May 6, 2011

Fannie Mae

2011 First-Quarter Credit Su
 This presentation includes information about Fannie 

information contained in Fannie Mae’s Quarterly Repthe quarter ended March 31, 2011, the “2011 Q1 Form 

terms used in these materials are defined and discusthe 2011 Q1 Form 10-Q and in Fannie Mae’s Form 10-December 31, 2010, the “2010 Form 10-K.” These mat

reviewed together with the 2011 Q1 Form 10-Q and thcopies of which are available on the “SEC Filings” pa“Investors” 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

 Due to rounding, amounts reported in this presentatio

totals indicated (or 100%). 
Table of Contents

Slide

Home Price Growth/Decline Rates in the U.S. Home Price Declines Peak-to-Current (by State) as of 2011 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 SelecFannie 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 

Fannie Mae Multifamily Credit Profile by Region and State 

Fannie Mae Multifamily Credit Profile by State 
7.0% 6.3% 7.5% 7.6%

10.7% 11.5%

2.7%

-4.1%

-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.

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

result; and (2) our estimates attempt to exclude sales of foreclosed homes because we believe that differing maintenance practices and prices less representative of market values, whereas the S&P/Case-Shiller index includes sales of foreclosed homes. The S&P/Case Sh

to-trough forecast are calculated using our models and assumptions, but modified to account for weighting based on property value and these differences, our estimates are based on our own internally available data combined with publicly available data, and are therefore S&P/Case-Shiller index is based on publicly available data, which may be limited in certain geographic areas of the country. Our compaprovided 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.

*Year-to-date as of the first quarter of 2011. Initial estimate based on purchase transactions in Fannie-Freddie acquisition and public desupplemented by preliminary data available for transactions to be closed in April and May 2011. Including subsequent data may lead to 

We expect peak-to-trough declines in home prices to be in the 22% to 29% range (comparable to a decline in the 32% to 

method).
Top %: State/Region Home Price Decline Rate percentage from applicable peak in that state through March 31, 2011Bottom %: Percent of Fannie Mae single-family conventional guaranty book of business by unpaid principal balance as of March 31, 2011Note: Regional home price decline percentages are a housing stock unit-weighted average of home price decline percentages of states with* Source: Fannie Mae. Initial estimate based on purchase transactions in Fannie-Freddie acquisition and public deed data available through data available for transactions to be closed in April and May 2011. Including subsequent data may lead to materially different results.

Home Price Change Peak-to-Current as 
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 refers to 

our mortgage portfolio and single-family mortgage loans we securitized into Fannie Mae MBS.

(2) The increase for 2010 and 2011 is the result of our Refi PlusTM initiative, which involves the refinance of existing Fannie Mae loa

(3) Refi Plus and Home Affordable Refinance Program (HARP) started in April 2009.(4) FICO Credit scores as reported by the seller of the mortgage loan at the time of delivery.(5) Represented as a percentage of total unpaid principal balance of loans at time of acquisition. (6) Primarily represents the refinance of existing Fannie Mae loans through Refi Plus.

Acquisition Year 2011 YTD 2010 2009 2008 2

Unpaid Principal Balance (billions) $ 162.2 $ 595.0 $ 684.7 $ 557.2 $ 

Weighted Average Origination Note Rate 4.40% 4.64% 4.93% 6.00% Original Loan-to-Value Ratio

 <= 60% 30.3% 30.3% 32.6% 22.7% 

 >60% and <= 70% 15.7% 15.9% 17.0% 16.1%  >70% and <= 80% 37.5% 38.5% 39.9% 39.5%  >80% and <= 90% 8.5% 8.6% 6.9% 11.7%  >90% and <= 100% (2) 5.8% 5.2% 3.3% 10.0% 

 > 100% (2) 2.2% 1.6% 0.4% 0.1% 

Weighted Average Origination Loan-to-Value Ratio 68.5% 68.4% 66.8% 72.0% Weighted Average Origination Loan-to-Value Ratio Excluding HARP (3) 66.0% 66.0% 65.8% 

