February 24, 2011

Fannie Mae

2010 Credit Supplem
 This presentation includes information about Fa

including information contained in Fannie Mae’s on Form 10-K for the year ended December 31, 2Form 10-K.” Some of the terms used in these ma

defined and discussed more fully in the 2010 Fomaterials should be reviewed together with the 2copies of which are available in the “Investor Inf

section of Fannie Mae’s Web site at www.fannie

 Some of the information in this presentation is b

information that we received from third-party sosellers and servicers of mortgage loans. Althougconsider this information reliable, we do not indall reported information.

 This presentation includes forward-looking state

future home price changes. These statements aopinions, analyses, estimates, forecasts and othvariety of economic and other information, and assumptions and other information underlying tproduce materially different results. The impact price changes on our business, results or financdepend on many other factors.

 Due to rounding, amounts reported in this prese

add to 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 2010 Q4 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%

-

-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 individubelieve the S&P/Case-Shiller index weights expectations of home price declines based on property value, causing declines in home pric

on the overall result; and (2) our estimates attempt to exclude sales of foreclosed homes because we believe that differing maintenance foreclosed home prices less representative of market values, whereas we believe the S&P/Case-Shiller index includes sales of foreclosenumbers shown above for the peak-to-trough forecast are calculated using our models and assumptions, but modified to account for weforeclosed property sales. In addition to these differences, our estimates are based on our own internally available data combined with pdata collected nationwide, whereas the S&P/Case-Shiller index is based on publicly available data, which may be limited in certain geogcalculations 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.

Estimate based on purchase transactions in Fannie-Freddie acquisition and public deed data available through the end of January 2011

materially different results.

We expect peak-to-trough declines in home prices to be in the 21% to 26% range (comparable to a decline of 32% to 40% method).
Home Price Declines Peak-to-Current (by State) as 

Top %: State/Region Home Price Decline Rate percentage from applicable peak in that state through December 31, 2010Bottom %: Percent of Fannie Mae single-family conventional guaranty book of business by unpaid principal balance as of December 31, 2Note: Regional home price decline percentages are a housing stock unit-weighted average of home price decline percentages of states wit* Source: Fannie Mae. Estimate based on purchase transactions in Fannie-Freddie acquisition and public deed data available through the elead to materially different results.
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 

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

(2) The increase for 2010 is the result our Refi Plus TM initiative, which involves the refinance of existing Fannie Mae loans w

(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. 

Acquisition Year 2010 2009 2008 200

Unpaid Principal Balance (billions) $ 595.0 $ 684.7 $ 557.2 $ 6

Weighted Average Origination Note Rate 4.64% 4.93% 6.00% 6Original Loan-to-Value Ratio

 <= 60% 30.3% 32.6% 22.7% 1 >60% and <= 70% 15.9% 17.0% 16.1% 1 >70% and <= 80% 38.5% 39.9% 39.5% 4 >80% and <= 90% 8.6% 6.9% 11.7%  >90% and <= 100% (2) 5.2% 3.3% 10.0% 1

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

Weighted Average Origination Loan-to-Value Ratio 68.4% 66.8% 72.0% 7Weighted Average Origination Loan-to-Value Ratio Excluding HARP (3) 66.0% 65.8% 

FICO Credit Scores (4)

 0 to < 620 0.4% 0.4% 2.8%  >= 620 and < 660 1.6% 1.5% 5.7% 1 >=660 and < 700 6.6% 6.5% 13.9% 1 >=700 and < 740 16.1% 17.2% 21.7% 2 >=740 75.1% 74.4% 55.8% 4 Missing 0.1% 0.1% 0.1% 

Weighted Average FICO Credit Score (4) 761 762 738 

 

Product Distribution

Fixed-rate 93.7% 96.6% 91.7% 9Adjustable-rate 6.3% 3.4% 8.3% 

Alt-A 0.9% 0.2% 3.1% 1Subprime



 0.3% 

Interest Only 1.3% 1.0% 5.6% 1Negative Amortizing



 0.0% 

Refinance 77.4% 79.9% 58.6% 5 Total Refi Plus (3)(5) 23.4% 10.6% 

 HARP (3)(5) 9.0% 3.8% 

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

Investor 4.6% 2.5% 5.6% Condo/Co-op 8.6% 8.2% 10.3% 1
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 once (2) Excludes non-Fannie Mae securities held in portfolio and those Alt-A and subprime wraps for which Fannie Mae does not have loan-l

loan-level information for over 99% of its single-family conventional guaranty book of business as of December 31, 2010.

