May 9, 2013

Fannie Mae

2013 First Quarter Credit Sup
 This presentation includes information about Fannie Mae, i

contained in Fannie Mae’s Quarterly Report on Form 10-Q f

March 31, 2013, the “2013 Q1 Form 10-Q.” Some of the termmaterials are defined and discussed more fully in the 2013 the Fannie Mae’s Form 10-K for the year ended December 3Form10-K.” These materials should be reviewed together w10-Q, and the 2012 Form 10-K, copies of which are available 

page in the “Investor Relations” section of Fannie Mae’s we

www.fanniemae.com. 

 Some of the information in this presentation is based upon 

received from third-party sources such as sellers and serviloans. Although we generally consider this information relia

independently verify all reported information. 

 Due to rounding, amounts reported in this presentation ma

indicated (or 100%). A zero indicates less than one half of oindicates a null value.

 Unless otherwise indicated data labeled as “YTD 2013” is a

for the first three months of 2013.
Home Prices

Home Price Growth/Decline Rates in the U.S. One Year Home Price Change as of 2013 Q1 Home Price Change Peak-to-Current as of 2013 Q1 

Credit Profile of Fannie Mae Single-Family Loans

Credit Characteristics of Single-Family Business Acquisitions Credit Characteristics of Single-Family Business Acquisitions under the Refi PlusTM Initiative 

Credit Characteristics of Single-Family Conventional Guaranty Book of Business by Key Product FCredit Characteristics of Single-Family Conventional Guaranty Book of Business by Origination YeCredit Characteristics of Single-Family Conventional Guaranty Book of Business by Select States Credit Characteristics of Single-Family Conventional Guaranty Book of Business of Alt-A by OriginCredit Characteristics of Single-Family Conventional Guaranty Book of Business under the Refi PSerious Delinquency Rates of Single-Family Conventional Guaranty Book of Business by Select S

Workouts of Fannie Mae Single-Family Loans

Single-Family Completed Workouts by Type Re-performance Rates of Modified Single-Family Loans 

Additional Credit Information for Fannie Mae Single-Family Loans

Cumulative Default Rates of Single-Family Conventional Guaranty Book of Business by OriginatioSingle-Family Real Estate Owned (REO) in Select States Single-Family Real Estate Owned (REO) Sales Price / UPB of Mortgage Loans 

Credit Profile of Fannie Mae Multifamily Loans

Multifamily Credit Profile by Loan Attributes Multifamily Credit Profile by Acquisition Year Multifamily Credit Profile Multifamily YTD 2013 Credit Losses by State 

Table of Contents
Home Price Growth/Decline Rates in the 

Fannie Mae Home Price Index

Growth rates are from period-end to period-end.

We estimate that home prices on a national basis declined by an estimated 19.3% from their peak in the thir

quarter of 2013, based on our home price index, but increased by an estimated 5.9% from the first quarter of 

*Year-to-date 2013. Estimate based on purchase transactions in Fannie-Freddie acquisition and public deed March 2013. Including subsequent data may lead to materially different results. 

S&P/Case-Shiller Index 10.6% 10.7% 14.6% 14.7% -0.3% -8.4% -18.4% -2.5% -3.8% 

7.5% 7.7%

10.6% 11.3%

2.8%

-3.4%

-9.1%

-4.8% -4.3% 

-15%-10%

-5%

0%5%

10%15%

2002 2003 2004 2005 2006 2007 2008 2009 2010 
HI

6.5%0.8%

AK

7.5%0.2%

TX

4.6%5.3%

MT

6.1%0.3%

NM

2.2%0.6%

CO

8.7%2.6%

WY

1.7%0.2%

OR

7.7%1.7%

UT

8.9%1.0%

MN

8.5%1.9%

KS

2.3%0.5%

NE

0.3%0.4%

SD

3.6%0.2%

ND

9.0%0.1%

OK

2.1%0.6%

MO

2.2%1.4%

WA

5.3%3.5%

IL

2.0%4.2%

I A

2.7%0.7%

WI

1.3%1.8%

AR

3.2%0.5% 

MS

0.8%0.4%

LA

3.1%0.9%

21

CA

14.6%19.1%

AZ

22.8%

2.4%

NV

19.9%

1.0%

ID

11.2%

0.5%

Below 0%0% to 5%5% to 10%10% and above

State Growth Rate

One Year Home Price Change as of 201

United States 5.9%

*Source: Fannie Mae. Estimates based on purchase transactions in Fannie-Freddie acquisition and public deed data available 

subsequent data may lead to materially different results.