FICO Credit Scores (4)

 0 to < 620 0.4% 0.4% 0.4% 2.8%  >= 620 and < 660 1.5% 1.6% 1.5% 5.7%  >=660 and < 700 6.8% 6.6% 6.5% 13.9%  >=700 and < 740 16.9% 16.1% 17.2% 21.7%  >=740 74.4% 75.1% 74.4% 55.8%  Missing 0.1% 0.1% 0.1% 0.1% 

Weighted Average FICO Credit Score (4) 762 762 761 738 

Product Distribution

Fixed-rate 93.5% 93.7% 96.6% 91.7% Adjustable-rate 6.5% 6.3% 3.4% 8.3% 

Alt-A (6) 1.0% 0.9% 0.2% 3.1% 

Subprime





 0.3% 

Interest Only 0.7% 1.3% 1.0% 5.6% Negative Amortizing





 0.0% 

Refinance 81.9% 77.4% 79.9% 58.6% 

 Total Refi Plus (3)(5) 24.4% 23.4% 10.6% 

 HARP (3)(5) 9.1% 9.0% 3.8% 

 HARP Weighted Average Origination Loan-to-Value Ratio (3) 93.7% 92.1% 90.7% 

Investor 5.7% 4.6% 2.5% 5.6% Condo/Co-op 9.0% 8.6% 8.2% 10.3% 
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 on

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

detailed loan-level information for over 99% of its single-family conventional guaranty book of business as of March 31, 2011.

(3) FICO Credit scores as reported by the seller of the mortgage loan at the time of delivery.(4) Unpaid principal balance of all loans with credit enhancement as a percentage of unpaid principal balance of single-family convent

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

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

As of March 31, 2011

Negative 

Amortizing 

Loans

Interest Only 

Loans 

Loans with FICO

< 620(3)

Loans with FICO 

≥ 620 and < 660(3)

Loans with 

Origination LTV 

Ratio 

> 90%

Loans with FICO 

620 and 

Origination LT

Ratio > 90%(3

Unpaid Principal Balance (billions) (2) $10.5 $148.6 $95.1 $200.1 $265.5 $2

Share of Single-Family Conventional Guaranty Book 0.4% 5.3% 3.4% 7.1% 9.4% 0.Average Unpaid Principal Balance (2) $118,411 $243,463 $121,926 $135,467 $150,448 $118,4

Serious Delinquency Rate 8.57% 17.10% 14.05% 10.72% 9.40% 20.2Origination Years 2005-2008 57.2% 84.1% 61.4% 58.4% 53.3% 68.Weighted Average Origination Loan-to-Value Ratio 70.9% 75.0% 76.7% 77.1% 97.3% 98.Original Loan-to-Value Ratio > 90% 0.3% 8.9% 21.7% 20.4% 100.0% 100.Weighted Average Mark-to-Market Loan-to-Value Ratio 102.0% 115.6% 89.6% 90.7% 110.5% 113.Mark-to-Market Loan-to-Value Ratio > 100% and <= 125% 13.4% 25.8% 18.2% 17.8% 37.0% 36.Mark-to-Market Loan-to-Value Ratio > 125% 35.6% 33.5% 13.1% 14.3% 19.7% 24.Weighted Average FICO (3) 707 725 588 641 708 5

FICO < 620 (3) 6.9% 1.4% 100.0%

 7.8% 100.

Fixed-rate 0.5% 32.8% 82.6% 84.6% 88.8% 80.

Primary Residence 68.7% 85.3% 96.7% 94.2% 96.3% 99.

Condo/Co-op 13.7% 16.3% 4.9% 6.6% 10.1% 5.

Credit Enhanced (4) 57.2% 18.8% 30.4% 29.0% 77.3% 88.

% 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 Credit Losses (5) 1.9% 28.6% 8.0% 15.1% 15.9% 2.% of YTD 2011 Credit Losses (5) 1.9% 27.9% 7.8% 14.9% 16.5% 2.

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

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-l

level information for over 99% of its single-family conventional guaranty book of business as of March 31, 2011.