(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

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

(5) Expressed as a percentage of credit losses for the single-family guaranty book of business. For information on total credit losses, refe(6) Negative Amortizing Loans contributed to a recovery of previously realized credit losses in the fourth quarter of 2010 as a result of an 

seller/servicer to address outstanding loan repurchase requests and the lender's cash payment to us under the agreement.

As of December 31, 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 with FICO 

< 620 and 

Origination LTV 

Ratio > 90%(3)

Unpaid Principal Balance (billions) (2) $11.0 $155.2 $97.8 $205.6 $261.6 $21.2 

Share of Single-Family Conventional Guaranty Book 0.4% 5.6% 3.5% 7.4% 9.4% 0.8% 

Average Unpaid Principal Balance (2) $121,075 $243,922 $122,461 $136,248 $148,779 $118,546 

Serious Delinquency Rate 9.02% 17.85% 14.63% 11.06% 10.04% 21.41% Origination Years 2005-2008 57.9% 84.9% 61.7% 59.1% 56.5% 68.7% Weighted Average Origination Loan-to-Value Ratio 70.9% 75.2% 76.6% 77.1% 97.3% 98.1% Original Loan-to-Value Ratio > 90% 0.3% 9.0% 21.7% 20.4% 100.0% 100.0% Weighted Average Mark-to-Market Loan-to-Value Ratio 99.2% 111.1% 86.2% 87.5% 107.2% 109.3% Mark-to-Market Loan-to-Value Ratio > 100% and <= 125% 13.8% 24.9% 16.5% 16.2% 32.9% 35.0% Mark-to-Market Loan-to-Value Ratio > 125% 33.7% 29.5% 10.8% 12.1% 16.7% 20.3% Weighted Average FICO (3) 706 725 588 641 705 591 

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

 8.1% 100.0% 

Fixed-rate 0.4% 33.7% 83.8% 85.5% 89.1% 81.4% 

Primary Residence 68.8% 85.2% 96.7% 94.2% 96.5% 99.3% 

Condo/Co-op 13.8% 16.4% 4.9% 6.6% 10.0% 5.9% 

Credit Enhanced (4) 59.1% 18.9% 30.6% 29.4% 79.5% 89.2% 

% of 2007 Credit Losses (5) 0.9% 15.0% 18.8% 21.9% 17.4% 6.4% 

% of 2008 Credit Losses (5) 2.9% 34.2% 11.8% 17.4% 21.3% 5.4% % of 2009 Credit Losses (5) 2.0% 32.6% 8.8% 15.5% 19.2% 3.4% 

% of 2010 Credit Losses (5) 1.9% 28.6% 8.0% 15.1% 15.9% 2.7% % of 2010 Q1 Credit Losses (5) 2.6% 30.4% 7.2% 14.1% 15.9% 2.5% % of 2010 Q2 Credit Losses (5) 2.5% 29.7% 7.6% 14.6% 17.0% 2.7% % of 2010 Q3 Credit Losses (5) 2.5% 29.9% 7.9% 15.2% 14.3% 2.6% % of 2010 Q4 Credit Losses (5) NA (6) 19.2% 10.6% 17.7% 18.0% 3.1% 

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 

detailed loan-level information for over 99% of its single-family conventional guaranty book of business as of December 31, 201

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

(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 conve

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

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

lieu of foreclosure. Cumulative Default Rate is the total number of single-family conventional loans in the guaranty book of busindefaulted, divided by the total number of single-family conventional loans in the guaranty book of business originated in the idenrefer to slide 8.