State 

Growth Rate

UPB %
HI

-17.1%

0.8%

AK

0.0%0.2%

TX

0.0%5.3%

MT

-5.9%

0.3%

CO

-5.2%

2.6%

WY

-6.3%

0.2%

ND

0.0%0.1%

KS

-3.9%

0.5%

NE

-5.5%

0.4%

SD

-0.7%

0.2%

OK

-1.6%

0.6%

MO

-11.7%

1.4%

I A

-0.8%

0.7%

AR

-4.6%

0.5%

WI

-13.8%

1.8%

LA

-0.2%

0.9%

AL

-11.7%

1.0%

-

0

IN

-5.4%

1.2%

TN

-9.2%

1.3%

MS

-10.0%

0.4%

CA

-39.9%

19.1%

NM

-15.9%

0.6%

AZ

-40.1%

2.4%

NV

-54.0%

1.0%

OR

-24.1%

1.7%

UT

-18.0%

1.0%

MN

-19.2%

1.9% ID

-24.2%

0.5%

WA

-24.3%

3.5%

I L

-26.1%

4.2%

M

-27

2.4

Home Price Change Peak-to-Current as of 2

United States -19.3%

*Source: Fannie Mae. Estimates based on purchase transactions in Fannie-Freddie acquisition and public deed data available 

subsequent data may lead to materially different results.

State 

Growth Rate 

UPB %

Below -30%-30% to -15%-15% to -5%-5% to 0%

0%

State Growth Rate
Acquisition Year YTD 2013 2012 2011 2010 2009 2008 

Unpaid Principal Balance (billions) $219.5 $832.2 $562.3 $595.0 $684.7 $557.2 

Weighted Average Origination Note Rate 3.48% 3.78% 4.35% 4.64% 4.93% 6.00% Origination Loan-to-Value Ratio

 <= 60% 25.5% 25.3% 29.1% 30.3% 32.6% 22.7% 

 >60% and <= 70% 15.2% 14.4% 15.5% 15.9% 17.0% 16.1% 

 >70% and <= 80% 32.9% 34.4% 37.3% 38.5% 39.9% 39.5%  >80% and <= 90% 9.2% 9.1% 8.9% 8.6% 6.9% 11.7% 

 >90% and <= 100% (2) 8.2% 8.4% 6.8% 5.2% 3.3% 10.0% 

 > 100% (2) 8.9% 8.3% 2.3% 1.6% 0.4% 0.1% 

Weighted Average Origination Loan-to-Value Ratio 74.7% 74.5% 69.3% 68.4% 66.8% 72.0% Weighted Average Origination Loan-to-Value Ratio Excluding HARP (3) 67.6% 67.8% 66.6% 65.8% 65.8% 

FICO Credit Scores (4)