(2) The increase for 2010 and 2011 is the result of our Refi Plus loans, which started in April 2009, and involve the refinance of existing F

(3) FICO Credit scores as reported by the seller of the mortgage loan at the time of delivery.(4) Unpaid principal balance of all loans with credit enhancement as a percentage of unpaid principal balance of single-family convention

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

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

foreclosure. Cumulative Default Rate is the total number of single-family conventional loans in the guaranty book of business originattotal number of single-family conventional loans in the guaranty book of business originated in the identified year. For 2000 to 2004 c

As of March 31, 2011 Overall Book 2011 2010 2009 2008 

Unpaid Principal Balance (billions) (1) $2,815.1 $76.1 $590.1 $553.6 $238.4 

Share of Single-Family Conventional Guaranty Book 100.0% 2.7% 21.0% 19.7% 8.5% 

Average Unpaid Principal Balance(1) $156,557 $203,532 $213,986 $203,788 $180,811 

Serious Delinquency Rate 4.27%

 0.07% 0.32% 5.10% 

Weighted Average Origination Loan-to-Value Ratio 71.2% 69.3% 68.7% 67.6% 74.5% Original Loan-to-Value Ratio > 90% (2) 9.4% 9.1% 7.1% 4.4% 12.3% 

Weighted Average Mark-to-Market Loan-to-Value Ratio 78.8% 69.1% 70.3% 71.0% 88.3% Mark-to-Market Loan-to-Value Ratio > 100% and <= 125% 10.5% 2.7% 3.2% 3.8% 21.5% 

Mark-to-Market Loan-to-Value Ratio > 125% 7.2% 0.0% 0.2% 0.1% 7.0% 

Weighted Average FICO(3) 736 759 763 760 732 

FICO < 620 (3) 3.4% 0.4% 0.4% 0.4% 3.1% 

Interest Only 5.3% 0.6% 1.1% 1.0% 6.0% Negative Amortizing 0.4%   

Fixed-rate 89.6% 93.3% 94.3% 97.1% 88.7% 

Primary Residence 89.8% 88.7% 90.9% 92.4% 87.5% 

Condo/Co-op 9.3% 9.0% 8.5% 8.4% 12.0% 

Credit Enhanced (4) 14.5% 8.1% 6.9% 6.9% 26.7% 

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

% of 2008 Credit Losses (5) 100.0%   0.5% % of 2009 Credit Losses (5) 100.0%   4.8% % of 2010 Credit Losses (5) 100.0%   0.4% 7.0% 

% of YTD 2011 Credit Losses (5) 100.0%

 0.2% 1.0% 7.5% 

Cumulative Default Rate (6)   0.01% 0.07% 1.70% 

Origination Y
2003

2004

2005

2007 2006

2008

2009

2010

0.0%0.5%1.0%1.5%2.0%2.5%3.0%3.5%4.0%4.5%5.0%5.5%6.0%6.5%7.0%7.5%

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 

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

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

Data as of March 31, 2011 are not necessarily indicative of the ultimate performance of the loans and performance is like

periods.

Fannie Mae Single-Family Cumulative Default 

Cumulative Default Rates of Single-Family Conventional Guaranty Book o
Fannie Mae Credit Profile by State

Credit Characteristics of Single-Family Conventional Guaranty Bo

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

detailed loan-level information for over 99% of its single-family conventional guaranty book of business as of March 31, 2011.

