depend on many oth
Table of Contents

Slide

Home Price Growth/Decline Rates in the U.S. Home Price Declines Peak-to-Current (by State) as of 2010 Q2 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 Securitie

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 
6.7% 5.7%

8.1% 7.5%

10.5% 11.4%

2.6%

-4.1%

-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 18% 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 individ

S&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 a

home prices less representative of market values, whereas the S&P/Case-Shiller index includes sales of foreclosed homes. The S&P/C

peak-to-trough forecast are calculated using our models and assumptions, but modified to use these two factors (weighting of expectatiforeclosed property sales). In addition to these differences, our estimates are based on our own internally available data combined with data collected nationwide, whereas the S&P/Case-Shiller index is based only on publicly available data, which may be limited in certain calculations to the 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 July and August 2010. Including subsequently ava
IA

0.0%0.6%

OK

0.0%0.6%

SD

0.0%0.2%

ND

0.0%0.1%

OH

-9.2%

2.5%

WI

-7.2%

1.7%

IN

-3.5%

1.2%

MS

-6.5%

0.5%

AL

-6.3%

1.1%

TN

-4.6%

1.4%

KY

-1.7%

0.6%

MO

-6.2%

1.5%

NE

-1.4%

0.4%

KS

-1.2%

0.5%

LA

-0.9%

0.9%

AR

-3.1%

0.5%

TX

-0.2%

4.9%

WY

-5.1%

0.2%

NM

-8.9%

0.6%

CO

-6.8%

2.4%

MT

-3.8%

0.3%

MI

-32.4%

2.7%

AZ

-45.2%

2.6%

IL

-17.1%

4.3%

GA

-15.3

2.9%

MN

-16.2%

ID 1.9%

-20.7%

0.5%

UT

-16.3%

1.0%

NV

-55.7%

1.2%

OR

-20.3%

1.7%

WA

-18.2%

3.5%

CA

-41.6%

17.8%

0.8%

HI

-21.6%

United States -16.9%

Top %: State/Region Home Price Decline Rate percentage from applicable peak in that state through June 30, 2010Bottom %: Percent of Fannie Mae single-family conventional guaranty book of business by unpaid principal balance as oNote: Regional home price decline percentages are a housing stock unit-weighted average of home price decline percentages of states Initial estimate based on purchase transactions in Fannie-Freddie acquisition and public deed data available through the end of June 2

for purchase transactions to be closed in July and August 2010. Including subsequently available data may lead to materially different 

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

-35.0%

23.9%

Mountain

-26.4%

8.8%

West North Central

-5.4%

5.1% East North 

-15.7

12.5

East South Central

-4.6%

3.5%

West South Central

-0.3%

6.8%

AK

-2.3%

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 re

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

(2) FICO Credit scores presented in the table are borrower credit scores, as reported by the seller of the mortgage loan, at the 

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

Acquisition Year 2010 Q2 2010 Q1 2009 

Unpaid Principal Balance (billions) $ 110.2 $ 116.0 $ 684.7 $ 

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

 <= 60% 27.4% 30.4% 32.6% 

 >60% and <= 70% 14.7% 15.5% 17.0%  >70% and <= 80% 39.9% 37.3% 39.9%  >80% and <= 90% 9.9% 9.4% 6.9%  >90% and <= 100% 6.1% 5.6% 3.3%  > 100% 2.0% 1.8% 0.4% 

Weighted Average Origination Loan-to-Value Ratio 69.9% 68.5% 66.8% FICO Credit Scores (2)

 0 to < 620 0.6% 0.7% 0.4%  >= 620 and < 660 2.1% 2.1% 1.5%  >=660 and < 700 7.7% 7.8% 6.5%  >=700 and < 740 17.4% 17.8% 17.2%  >=740 72.1% 71.5% 74.4%  Missing 0.1% 0.1% 0.1% 

Weighted Average FICO Credit Score(2) 758 758 761 

 

Product

Fixed-rate 92.2% 92.0% 96.6% Adjustable-rate 7.8% 8.0% 3.4% 

Alt-A 0.0% 0.0% 0.0% Subprime 0.0% 0.0% 0.0% Interest Only 1.9% 2.2% 1.0% Negative Amortizing 0.0% 0.0% 0.0% Refinance 68.5% 78.5% 79.9%  HARP (3) 10.6% 11.9% 3.8% 

 HARP Weighted Average Origination Loan-to-Value Ratio (3) 92.2% 91.7% 90.7% Investor 5.5% 4.9% 2.5% Condo/Co-op 10.3% 10.0% 8.2% 
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 onc

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

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

(3) FICO Credit scores presented in the table are borrower credit scores, as reported by the seller of the mortgage loan, at the time of d