 0 to < 620 1.3% 0.8% 0.5% 0.4% 0.4% 2.8% 

 >= 620 and < 660 2.8% 2.2% 1.8% 1.6% 1.5% 5.7% 

 >=660 and < 700 8.2% 7.2% 7.0% 6.6% 6.5% 13.9% 

 >=700 and < 740 16.5% 15.6% 16.2% 16.1% 17.2% 21.7% 

 >=740 71.3% 74.1% 74.5% 75.1% 74.4% 55.8% 

 Missing 0.0% 0.0% 0.1% 0.1% 0.1% 0.1% 

Weighted Average FICO Credit Score 757 761 762 762 761 738 

Product Distribution

Fixed-rate 98.2% 96.7% 93.5% 93.7% 96.6% 91.7% 

Adjustable-rate 1.8% 3.3% 6.5% 6.3% 3.4% 8.3% 

Alt-A (5) 1.4% 0.8% 1.2% 0.9% 0.2% 3.1% 

Subprime  0.3% 

Interest Only 0.2% 0.3% 0.7% 1.3% 1.0% 5.6% 

Negative Amortizing  0.0% 

Investor 8.5% 7.2% 6.5% 4.6% 2.5% 5.6% 

Condo/Co-op 9.9% 9.1% 8.8% 8.6% 8.2% 10.3% 

Refinance 82.6% 79.4% 76.5% 77.4% 79.9% 58.6% 

Total Refi Plus Initiative (3) 25.1% 24.5% 24.3% 23.4% 10.6% 

HARP 15.7% 15.6% 9.9% 9.8% 4.1% 

Origination Loan-to-Value Ratio: 

>80% and <=105% 52.9% 57.2% 88.1% 94.4% 99.1% 

>105% and <=125% 22.5% 22.1% 11.9% 5.6% 0.9% 

>125% 24.6% 20.7% 

HARP Weighted Average Origination Loan-to-Value Ratio 113.3% 111.0% 94.3% 92.2% 90.7%  

Credit Characteristics of Single-Family Business Acquisi

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

purchase or securitization transactions. Beginning with the third quarter of 2011, we prospectively report loans underlying long-term commitment was established, rather than at the time of actual delivery. 

(2) The increase after 2009 is the result of the Home Affordable Refinance Program (“HARP”), which involves the refinance of existing 

including loans with loan-to-value ratios in excess of 100%.

(3) Our Refi Plus initiative, which includes HARP, started in April 2009.(4) FICO credit scores as reported by the seller of the mortgage loan at the time of delivery.(5) Newly originated Alt-A loans acquired after 2008 consist of the refinance of existing loans under our Refi Plus initiative. Our Refi Plu

opportunities for eligible Fannie Mae borrowers.
YTD 2013 2012 2011 2010 2009 YTD 2013 

Unpaid Principal Balance (billions) $34.4 $129.9 $55.6 $59.0 $27.9 $20.7 

Weighted Average Origination Note Rate 3.86% 4.14% 4.78% 5.00% 5.05% 3.60% 

Origination Loan-to-Value Ratio

 <= 80%      100.00% 

 >80% and <= 105% 52.9% 57.2% 88.1% 94.4% 99.1%  >105% and <= 125% 22.5% 22.1% 11.9% 5.6% 0.9%  

 >125% 24.6% 20.7% 

Weighted Average Origination Loan-to-Value Ratio 113.3% 111.0% 94.3% 92.2% 90.7% 60.1% 

FICO Credit Scores (2)

 0 to < 620 5.4% 3.7% 2.1% 2.0% 1.2% 4.2% 

 >= 620 and < 660 8.2% 6.0% 3.8% 3.6% 2.5% 5.5% 

 >=660 and < 700 16.3% 13.4% 11.6% 11.6% 9.6% 11.7% 

 >=700 and < 740 21.3% 20.3% 21.0% 21.4% 22.3% 17.5%  >=740 48.8% 56.6% 61.5% 61.2% 64.4% 61.2% 

Weighted Average FICO Credit Score 727 738 746 746 749 744 

Product Distribution

Fixed-rate 99.7% 99.3% 96.8% 97.2% 97.9% 99.4% 

Adjustable-rate 0.3% 0.7% 3.2% 2.8% 2.1% 0.6% 

Owner Occupied 80.7% 85.7% 86.3% 91.1% 95.2% 84.2% 

Second/Vacation Home 3.0% 2.8% 3.6% 3.5% 3.3% 3.5% 

Investor 16.4% 11.5% 10.1% 5.4% 1.6% 12.3% 

Condo/Co-op 13.0% 10.9% 10.5% 10.1% 8.3% 8.6% 

HARP (1) 

Acquisition Year

Credit Characteristics of Single-Family Business AcquisiPlus Initiative

(1) Our Refi Plus initiative, under which we acquire HARP loans, started in April 2009. HARP loans have LTV ratios at origination in exc

LTV ratios at origination of up to 80%. 

