$3.7 BILLION 

Comprehensive 

income for 

Q2 2014

Net income

for Q2 2014

$3.7 BILLION 

Fannie Mae

Progress Report

Second Qua rt er 20

 We have established responsible credit 

standards while making it possible for families 

to purchase, refinance, or rent a home. 

 Beginning in 2008, we significantly 

strengthened our underwriting and eligibility 

standards and changed our pricing to promote 

sustainable homeownership and stability in 

the housing market.

 As a result, the credit quality of our book of

business has improved.

OUR PURPOSE

	We continue to focus on supporting the 

housing market recovery and helping to build 

a sustainable housing finance system.

	Our priorities are aligned with the public

interest.

	We are committed to providing liquidity to 

the mortgage market; assisting troubled 

borrowers; enabling families to buy, refinance, 

or rent a home; and building a book of 

business that will help protect Americans’

investment in the company.

OUR RESULTS

Second QUARTER 20

	Our second quarter results were strong

 Net income in Q2 2014 declined compare

with Q1 2014, due primarily to a decline 

in the amount of income recognized from 

settlement agreements related to private-label 

mortgage-related securities sold to us. The

decline was partially offset by an increase in 

the company’s benefit for credit losses due 

primarily to higher home prices in Q2 2014.

	We expect to remain profitable for the 

foreseeable future. 

SINGLE-FAMIL

BOOK OF BUSINES

a of June 30

As of June 30, 2014 

Single-Family Loans prior to 2009

Single-Family Loans 2009 through Q2 2014

�21% 79%

legacy ne

New book of business

is strong, profitable, 

and a growing share 

of our overall book.
For more information, see our Q2 2014 Form 10-Q Report,

filed with the SEC on August 7, 20

* Fannie Mae data for the period January 1, 2009 through

June 30, 2014, unless otherwise noted.

3900 Wisconsin Avenue, NW © 2014, Fannie M

Washington, C 20016-2892 Published August 7, 2

This report includes our expectations regarding our future financial results,

profitability, our ability to pay taxpayers, our future dividend payments to 

Treasury, and the growth, profitability, and caliber of the loans in our new

single-family book of business. These expectations are forward-looking

statements based on our current assumptions regarding numerous factors, 

including future home prices. Our actual results and future expectations

may differ materially from our current expectations as a result of home price 

changes, unemployment rates, other macroeconomic and housing market 

variables, future legislative or regulatory requirements, borrower behavior, 

and many other factors, including those discussed in the “Risk Factors” section of and elsewhere in our Annual Report on Form 10-K for the year ended

December 31, 2013 and in our quarterly report on Form 10-Q for the quarter ended June 30, 2014. These forward-looking statements are representative only as of the date they are made, and we undertake no obligation t

update any forward-looking statement as a result of new information, future 

events or otherwise, except as required under the federal securities laws.

FANN

PERFORMANCE

	High-quality new book of business 

accounted for 79 percent of single-family 

conventional guaranty book of business as 

of June 30, 2014.

	Remained the largest single issuer of 

single-family mortgage-related securities 

in the secondary market in the second 

quarter of 2014 and remained a continuous 

source of liquidity in the multifamily market.

	Funded the mortgage market with more 

than $4.2 trillion in liquidity, which enabled 

borrowers to complete 12.8 million 

mortgage refinancings and 4.1 million 

home purchases, and provided financing 

for 2.3 million units of multifamily housing.

	Refinanced approximately 4.0 million 

mortgages through the company’s Refi 

PlusTM initiative, including loans refinanced 

under the Administration’s Home Affordabl

Refinance Program (HARP). As a result o

Refi Plus, borrowers’ monthly payments 

were reduced by an average of $150 in the 

second quarter of 2014.

	Helped distressed families retain their 

homes or avoid foreclosure through more

than 1.6 million workout solutions, including

more than 1.1 million loan modifications.

DRIVING DOWN THE SERI

DELINQUENCY (SDQ)

	Our single-family SDQ rate has declined 1

consecutive quarters.

LIQUIDITY AND SUPP

TO THE MARKET

	We funded the mortgage market with more 

than $4.2 trillion in liquidity since 2009, 

enabling families to buy, refinance, or rent 

a home: 

	Fannie Mae’s single-family SDQ rate was

2.05 percent.

	Our single-family SDQ rate is substantiall

lower than private market levels.

	Approximately 96 percent of Fannie Mae’s

17.5 million single-family conventional loans 

are current.

Data as of June 30, 201

home

purchases

4.1

million

rental units

2.3

million

mortgage

refinancings

12.8

million

5.47%

2.05%

1Q10

2Q14

tr

and DIVIDE

	Fannie Mae expects to have paid Treasury

approximately $130.5 billion in dividends as of 

September 30, 2014. 

(1) Treasury draw requests are shown in the period for whic

requested and do not include the initial $1.0 billion liquidation 

preference of Fannie Mae’s senior preferred stock, for which 

Fannie Mae did not receive any cash proceeds. The payment of

dividends does not offset prior Treasury draws

(2) Fannie Mae expects to pay a dividend for the third quarter of 2014 

calculated based on our net worth of $6.1 billion as of June 30, 

2014 less the applicable capital reserve amount of $2.4 billion.

(3) Amounts may not sum due to roundin

$5.7

2Q14

$2.5

2009

$7.7

2010

$9.6

2011

$11.6

2012

Dividend Payment to Treasury

(in billions)

$7.2

2013 1Q14

$82.5 Cumulative

Total

Total Dividend Payments

through 3Q 2014 2,3 $130.5

$0.03

2008

$3.7

3Q142

$15.2

2008

$60.0

2009

$15.0

2010

$25.9

2011

$0.0

2012

$0.0

2013

$0.0

1Q14

Draw Request from Treasury

(in billions)

$0.0

2Q14

Cumulative

Total

Initial Liquidation Preference $1.0

Treasury Draw Requests1 $116.1

Total Senior Preferred Stock Outstanding $117.1

TBD

3Q14

www.fanniemae.com/progress