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

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

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

As of June 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 wit

FICO < 620 

Originatio

LTV Ratio 

90%(3)

Unpaid Principal Balance (billions) (2) $12.3 $169.9 $104.1 $218.9 $261.5 $2

Share of Single-Family Conventional Guaranty Book 0.4% 6.1% 3.7% 7.9% 9.4% 0

Average Unpaid Principal Balance (2) $126,384 $244,015 $123,505 $137,914 $145,987 $118,

Serious Delinquency Rate 9.91% 19.43% 16.12% 12.04% 11.55% 24.2Origination Years 2005-2007 59.3% 76.6% 54.4% 51.9% 49.4% 67Weighted Average Origination Loan-to-Value Ratio 71.1% 75.4% 76.6% 77.2% 97.2% 98Original Loan-to-Value Ratio > 90% 0.3% 9.1% 21.8% 20.5% 100.0% 100Weighted Average Mark-to-Market Loan-to-Value Ratio 98.5% 107.2% 82.9% 84.4% 104.0% 105Mark-to-Market Loan-to-Value Ratio > 100% and <= 125% 13.8% 22.9% 14.2% 14.2% 28.0% 30Mark-to-Market Loan-to-Value Ratio > 125% 33.5% 26.3% 9.0% 10.4% 14.9% 16Weighted Average FICO (3) 706 725 588 641 701 

FICO < 620 (3) 7.1% 1.3% 100.0%

 8.7% 100

Fixed-rate 0.3% 36.4% 88.4% 88.9% 91.6% 87Primary Residence 68.8% 85.1% 96.7% 94.2% 96.9% 99Condo/Co-op 14.0% 16.4% 4.9% 6.6% 9.9% 6Credit Enhanced (4) 61.7% 19.2% 31.3% 30.2% 83.6% 90

% 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 2010 Q1 Credit Losses (5) 2.6% 30.7% 7.1% 14.1% 16.3% 2% of 2010 Q2 Credit Losses (5) 2.4% 29.6% 7.6% 14.7% 17.9% 2

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 loan

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

(2) FICO Credit scores presented in the table are borrower credit scores, as reported by the seller of the mortgage loan, at the time of 

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

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

of foreclosure. Cumulative Default Rate is the total number of single-family conventional loans in the guaranty book of business origby the total number of single-family conventional loans in the guaranty book of business originated in the identified year. For 2000 t

As of June 30, 2010 Overall Book 2010 2009 2008 20

Unpaid Principal Balance (billions) (1) $2,785.7 $168.9 $646.6 $314.8 

Share of Single-Family Conventional Guaranty Book 100.0% 6.1% 23.2% 11.3% Average Unpaid Principal Balance(1) $154,183 $217,068 $214,247 $190,665 $1

Serious Delinquency Rate 4.99% 0.01% 0.12% 4.41% 1Weighted Average Origination Loan-to-Value Ratio 71.3% 69.6% 67.0% 73.5% Original Loan-to-Value Ratio > 90% 9.4% 8.2% 4.0% 11.0% Weighted Average Mark-to-Market Loan-to-Value Ratio 74.4% 68.6% 66.2% 80.2% Mark-to-Market Loan-to-Value Ratio > 100% and <= 125% 8.5% 2.0% 1.0% 11.9% Mark-to-Market Loan-to-Value Ratio > 125% 5.9% 0.0% 0.0% 2.9% Weighted Average FICO(2) 732 758 761 736 

FICO < 620 (2) 3.7% 0.7% 0.4% 2.6% 

Interest Only 6.1% 1.9% 1.0% 5.5% Negative Amortizing 0.4% 0.0% 0.0% 0.0% Fixed-rate 90.6% 92.6% 96.9% 91.8% Primary Residence 89.9% 89.8% 92.7% 88.2% Condo/Co-op 9.4% 10.0% 8.3% 11.4% Credit Enhanced (3) 15.7% 6.9% 6.6% 24.3% 

% 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 2010 Q1 Credit Losses (4) 100.0% 0.0% 0.1% 6.6% 

% of 2010 Q2 Credit Losses (4) 100.0% 0.0% 0.3% 7.1% Cumulative Default Rate (5)   0.01% 0.86% 

Originat

Credit Characteristics of Single-Family Conventional Guaranty Book of B
2003

2004

2005

2006

2007

2008

2009

0.0%0.5%1.0%1.5%2.0%2.5%3.0%3.5%4.0%4.5%5.0%

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

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 orig

divided by the total number of single-family conventional loans in the guaranty book of business originated in the identified year.

Data as of June 30, 2010 are not necessarily indicative of the ultimate performance of the loans and performance is likely 

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 June 30, 2010.