(2) FICO credit scores as reported by the seller of the mortgage loan at the time of delivery. 
(1) Loans with multiple product features are included in all applicable categories. The subtotal is calculated by counting a loan only o

(2) 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 approximately 99% of its single-family conventional guaranty book of business as of March 31, 

(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 conven

Fannie Mae had access to loan level information. Includes primary mortgage insurance, pool insurance, lender recourse and othe

(5) Expressed as a percentage of credit losses for the single-family guaranty book of business. For information on total credit losses, (6) Credit losses are negative due to make-whole recoveries recognized in the period. 

Credit Characteristics of Single-Family Conventional GuaBusiness by Key Product Features 

As of March 31, 2013

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)

A

Unpaid Principal Balance (billions) (2) $7.3 $95.9 $77.6 $161.5 $374.2 $20.0 

Share of Single-Family Conventional Guaranty Book 0.3% 3.5% 2.8% 5.8% 13.6% 0.7% 

Average Unpaid Principal Balance (2) $103,680 $236,480 $119,196 $130,739 $168,494 $126,569 

Serious Delinquency Rate 6.10% 13.74% 11.32% 8.60% 4.75% 13.14% Origination Years 2005-2008 54.5% 79.6% 52.1% 46.8% 21.3% 46.3% Weighted Average Origination Loan-to-Value Ratio 70.5% 74.2% 79.2% 78.5% 104.5% 104.3% Origination Loan-to-Value Ratio > 90% 0.3% 8.2% 25.7% 22.2% 100.0% 100.0% Weighted Average Mark-to-Market Loan-to-Value Ratio 85.7% 106.4% 87.5% 85.9% 105.5% 112.3% Mark-to-Market Loan-to-Value Ratio > 100% and <= 125% 15.4% 26.4% 17.6% 15.9% 27.7% 32.2% Mark-to-Market Loan-to-Value Ratio > 125% 24.5% 27.3% 12.5% 11.9% 16.3% 26.0% Weighted Average FICO (3) 707 725 586 642 726 587 

FICO < 620 (3) 6.7% 1.5% 100.0%  5.3% 100.0% 

Fixed-rate 2.7% 26.7% 80.5% 82.7% 92.6% 82.5% 

Primary Residence 68.5% 85.1% 95.9% 93.5% 92.0% 96.9% 

Condo/Co-op 13.1% 15.6% 4.8% 6.3% 10.5% 5.8% 

Credit Enhanced (4) 47.5% 15.1% 26.5% 24.0% 57.9% 69.5% 

% 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 2011 Credit Losses (5) 1.2% 25.8% 7.9% 14.7% 14.0% 2.2% % of 2012 Credit Losses (5) 0.5% 21.8% 7.8% 14.2% 16.8% 2.3% % of YTD 2013 Credit Losses (5)(6) -0.8% 19.7% 8.1% 16.8% 21.0% 2.3% 

Categories Not Mutually Exclusive (1)
As of March 31, 2013 Overall Book 2013 2012 2011 2010 2009 2008 

Unpaid Principal Balance (billions) (1) $2,760.6 $124.3 $787.0 $375.1 $341.4 $267.0 $109.7 

Share of Single-Family Conventional Guaranty Book 100.0% 4.5% 28.5% 13.6% 12.4% 9.7% 4.0% 

Average Unpaid Principal Balance (1) $158,200 $205,295 $206,200 $180,635 $179,757 $173,213 $158,540 

Serious Delinquency Rate 3.02%  0.06% 0.27% 0.53% 0.95% 6.67% Weighted Average Origination Loan-to-Value Ratio 73.3% 75.2% 75.6% 71.1% 70.9% 69.6% 75.0% Origination Loan-to-Value Ratio > 90% (2) 13.6% 18.2% 18.2% 12.2% 9.8% 6.2% 13.0% 