(2) FICO Credit scores as reported by the seller of the mortgage loan at the time of delivery.(3) Unpaid principal balance of all loans with credit enhancement as a percentage of unpaid principal balance of single-family conve

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

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

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

As of March 31, 2011 Overall Book AZ CA FL 

Unpaid Principal Balance (billions) (1) $2,815.1 $70.1 $518.6 $

Share of Single-Family Conventional Guaranty Book 100.0% 2.5% 18.4% Average Unpaid Principal Balance (1) $156,557 $154,120 $222,677 $14

Serious Delinquency Rate 4.27% 5.16% 3.35% 12Origination Years 2005-2008 35.4% 51.2% 30.1% 5Weighted Average Origination Loan-to-Value Ratio 71.2% 74.2% 64.3% 7Original Loan-to-Value Ratio > 90% 9.4% 11.1% 3.9% 1Weighted Average Mark-to-Market Loan-to-Value Ratio 78.8% 110.3% 78.2% 11Mark-to-Market Loan-to-Value Ratio >100% and <=125% 10.5% 18.6% 10.2% 1Mark-to-Market Loan-to-Value Ratio >125% 7.2% 31.4% 11.0% 3Weighted Average FICO (2) 736 736 746 

FICO < 620 (2) 3.4% 2.9% 1.8% 

Interest Only 5.3% 10.8% 8.1% Negative Amortizing 0.4% 0.4% 1.1% Fixed-rate 89.6% 83.7% 86.0% 8Primary Residence 89.8% 82.5% 88.4% 8Condo/Co-op 9.3% 4.8% 11.8% 1Credit Enhanced (3) 14.5% 14.5% 6.3% 1

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

% of 2008 Credit Losses (4) 100.0% 8.0% 25.2% 1% of 2009 Credit Losses (4) 100.0% 10.8% 24.4% 1% of 2010 Credit Losses (4) 100.0% 10.0% 22.6% 1% of YTD 2011 Credit Losses (4) 100.0% 13.0% 29.2% 1
Serious Delinquency Rate by States

201

Q

2009

Q4

2009

Q3

2009

Q2

2009

Q1

2008

Q4

2008

Q3

2008

Q2

2008

Q1

2007

Q4

2007

Q3

2007

Q2

2007

Q1

AZ CA FL NV Select 

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 

(2) Select Midwest states are Illinois, Indiana, Michigan and Ohio. (3) For information on which states are included in each region, refer to footnote 9 to Table 34 in Fannie Mae’s 2011 Q1 F

Sele

Serious Delinquency Rate by Region (3)

201

Q1

2009

Q4

2009

Q3

2009

Q2

2009

Q1

2008

Q4

2008

Q3

2008

Q2

2008

Q1

2007

Q4

2007

Q3

2007

Q2

2007

Q1

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

(1) Based on Fannie Mae Home Price Index. Initial estimate based on purchase transactions in Fannie-Freddie acquisition a

end of March 2011, supplemented by preliminary data available for transactions to be closed in April and May 2011. Inclumaterially different results.

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

2011 YTD 2010 2009 2008 2007 2006 

54% 57% 55% 68% 78% 83% 

REO Net Sales Prices Compared With Unpaid Principal Balances of Mortga

2011 YTD 2010 2009 2008 2007

Arizona 5,971 20,691 12,854 5,532 751 9,703 California 9,571 34,051 19,565 10,624 1,681 21,800 Florida 2,919 29,628 13,282 6,159 1,714 13,871 Nevada 2,678 9,418 6,075 2,906 530 4,858 Select Midwest States (2) 8,962 45,411 28,464 23,668 16,678 34,311 All other States 122,879 23,448 65,377 45,763 27,767 68,681  Total 262,078 53,549 145,617 94,652 49,121 153,224 

State

REO Acquisitions (Number of Properties)

REO 

Inventory as 

of March 31, 

2011

I
Fannie Mae Alt-A Credit Profile by Key Produc

Credit Characteristics of Alt-A Single-Family Conventional Guaranty Book o

(1) “Alt-A mortgage loan” generally refers to a mortgage loan that can be underwritten with reduced or alternative documentation than that required for a 

alternative product features. In reporting our Alt-A exposure, we have classified mortgage loans as Alt-A if the lenders that deliver the mortgage loandocumentation or other product features. We have classified private-label mortgage-related securities held in our investment portfolio as Alt-A if the s

(2) Newly originated Alt-A loans acquired in 2009, 2010, and 2011 consist of the refinance of existing loans under our Refi Plus Initiative.

(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

for over 99% of its single-family conventional guaranty book of business as of March 31, 2011.