Credit Characteristics of Single-Family Conventional Guaranty Book of B

As of December 31, 2010 Overall Book 2010 2009 2008 2007 

Unpaid Principal Balance (billions) (1) $2,782.8 $514.2 $571.6 $256.0 $334.

Share of Single-Family Conventional Guaranty Book 100.0% 18.5% 20.5% 9.2% 12.0% Average Unpaid Principal Balance(1) $155,531 $214,970 $206,059 $183,308 $179,20

Serious Delinquency Rate 4.48% 0.04% 0.26% 4.88% 13.24% Weighted Average Origination Loan-to-Value Ratio 71.2% 68.7% 67.5% 74.2% 78.1% Original Loan-to-Value Ratio > 90% (2) 9.4% 7.0% 4.3% 12.0% 20.5% 

Weighted Average Mark-to-Market Loan-to-Value Ratio 76.6% 69.0% 68.7% 84.7% 103.7% 

Mark-to-Market Loan-to-Value Ratio > 100% and <= 125% 9.3% 2.1% 2.0% 17.2% 25.5% 

Mark-to-Market Loan-to-Value Ratio > 125% 6.4% 0.1% 0.1% 4.7% 20.5% 

Weighted Average FICO(3) 735 762 760 732 70

FICO < 620 (3) 3.5% 0.4% 0.4% 3.0% 7.9% 

Interest Only 5.6% 1.2% 1.0% 5.9% 15.7% 

Negative Amortizing 0.4%  0.1% 

Fixed-rate 89.7% 94.3% 97.1% 89.4% 82.9% Primary Residence 89.9% 91.0% 92.4% 87.5% 88.2% 

Condo/Co-op 9.4% 8.4% 8.4% 11.9% 11.4% 

Credit Enhanced (4) 14.9% 6.9% 6.9% 26.2% 31.5% 

% of 2007 Credit Losses (5) 100.0%  1.9% 

% of 2008 Credit Losses (5) 100.0%   0.5% 27.9% 

% of 2009 Credit Losses (5) 100.0%   4.8% 36.0% % of 2010 Credit Losses (5) 100.0%

 0.4% 7.0% 35.8% 

% of 2010 Q1 Credit Losses (5) 100.0%

 0.1% 6.7% 36.1% 

% of 2010 Q2 Credit Losses (5) 100.0%

 0.3% 7.0% 36.4% 

% of 2010 Q3Credit Losses (5) 100.0%

 0.4% 6.9% 35.3% 

% of 2010 Q4 Credit Losses (5) 100.0% 0.1% 1.1% 8.2% 34.8% 

Cumulative Default Rate (6)

 0.00% 0.04% 1.44% 6.09% 

Origination Yea
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 December 31, 2010 are not necessarily indicative of the ultimate performance of the loans and performance is periods.

Fannie Mae Single-Family Cumulative Default 

Cumulative Default Rates of Single-Family Conventional Guaranty Book o

2003

2004

2005

2007 2006

2008

2009

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%

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

detailed loan-level information for over 99% of its single-family conventional guaranty book of business as of December 31, 2010.

(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 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 December 31, 2010 Overall Book AZ CA FL 

Unpaid Principal Balance (billions) (1) $2,782.8 $71.1 $507.6 $184.1 

Share of Single-Family Conventional Guaranty Book 100.0% 2.6% 18.2% 6.6% Average Unpaid Principal Balance (1) $155,531 $155,132 $220,434 $142,023 

Serious Delinquency Rate 4.48% 6.23% 3.89% 12.31% Origination Years 2005-2008 38.0% 54.2% 32.8% 58.5% Weighted Average Origination Loan-to-Value Ratio 71.2% 74.1% 64.2% 73.3% Original Loan-to-Value Ratio > 90% 9.4% 10.8% 3.7% 10.6% Weighted Average Mark-to-Market Loan-to-Value Ratio 76.6% 105.4% 76.2% 106.8% Mark-to-Market Loan-to-Value Ratio >100% and <=125% 9.3% 19.0% 10.2% 17.6% Mark-to-Market Loan-to-Value Ratio >125% 6.4% 28.9% 9.9% 30.9% Weighted Average FICO (2) 735 734 744 722 