Weighted Average Mark-to-Market Loan-to-Value Ratio 73.8% 75.0% 72.3% 66.5% 67.8% 69.6% 86.6% 

Mark-to-Market Loan-to-Value Ratio > 100% and <= 125% 7.9% 5.6% 5.1% 2.5% 3.4% 4.3% 20.2% 

Mark-to-Market Loan-to-Value Ratio > 125% 4.8% 4.3% 3.1% 0.1% 0.3% 0.3% 7.0% 

Weighted Average FICO (3) 743 755 760 758 758 755 722 

FICO < 620 (3) 2.8% 1.4% 0.9% 0.6% 0.6% 0.6% 4.6% 

Interest Only 3.5% 0.2% 0.3% 0.6% 1.0% 1.1% 6.9% 

Negative Amortizing 0.3%  

Fixed-rate 90.5% 98.7% 97.2% 93.9% 94.9% 97.0% 81.6% 

Primary Residence 88.6% 87.3% 88.7% 87.4% 89.6% 91.0% 86.4% 

Condo/Co-op 9.4% 9.6% 9.2% 9.0% 8.8% 9.2% 12.0% 

Credit Enhanced (4) 14.1% 14.9% 14.5% 10.6% 7.7% 7.4% 27.3% 

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

% of 2010 Credit Losses (5) 100.0%  0.4% 7.0% 

% of 2011 Credit Losses (5) 100.0%  0.7% 1.6% 5.7% 

% of 2012 Credit Losses (5) 100.0%  0.1% 0.6% 1.9% 2.5% 7.7% 

% of YTD 2013 Credit Losses (5) 100.0%  0.5% 1.1% 2.1% 2.3% 7.2% Cumulative Default Rate (6)   0.0% 0.1% 0.2% 0.4% 3.6% 

Origination Year

Credit Characteristics of Single-Family Conventional GuaBusiness by Origination Year 

(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 approximately 99% of its single-family conventional guaranty book of business as of March 31, 20

(2) The increase after 2009 is the result of the Home Affordable Refinance Program (“HARP”), which involves the refinance of existing 

ratios, including loans with loan-to-value ratios in excess of 100%.

(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 conventio

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

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

of foreclosure. Cumulative Default Rate is the total number of single-family conventional loans in the guaranty book of business origdefaulted, divided by the total number of single-family conventional loans in the guaranty book of business originated in the identifierates, refer to slide 16.
As of March 31, 2013 Overall Book AZ CA FL 

Unpaid Principal Balance (billions) (2) $2,760.6 $65.4 $526.5 $163.1 

Share of Single-Family Conventional Guaranty Book 100.0% 2.4% 19.1% 5.9% Average Unpaid Principal Balance (2) $158,200 $148,420 $223,219 $138,330 

Serious Delinquency Rate 3.02% 1.85% 1.46% 9.36% Origination Years 2005-2008 19.5% 25.3% 15.5% 37.8% Weighted Average Origination Loan-to-Value Ratio 73.3% 82.1% 67.9% 79.0% Origination Loan-to-Value Ratio > 90% 13.6% 23.4% 9.2% 19.1% Weighted Average Mark-to-Market Loan-to-Value Ratio 73.8% 82.9% 69.3% 93.2% Mark-to-Market Loan-to-Value Ratio >100% and <=125% 7.9% 15.0% 6.7% 15.4% Mark-to-Market Loan-to-Value Ratio >125% 4.8% 11.0% 6.0% 21.3% Weighted Average FICO (3) 743 744 752 729 

FICO < 620 (3) 2.8% 2.4% 1.6% 4.6% 

Interest Only 3.5% 6.5% 5.0% 7.0% 

Negative Amortizing 0.3% 0.3% 0.8% 0.7% 

Fixed-rate 90.5% 86.5% 88.6% 84.5% 

Primary Residence 88.6% 79.5% 85.7% 81.8% 

Condo/Co-op 9.4% 4.3% 12.3% 13.5% 

Credit Enhanced (4) 14.1% 13.7% 6.6% 14.2% 

% of 2009 Credit Losses (5) 100.0% 10.8% 24.4% 15.5% 

% of 2010 Credit Losses (5) 100.0% 10.0% 22.6% 17.5% % of 2011 Credit Losses (5) 100.0% 11.7% 27.0% 11.0% % of 2012 Credit Losses (5) 100.0% 6.3% 18.4% 21.4% % of YTD 2013 Credit Losses (4) 100.0% 2.5% 9.5% 23.3% 