(4) The increase for 2009, 2010, and 2011 is the result of Refi Plus loans, which started in April 2009 and can have loan-to-value ratios up to 125%.

(5) FICO Credit scores as reported by the seller of the mortgage loan at the time of delivery.(6) Defined as unpaid principal balance of Alt-A loans with credit enhancement as a percentage of unpaid principal balance of all Alt-A loans. At March 

carried only primary mortgage insurance (no deductible), 6.4% had only pool insurance (which is generally subject to a deductible), 1.2% had primarother credit enhancement such as lender recourse. 

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

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

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

As of March 31, 2011 Alt-A (1) 2011 (2) 2010 (2) 2009 (2) 2008 

Unpaid principal balance (billions) (3) $203.7 $1.3 $4.2 $1.6 $5.0 

Share of Alt-A 100.0% 0.6% 2.1% 0.8% 2.5% 

Weighted Average Origination Loan-to-Value Ratio 73.2% 71.3% 79.0% 74.4% 67.9% 

Original Loan-to-Value Ratio > 90% (4) 6.0% 17.4% 28.2% 19.8% 2.5% 

Weighted Average Mark-to-Market Loan-to-Value Ratio 99.9% 71.2% 81.9% 79.4% 85.1% Mark-to-Market Loan-to-Value Ratio > 100% and <=125% 19.1% 5.0% 15.8% 14.9% 17.5% 

Mark-to-Market Loan-to-Value Ratio > 125% 22.4%

 0.2% 0.6% 8.1% 

Weighted Average FICO (5) 717 755 734 736 725 

FICO < 620 (5) 0.8% 1.2% 3.2% 3.5% 0.2% 

Adjustable-rate 32.2% 2.0% 4.5% 3.8% 19.2% 

Interest Only 28.2%   0.1% 7.1% Negative Amortizing 2.7% 

Investor 17.6% 6.9% 11.8% 5.3% 18.4% 

Condo/Co-op 10.6% 4.2% 9.5% 8.9% 6.8% 

California 21.4% 16.4% 19.8% 16.4% 20.1% Florida 11.8% 4.9% 3.5% 3.3% 9.6% 

Credit Enhanced (6) 18.2% 1.5% 2.3% 1.6% 14.1% 

2010 Serious Delinquent Rate 13.87%

 0.44% 2.24% 10.29% 

2011 Serious Delinquent Rate 13.45%

 0.76% 2.89% 10.40% 

% of 2007 Credit Losses (7) 27.8%  

% of 2008 Credit Losses (7) 45.6%  0.0% % of 2009 Credit Losses (7) 39.6%  0.4% % of 2010 Credit Losses (7) 33.2%

 0.0% 0.0% 0.5% 

% of YTD 2011 Credit Losses (7) 29.7%  0.4% Cumulative Default Rate (8)   0.08% 0.48% 5.47% 
Cumulative Default Rates For 

 For 2005, 200

0%2%4%6%8%

10%12%14%16%18%

Mont

Cumulative Default Rates

2005 PLS 2005 FNM 2006 P

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

Data as of February 2011 are not necessarily indicative of the ultimate performance of the loans and performance is likely Note: Private-label securities data source: CoreLogic/LoanPerformance data, which estimates it captures 97% of Alt-A pri

(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/ye(3) Due to low amount of Alt-A loans originated in 2008, 2009 and 2010, no comparable data has been provided for these years.