FICO < 620 (2) 3.5% 3.0% 1.9% 4.9% 

Interest Only 5.6% 11.5% 8.7% 9.7% Negative Amortizing 0.4% 0.5% 1.2% 0.9% Fixed-rate 89.7% 83.7% 85.8% 84.7% Primary Residence 89.9% 82.8% 88.5% 82.3% Condo/Co-op 9.4% 4.9% 11.8% 14.6% Credit Enhanced (3) 14.9% 15.1% 6.6% 17.0% 

% 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 2010 Credit Losses (4) 100.0% 10.0% 22.6% 17.5% % of 2010 Q1 Credit Losses (4) 100.0% 11.0% 24.8% 17.6% % of 2010 Q2 Credit Losses (4) 100.0% 9.2% 21.6% 18.8% % of 2010 Q3 Credit Losses (4) 100.0% 9.3% 22.4% 18.0% % of 2010 Q4 Credit Losses (4) 100.0% 12.2% 21.2% 12.8% 
Serious Delinquency Rate by States

2007 Q1 2007 Q2 2007 Q3 2007 Q4 2008 Q1 2008 Q2 2008 Q3 2008 Q4 2009 Q1 2009 Q2 2009 Q3 2009 Q4 2

AZ CA FL NV Select Midw est States (2

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 specif(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 Form 10-K.

Serious Delinquency Rate by Region (3)

2007 Q1 2007 Q2 2007 Q3 2007 Q4 2008 Q1 2008 Q2 2008 Q3 2008 Q4 2009 Q1 2009 Q2 2009 Q3 2009 Q4 20

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

(1) Based on Fannie Mae Home Price Index. Estimate based on purchase transactions in Fannie-Freddie acquisition and public 

2011. Including subsequently available data may lead to materially different results.

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

2010 Q4 2010 Q3 2010 Q2 2010 Q1 2009 2008 2007 

55% 57% 58% 56% 55% 68% 78% 

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

2010 2009 2008 2007

Arizona 12,854 20,691 5,532 751 9,400 

5,85

California 19,565 34,051 10,624 1,681 20,164 10,47

 

Florida 13,282 29,628 6,159 1,714 18,621 6,81

 

Nevada 6,075 9,418 2,906 530 4,895 

2,68

Select Midwest States (2) 28,464 45,411 23,668 16,678 35,354 21,51

 

All other States 65,377 122,879 45,763 27,767 74,055 38,81

 

 Total 145,617 262,078 94,652 49,121 162,489 86,15

 

State

REO Acquisitions (Number of Properties) REO 

Inventory 

as of 

December 

31, 2010

REO 

Inventor

as of 

Decembe

31, 2009
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 loans documentation 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 and 2010 consist of the refinance of existing Alt-A 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

over 99% of its single-family conventional guaranty book of business as of December 31, 2010.

(4) The increase for 2009 and 2010 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 Decemb

carried only primary mortgage insurance (no deductible), 6.5% had only pool insurance (which is generally subject to a deductible), 1.2% had primary other 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 Mae(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 December 31, 2010 Alt-A (1) 2010 (2) 2009 (2) 2008 

Unpaid principal balance (billions) (3) $211.8 $3.9 $1.6 $5.3 

Share of Alt-A 100.0% 1.9% 0.8% 2.5% Weighted Average Origination Loan-to-Value Ratio 73.1% 79.1% 74.3% 67.7% 