Credit Characteristics of Single-Family Conventional GuaBusiness by Select States 

(1) Select Midwest states are Illinois, Indiana, Michigan, and Ohio.(2) Excludes non-Fannie Mae securities held in portfolio and those Alt-A and subprime wraps for which Fannie Mae does not have loan

access to detailed loan-level information for approximately 99% of its single-family conventional guaranty book of business as of Ma

(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 conventio

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

(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 March 31, 2013 Alt-A (1) 2013(2) 2012(2) 2011 (2) 2010 (2) 2009 (2) 2008 

Unpaid principal balance (billions) (3) $147.8 $2.0 $7.6 $6.3 $3.1 $1.2 $3.3 

Share of Alt-A 100.0% 1.3% 5.1% 4.3% 2.1% 0.8% 2.2% 

Weighted Average Origination Loan-to-Value Ratio 75.5% 106.3% 100.6% 74.8% 80.9% 76.0% 68.6% 

Origination Loan-to-Value Ratio > 90% (4) 10.4% 63.0% 55.6% 25.7% 31.1% 22.0% 2.5% 

Weighted Average Mark-to-Market Loan-to-Value Ratio 94.0% 106.0% 96.1% 70.9% 80.8% 79.1% 83.5% 

Mark-to-Market Loan-to-Value Ratio > 100% and <=125% 20.0% 24.8% 20.9% 8.9% 14.5% 15.5% 17.5% 

Mark-to-Market Loan-to-Value Ratio > 125% 18.7% 26.7% 19.3% 0.5% 0.8% 1.3% 7.1% 

Weighted Average FICO (5) 715 712 721 741 728 731 721 

FICO < 620 (5) 1.5% 9.3% 7.4% 2.9% 3.8% 4.1% 0.3% 

Adjustable-rate 34.5% 0.2% 0.8% 2.5% 4.2% 3.7% 25.3% 

Interest Only 26.2%  0.1% 7.3% 

Negative Amortizing 2.6% Investor 18.5% 33.5% 29.3% 24.7% 13.0% 5.5% 18.4% 

Condo/Co-op 10.2% 15.0% 11.1% 7.2% 8.9% 8.8% 6.4% 

California 20.8% 25.7% 24.0% 25.9% 15.2% 14.3% 19.6% 

Florida 11.7% 12.0% 11.2% 4.1% 3.2% 3.5% 9.8% 

Credit Enhanced (6) 14.3% 8.9% 7.9% 2.1% 2.3% 1.5% 14.0% 

Serious Delinquency Rate at December 31, 2012 11.36%  0.21% 1.05% 3.30% 4.89% 10.71% 

Serious Delinquency Rate at March 31, 2013 10.80%  0.31% 1.29% 3.65% 4.79% 10.44% 

% of 2009 Credit Losses (7) 39.6%  0.4% 

% of 2010 Credit Losses (7) 33.2%  0.0% 0.0% 0.5% 

% of 2011 Credit Losses (7) 27.3%  0.1% 0.1% 0.3% % of 2012 Credit Losses (7) 23.7%  0.0% 0.0% 0.1% 0.1% 0.3% 

% of YTD 2013 Credit Losses (7) 24.4%  0.0% 0.1% 0.1% 0.1% 0.3% Cumulative Default Rate (8)   0.0% 0.3% 2.2% 3.3% 9.2% 

Credit Characteristics Single-Family Conventional GuaraBusiness of Alt-A by Origination Year

(1) In reporting our Alt-A exposure, we have classified mortgage loans as Alt-A if and only if the lenders that deliver the mortgage loans 

based on documentation or other product features. We have loans with some features that are similar to Alt-A mortgage loans that they do not meet our classification criteria. 