Fannie Mae Alt-A Private-Label Alt-A

Outstanding Alt-A loans 

in Fannie Mae's SingleFamily Guaranty Book 

of Business 

as of February 2011

Outstanding loans 

backing non-agency 

Conforming Alt-A MBS 

as of February 2011 

FICO 717 708

Original Loan-to-Value Ratio 73% 75%Combined Loan-to-Value Ratio at Origination (1) 77% 81%

Geography California 22% 26% Florida 12% 13%Product Type Fixed-Rate 68% 51% Adjustable-Rate 32% 49% Interest Only 20% 24% Negative Amortizing 3% 20%Investor 18% 21%

Fannie Mae Alt-A Versus Private-Label Security Conforming Alt-A
0

20,00040,00060,00080,000

100,000120,000140,000160,000

2010 Q1 2010 Q2 2010 Q3 2010 Q4 2011 Q1

Number of LoansHo

PrDeFoReM

Fannie Mae Completed 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 in March 2009, but do not reflect loans currently in trial modifications. Information on Fannie Mae loans u

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. 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. The Program was retired on September 30, 2010.
 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

Data Source: United States Treasury Department as reported by servicers to the system of record for the Home Affordab

Fannie Mae Loans Under HAMP

(1) Active Permanent HAMP modifications exclude modifications on loans that subsequently canceled because the loans were 90

(2) Re-performance rates for modified single-family loans, including permanent HAMP modifications, are presented on Slide 16. 

As of March 31, 2011 reporting period Active HAMP Trials

 Active P

Mo

Total 41,348 Modification StructureRate Reduction 100% 

Term Extension 62% 

Forbearance 17% 

Median Monthly Principal and Interest Reduction% of March 31, 2011 SDQ Loans (2) 4%

$420 
0%

20%40%60%80%

100%

Q4 2009 Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011

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 Interest PaymentIncrease in Principal and Interest Payment

Fannie Mae Modifications of Single-Family De

Change in Monthly Principal and Interest Payment

of Modified Single-Family Loans(1)(2) Re-perfor

Sin

(1) Excludes loans that were classified as subprime adjustable rate mortgages that were modified into fixed rate mortgages and w

include permanent modifications, but do not reflect loans currently in trial modifications. 

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

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

(3) Includes loans that paid off.

% Current and Performing (3) 

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

( 1 ) Excludes loans that have been defeased. Defeasance is prepayment of a loan through substitution of collateral.( 2 ) We classify multifamily loans as seriously delinquent when payment is 60 days or more past due.( 3 ) Weighted Average Original loan-to-value ratio is 66% as of March 31, 2011.( 4 ) Under the Delegated Underwriting and Servicing, or DUS ®, product line, Fannie Mae purchases individual, newly originated 

using DUS underwriting standards and/or DUS loan documents. Because DUS lenders generally share the risk of loss with F

close and service most loans without our pre-review. 

( 5 ) Multifamily loans under $3 million and up to $5 million in high income areas.

Total Multifamily Guaranty Book of Business (1) 41,517 $188.1 100% 

Credit Enhanced Loans: Credit Enhanced 37,219 $168.4 90% 

Non-Credit Enhanced 4,298 $19.7 10% 

Originating loan-to-value ratio:(3)

Less than or equal to 70% 25,699 $96.5 51% Greater than 70% and less than or equal to 80% 12,375 $82.4 44% Greater than 80% 3,443 $9.2 5% 

Delegated Underwriting and Servicing (DUS ®) Loans: (4)

DUS ® - Small Balance Loans(5) 7,490 $14.6 8% 

DUS ® - Non Small Balance Loans 11,104 $132.3 70% 

DUS ® - Total 18,594 $146.9 78% 

Non-DUS - Small Balance Loans (5) 21,486 $18.5 10% 

Non-DUS - Non Small Balance Loans 1,437 $22.7 12% 

Non-DUS - Total 22,923 $41.2 22% 

Maturity Dates:Loans maturing in 2011 1,068 $4.8 3% 

Loans maturing in 2012 1,946 $12.4 7% Loans maturing in 2013 3,442 $19.6 10% 

Loans maturing in 2014 2,740 $15.3 8% 

Loans maturing in 2015 3,314 $17.0 9% 

Other maturities 29,007 $119.0 63% 

Loan Size Distribution:Less than or equal to $750K 12,649 $4.1 2% 

Greater than $750K and less than or equal to $3M 15,270 $22.4 12% 

Greater than $3M and less than or equal to $5M 4,760 $17.3 9% 

Greater than $5M and less than or equal to $25M 7,841 $78.1 42% 

Greater than $25M 997 $66.2 35% 

Loan Counts

As of March 31, 2011 Unpaid Principal Balance (Billions) % of Multifamily Guaranty Book of Business (UPB) 
2005