Original Loan-to-Value Ratio > 90% (4) 5.9% 28.2% 19.6% 2.5% 

Weighted Average Mark-to-Market Loan-to-Value Ratio 96.1% 79.9% 76.5% 81.6% 

Mark-to-Market Loan-to-Value Ratio > 100% and <=125% 17.4% 10.4% 9.4% 14.5% 

Mark-to-Market Loan-to-Value Ratio > 125% 19.9% 0.1% 0.2% 6.0% 

Weighted Average FICO (5) 717 734 736 725 

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

Adjustable-rate 31.5% 4.4% 3.7% 17.8% 

Interest Only 28.5% 0.0% 0.1% 7.1% 

Negative Amortizing 2.8% 0.0% 0.0% 0.0% 

Investor 17.7% 11.9% 5.3% 18.3% 

Condo/Co-op 10.7% 9.5% 8.9% 6.9% California 21.7% 19.8% 16.5% 20.3% 

Florida 11.6% 3.4% 3.3% 9.4% 

Credit Enhanced (6) 18.4% 2.3% 1.5% 14.0% 

2010 Q1 Serious Delinquency Rate 16.09%

 0.58% 11.51% 

2010 Q2 Serious Delinquency Rate 14.97% 0.07% 1.11% 11.03% 2010 Q3Serious Delinquency Rate 13.79% 0.24% 1.59% 10.29% 

2010 Q4 Serious Delinquency Rate 13.87% 0.44% 2.24% 10.29% % 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 2010 Q1 Credit Losses (7) 36.5% 0.0% 0.0% 0.6% % of 2010 Q2 Credit Losses (7) 35.3%   0.5% 

% of 2010 Q3 Credit Losses (7) 35.7%   0.5% % of 2010 Q4 Credit Losses (7) 15.7%   0.6% Cumulative Default Rate (8)

 0.03% 0.30% 4.80% 

Origination 
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, 2009 and 2010, no comparable data has been provided for these years.Data as of November 2010 are not necessarily indicative of the ultimate performance of the loans and performance is likeperiods. Note: Private-label securities data source: First American CoreLogic, LoanPerformance data, which estimates it captures 

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 200

Fannie Mae Alt-A Private-Label Alt-A

Outstanding Alt-A loans 

in Fannie Mae's SingleFamily Guaranty Book 

of Business 

as of November 2010

Outstanding loans 

backing non-agency 

Conforming Alt-A MBS 

as of November 2010 

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 69% 51% Adjustable-Rate 31% 49%

 Interest Only 20% 24% Negative Amortizing 3% 20%

Investor 18% 21%

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

0

20,00040,00060,00080,000

100,000120,000140,000160,000

2009 Q4 2010 Q1 2010 Q2 2010 Q3 2010 Q4

Number of LoansHomeSa

PreforeclDeeds-inForbearaRepaymeModificat
 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 December 31, 2010 reporting period Active HAMP Trials Active 

M

Total 50,770 Modification StructureRate Reduction 100% Term Extension 63% Forbearance 20% Median Monthly Principal and Interest Reduction $457 % of December 31, 2010 SDQ Loans (2) 5%
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. Information on the Home Affordable 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. The monthly principa

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

(3) Includes loans that paid off.

Re-perfor

Sin

% Current and Performing (3) 

3 Months post modification 6 months post modification 9 months post modification 12 Months post modification 

0%

20%40%60%80%

100%

Q3 2009 Q4 2009 Q1 2010 Q2 2010 Q3 2010 Q4 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 

( 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 67% as of December 31, 2010.( 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 Fclose and service most loans without our pre-review. 

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

Loan Counts

Total Multifamily Guaranty Book of Business (1) 41,845 $187.0 100% 

Credit Enhanced Loans: Credit Enhanced 37,502 $167.2 89% 

Non-Credit Enhanced 4,343 $19.7 11% Originating loan-to-value ratio:(3)

Less than or equal to 70% 25,822 $94.9 51% Greater than 70% and less than or equal to 80% 12,532 $82.8 44% Greater than 80% 3,491 $9.2 5% Delegated Underwriting and Servicing (DUS ®) Loans: (4)DUS ® - Small Balance Loans(5) 7,437 $14.1 8% 

DUS ® - Non Small Balance Loans 10,969 $130.8 70% DUS ® - Total 18,406 $144.9 78% Non-DUS - Small Balance Loans (5) 21,983 $19.1 10% 