(2) FICO Credit scores presented in the table are borrower credit scores, as reported by the seller of the mortgage loan, at the time of d(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 June 30, 2010 Overall Book AZ CA 

Unpaid Principal Balance (billions) (1) $2,785.7 $73.4 $496.8 

Share of Single-Family Conventional Guaranty Book 100.0% 2.6% 17.8% Average Unpaid Principal Balance (1) $154,183 $157,064 $216,655 

Serious Delinquency Rate 4.99% 7.48% 4.99% Origination Years 2005-2007 32.7% 48.1% 27.7% Weighted Average Origination Loan-to-Value Ratio 71.3% 73.8% 63.8% Original Loan-to-Value Ratio > 90% 9.4% 10.3% 3.4% Weighted Average Mark-to-Market Loan-to-Value Ratio 74.4% 100.4% 75.3% Mark-to-Market Loan-to-Value Ratio >100% and <=125% 8.5% 19.3% 10.5% Mark-to-Market Loan-to-Value Ratio >125% 5.9% 25.1% 10.3% Weighted Average FICO (2) 732 731 741 

FICO < 620 (2) 3.7% 3.2% 2.1% 

Interest Only 6.1% 12.5% 9.7% Negative Amortizing 0.4% 0.5% 1.4% Fixed-rate 90.6% 85.1% 86.2% Primary Residence 89.9% 83.3% 88.6% Condo/Co-op 9.4% 5.1% 11.9% Credit Enhanced (3) 15.7% 16.1% 7.1% 

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

% of 2008 Credit Losses (4) 100.0% 8.0% 25.2% % of 2009 Credit Losses (4) 100.0% 10.8% 24.4% % of 2010 Q1 Credit Losses (4) 100.0% 10.8% 24.9% % of 2010 Q2 Credit Losses (4) 100.0% 9.2% 21.5% 
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 specifie

(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 Q2 Form 10-Q.

State

Arizona

California

Florida

Nevada

Select Midwest States (2)

All conventional single-family loans

Region (3)

MidwestNortheastSoutheastSouthwest

West

June 30, 2010

7.48%4.99%

12.60%12.83%

5.17%4.99%4.52%4.43%6.67%3.67%4.96%4.99%

March 31, 2010

8.76%5.72%

13.27%13.95%

5.65%5.47%4.96%4.74%7.22%4.17%5.55%5.47%

December 31, 2009

8.80%5.73%

12.82%13.00%

5.62%5.38%4.97%4.53%7.06%4.19%5.45%5.38%

All conventional single-family loans 
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 end of Jun

available for purchase transactions to be closed in July and August 2010. Including subsequently available data may lead to mater

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

2010 Q2 2010 Q1 2009 2008 2007 2

58% 56% 55% 68% 78% 8

REO Net Sales Prices Compared With Unpaid Principal Balances of M

2010 Q2 2010 Q1 2009 2008 2007

Arizona 5,374 5,256 12,854 5,532 751 8,427 California 8,700 8,256 19,565 10,624 1,681 16,630 Florida 6,556 8,712 13,282 6,159 1,714 13,179 Nevada 1,451 2,686 6,075 2,906 530 3,668 Select Midwest States (2) 12,058 12,356 28,464 23,668 16,678 29,945 All other States 27,790 31,572 65,377 45,763 27,767 57,461  Total 61,929 68,838 145,617 94,652 49,121 129,310 

State

REO 

Inventory 

as of Jun

30, 2010

REO Acquisitions (Number of Properties)
As of June 30, 2010 Alt-A (1) 2008 2007 2006 

Unpaid principal balance (billions) (3) $227.2 $5.8 $59.3 $6

Share of Alt-A 100.0% 2.6% 26.1% 28.

Weighted Average Origination Loan-to-Value Ratio 73.0% 67.4% 75.0% 74.

Original Loan-to-Value Ratio > 90% 5.3% 2.4% 8.5% 4.

Weighted Average Mark-to-Market Loan-to-Value Ratio 93.0% 78.1% 104.5% 107.Mark-to-Market Loan-to-Value Ratio > 100% and <=125% 15.7% 11.5% 21.9% 18.

Mark-to-Market Loan-to-Value Ratio > 125% 18.3% 4.5% 23.1% 27.

Weighted Average FICO (4) 717 726 712 7

FICO < 620 (4) 0.7% 0.2% 0.5% 0.

Adjustable-rate 29.7% 13.7% 25.8% 32.Interest Only 29.3% 7.1% 38.0% 38.

Negative Amortizing 2.9% 0.0% 0.0% 4.

Investor 17.8% 18.3% 19.5% 17.

Condo/Co-op 10.8% 6.9% 9.8% 11.

California 22.0% 20.4% 22.2% 19.

Florida 11.6% 9.3% 12.2% 13.

Credit Enhanced (5) 19.1% 13.9% 18.3% 18.