2006

2007

2008 

2009

2010

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

Year

7

SDQ Rate

2005 2006 2007 2008 2009 2010

0.00%0.20%0.40%0.60%0.80%1.00%1.20%1.40%1.60%

Year

1

Year

2

Yea

3

Cumulative Default Rate

2005 200

2009

Fannie Mae Multifamily Credit Profile by Acqui

( 1 ) Excludes loans that have been defeased. Defeasance is prepayment of a loan through substitution of collateral.( 2 ) We classify multifamily loans as seriously delinquent when payment is 60 days or more past due.

Multifamily SDQ Rate by Acquisition Year Cumulative 

As of March 31, 2011 Unpaid Principal Balance (Billions) % of Multifamily Guaranty Book of Business (UPB) % Seriously Delinquent (2) # o

Delin

Total Multifamily Guaranty Book of Business (1) $188.1 100% 0.64% 

By Acquisition Year:

2011 $5.2 3% - 

2010 $17.3 9% 0.04% 2009 $18.8 10% 0.28% 

2008 $32.3 17% 1.16% 2007 $41.0 22% 0.71% 2006 $18.6 10% 0.54% 

2005 $16.0 9% 0.46% Prior to 2005 $39.0 21% 0.77% 
Fannie Mae Multifamily Credit Profile by Regio

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

(2) We classify multifamily loans as seriously delinquent when payment is 60 days or more past due.

(3) For information on which states are included in each region, refer to Fannie Mae’s 2011 Q1 Form 10-Q.(4) Asset Class Definitions: Conventional/Co-Op Housing: Privately owned multifamily properties or multifamily properties in which the residents 

cooperative corporation. Seniors Housing: Multifamily rental properties for senior citizens. Manufactured Housing: A residential real estate d

homes, related amenities, utility services, landscaping, roads and other infrastructure. Student Housing: Multifamily rental properties in which and/or graduate students. 

(5) The Multifamily Affordable Business Channel focuses on financing properties which are under a regulatory agreement that provides long-term 

income restrictions.

Total Multifamily Guaranty Book of Business (1) $188.1 100% 0.64% 

Region: (3)

Midwest $15.8 8% 1.38

Northeast $41.4 22% 0.35% 

Southeast $36.6 19% 1.23% 

Southwest $29.6 16% 0.77% Western $64.6 34% 0.25% 

Top Five States by UPB:California $51.2 27% 0.18% 

New York $24.9 13% 0.37Texas $14.5 8% 0.79Florida $9.0 5% 2.34% Virginia $7.2 4% - Asset Class: (4)

Conventional/Co-op $167.1 89% 0.70% Seniors Housing $14.3 8% - 

Manufactured Housing $4.5 2% - Student Housing $2.2 1% 1.46

Targeted Affordable Segment:Privately Owned with Subsidy (5) $25.7 14% 0.67% 

DUS & Non-DUS Lenders:DUS Lender: Bank (Direct, Owned Entity, or Subsidiary) $92.6 49% 0.64

DUS Lender Non-Bank Financial Instituition $78.2 42% 0.57% 

Non-DUS Lender: Bank (Direct, Owned Entity, or Subsidiary) $16.0 9% 1.02

Non-DUS Lender: Non-Bank Financial Instituition $1.1 1% - 

Non-DUS Lender: Public Agency/Non Profit $0.2 0% 0.48% 

As of March 31, 2011 Unpaid Principal Balance (Billions) % of Multifamily Guaranty Book of Business (UPB) % Serio

Delinqu
Ex

New Y

$1

Cred

Fannie Mae Multifamily Credit Profile by State

Numbers: Represent 2011 Q1 credit losses for each state which total $82M as of March 31, 2011. States with no numbers had less th

Shading: Represent Unpaid Principal Balance (UPB) for each state which total $188B as of March 31, 2011. 

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