Non-DUS - Non Small Balance Loans 1,456 $22.9 12% 

Non-DUS - Total 23,439 $42.0 22% 

Maturity Dates:Loans maturing in 2011 1,427 $6.4 3% 

Loans maturing in 2012 2,024 $12.9 7% Loans maturing in 2013 3,512 $20.0 11% Loans maturing in 2014 2,778 $15.5 8% Loans maturing in 2015 3,312 $17.1 9% Other maturities 28,792 $115.0 62% Loan Size Distribution:Less than or equal to $750K 12,900 $4.2 2% 

Greater than $750K and less than or equal to $3M 15,412 $22.7 12% 

Greater than $3M and less than or equal to $5M 4,745 $17.3 9% 

Greater than $5M and less than or equal to $25M 7,812 $77.7 42% Greater than $25M 976 $65.1 35% 

As of December 31, 2010

% of Multifamily 

Guaranty Book of 

Business (UPB)

Unpaid Principal 

Balance (Billions)
Fannie Mae Multifamily Credit Profile by Acqui

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

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

Year

1

Year

2

Cumulative Default Rate 

( 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 

2005 2006 2007 2008 2009 2005 

As of December 31, 2010 Unpaid Principal Balance (Billions) % of Multifamily Guaranty Book of Business (UPB) % Seriou

Delinquen

Total Multifamily Guaranty Book of Business (1) $187.0 100% 0.71% 

By Acquisition Year:

2010 $17.3 9% - 

2009 $19.1 10% 0.57% 

2008 $32.6 17% 1.28% 

2007 $41.4 22% 0.77% 

2006 $18.9 10% 0.43% 

2005 $16.4 9% 0.51% 

Prior to 2005 $41.3 22% 0.76% 
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 the 2010 Form 10-K.( 4 ) Asset Class Definitions: Conventional/Co-Op Housing: Privately owned multifamily properties that receive no public subsi

collectively own the property through their shares in the cooperative corporation. Seniors Housing: Multifamily rental prope

residential real estate development consisting of housing sites for manufactured homes, related amenities, utility services

Student Housing: Multifamily rental properties in which 80% or more of the units are leased to undergraduate and/or grad

( 5 ) The multifamily affordable business channel focuses on financing properties which are under a regulatory agreement that 

with rent subsidies or income restrictions.

Total Multifamily Guaranty Book of Business (1) $187.0 100% 0.71

Region: (3)

Midwest $15.8 8% 1.63Northeast $41.4 22% 0.43Southeast $36.4 19% 1.35Southwest $29.1 16% 0.76Western $64.2 34% 0.27Top Five States by UPB:California $51.1 27% 0.16New York $24.8 13% 0.38Texas $14.1 8% 0.75Florida $8.9 5% 2.64Virginia $7.1 4% 0.00Asset Class: (4)Conventional/Co-op $165.7 89% 0.78Seniors Housing $14.5 8% 0.00Manufactured Housing $4.6 2% 0.00Student Housing $2.2 1% 1.43Key Business Segment:Multifamily Affordable (5) $25.5 14% 0.70

DUS & Non-DUS Lenders:DUS Lender: Bank (Direct, Owned Entity, or Subsidiary) $92.3 49% 0.71DUS Lender Non-Bank Financial Instituition $76.9 41% 0.60Non-DUS Lender: Bank (Direct, Owned Entity, or Subsidiary) $16.6 9% 1.19

Non-DUS Lender: Non-Bank Financial Instituition $1.0 1% 0.69

Non-DUS Lender: Public Agency/Non Profit $0.2 0% 0.47

As of December 31, 2010 Unpaid Principal Balance (Billions) % of Multifamily Guaranty Book of Business (UPB) % Seri

Delinqu
Fannie Mae Multifamily Credit Profile by State

Example

New York is 

$10B and 2

Losses w

Numbers: Represent 2010 Credit Losses for each state. States with no numbers had less than $1 million in credit losses Shading: Represent Unpaid Principle Balance (UPB) as of December 31, 2010 for each state. 

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