2009 Q2 Serious Delinquency Rate 11.91% 6.52% 17.05% 16.72009 Q3 Serious Delinquency Rate 13.97% 8.72% 20.19% 19.42009 Q4 Serious Delinquency Rate 15.63% 10.55% 22.72% 21.52010 Q1 Serious Delinquency Rate 16.22% 11.57% 23.71% 22.22010 Q2 Serious Delinquency Rate 15.17% 11.08% 22.07% 20.7% of 2007 Credit Losses (6) 27.8%  0.7% 9.

% of 2008 Credit Losses (6) 45.6% 0.0% 12.4% 20.

% of 2009 Credit Losses (6) 39.6% 0.4% 13.4% 15.% of 2010 Q1 Credit Losses (6) 36.5% 0.6% 12.8% 14.% of 2010 Q2 Credit Losses (6) 35.1% 0.5% 12.1% 14.Cumulative Default Rate (7)  3.06% 9.28% 9.6

Origination Ye

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 fu

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 tdocumentation or other product features. We have classified private-label mortgage-related securities held in our investment portfolio as Alt-A if the sec

(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 provided fo

(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 June 30, 2010.

(4) FICO Credit scores presented in the table are borrower credit scores, as reported by the seller of the mortgage loan, at the time of delivery to Fannie M

(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 June 30, 

carried only primary mortgage insurance (no deductible), 7.0% had only pool insurance (which is generally subject to a deductible), 1.3% had primary mother 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 Mae's 

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

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

 For 2005, 200

0%2%4%6%8%

10%12%14%16%

Months 

Cumulative Default Rates

2005 PLS 2005 FNM 2006 

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 and 2009, no comparable data has been provided for these years.

Data as of May 2010 are not necessarily indicative of the ultimate performance of the loans and performance is likely to cNote: Private-label securities data source: First American CoreLogic, LoanPerformance data, which estimates it captures 

as of May 2010 

Fannie Mae Alt-A Private-Label Alt-A

Outstanding Alt-A loans 

in Fannie Mae's

Single-Family Guaranty

as of May 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% 14%

Product Type

Fixed-Rate 71% 51%

Adjustable-Rate 29% 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 
0

20,00040,00060,00080,000

100,000120,000140,000160,000

2009 Q2 2009 Q3 2009 Q4 2010 Q1 2010 Q2

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

Active HAMP Trials 

136,892 

100% 

67% 21% 

$439 

10%
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

Sing

3 months post modificatio6 months post modificatio

9 months post modificatio

12 months post modificat

% Current and Performi

0%

20%40%60%80%

100%

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

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 s

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

multifamily guaranty book of business as of June 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 originated mortga

DUS underwriting standards and/or DUS loan documents. Because DUS lenders generally share the risk of loss with Fannie Mae, 

and service most loans without our pre-review. 

(5) Numbers may not sum due to rounding.

Total Multifamily Guaranty Book of Business (1) (2) $184.0 100% 

Originating loan-to-value ratio: Less than or equal to 80% $174.5 95% Greater than 80% $9.5 5% Loan Size Distribution:Less than or equal to $750K $4.4 2% Greater than $750K and less than or equal to $3M $23.0 13% Greater than $3M and less than or equal to $5M $17.4 9% Greater than $5M and less than or equal to $25M $76.2 41% Greater than $25M $63.0 35% Credit Enhanced Loans: Credit Enhanced $164.2 89% Non-Credit Enhanced $19.8 11% Delegated Underwriting and Servicing (DUS ®) Loans: (4)

DUS ® $140.1 76% 

Remaining Book $44.0 24% Maturity Dates:Loans maturing in 2010 $2.1 1% 

Loans maturing in 2011 $8.7 5% Loans maturing in 2012 $15.1 8% Loans maturing in 2013 $20.7 11% Loans maturing in 2014 $15.8 9% Other $121.7 66% 

As of June 30, 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

Year

6

SDQ Rate

Fannie Mae Multifamily Credit Profile by Acqu

Multifamily SDQ Rate by Acquisition Year Cumulative D

2005 2006 2007 2008 2009 2005 2006 

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

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

multifamily guaranty book of business as of June 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.

2009

0.00%0.10%0.20%0.30%0.40%0.50%0.60%0.70%0.80%

Year

1

Year

2

Y

Cumulative Default Rate

Prior to 2005 $46.1 25% 2005 $16.9 9% 2006 $19.4 11% 2007 $43.1 23% 2008 $33.3 18% 2009 $19.4 11% 2010 $5.9 3% By Acquisition Year:(4)

Total Multifamily Guaranty Book of Business (1) (2) $184.0 100% 

% of Multifamily Guaranty 

Book of Business

Unpaid Principal As of June 30, 2010 Balance (Billions) (5)