(2) Newly originated Alt-A loans acquired after 2008 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

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

(4) The increase after 2008 is the result of our Refi Plus loans, which we began acquiring in April 2009 and which involve the refinance 

loan-to-value ratios in excess of 100%.

(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 

principal balance of Alt-A loans carried only primary mortgage insurance (no deductible), 3.8% had only pool insurance (which is geprimary mortgage insurance and pool insurance, and 0.4% carried 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, re

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

lieu of foreclosure. Cumulative Default Rate is the total number of single-family conventional loans in the guaranty book of business defaulted, divided by the total number of single-family conventional loans in the guaranty book of business originated in the identifie
2013 2012 2011 2010 2009 2013 

Unpaid Principal Balance (billions) $21.4 $131.4 $49.7 $47.9 $22.8 $12.6 Share of Single-Family Conventional Guaranty Book 0.8% 4.8% 1.8% 1.7% 0.8% 0.5% Average Unpaid Principal Balance $188,193 $197,665 $207,148 $220,189 $227,412 $137,499 Share of Total Refinances 1.1% 6.5% 2.5% 2.4% 1.1% 0.6% Weighted Average Origination Loan-to-Value Ratio 113.5% 112.4% 94.8% 92.9% 91.4% 60.0% Origination Loan-to-Value Ratio > 90% 78.4% 77.6% 58.2% 52.9% 48.2% 

Weighted Average Mark-to-Market Loan-to-Value Ratio 113.2% 106.8% 90.0% 91.9% 94.8% 59.8% Weighted Average FICO (2) 726 737 745 744 745 743 

FICO < 620 (2) 5.7% 3.9% 2.2% 2.2% 1.6% 4.4% 

Fixed-rate 99.8% 99.4% 97.0% 97.3% 97.7% 99.5% Primary Residence 80.3% 85.0% 86.0% 90.4% 94.6% 83.6% Second/Vacation Home 2.9% 2.8% 3.4% 3.5% 3.2% 3.7% Investor 16.8% 12.2% 10.6% 6.2% 2.2% 12.7% Condo/Co-op 13.3% 11.1% 10.5% 10.0% 8.5% 9.1% Serious Delinquency Rate Overall Serious Delinquency Rate  0.25% 1.10% 2.05% 2.97%  

 Serious Delinquency Rate by MTMLTV Ratio: <=80%  0.10% 0.37% 0.48% 0.72%  

 80% and <=105%  0.18% 1.10% 1.88% 2.44%  

 105% and <=125%  0.30% 2.43% 4.61% 6.05%  

 >125%  0.43% 3.33% 7.10% 8.36% 

Mark-to-Market Loan-to-Value Ratio <=80% 0.1% 6.9% 19.3% 14.9% 10.3% 100.0%  80% and <=105% 52.4% 53.1% 69.4% 71.4% 70.7% 0.0%  105% and <=125% 22.6% 21.3% 10.3% 12.0% 16.7%  

 >125% 24.8% 18.7% 1.0% 1.6% 2.2%  

HARP (1) 

As of March 31, 2013

Origination Year

Credit Characteristics of Single-Family Conventional GuaBusiness under the Refi Plus Initiative 

(1) Our Refi Plus initiative, under which we acquire HARP loans, started in April 2009. HARP loans have LTV ratios at origination in ex

LTV ratios at origination of up to 80%. 

(2) FICO credit scores as reported by the seller of the mortgage loan at the time of delivery.
2010 Q1 2010 Q2 2010 Q3 2010 Q4 2011 Q1 2011 Q2 2011 Q3 2011 Q4 2012 Q1 2012 Q

Serious Delinquency Rate by Region (3)

Midwest Northeast Southeast Southwe

2010 Q1 2010 Q2 2010 Q3 2010 Q4 2011 Q1 2011 Q2 2011 Q3 2011 Q4 2012 Q1 2012 Q

Serious Delinquency Rate by Select States 

AZ CA FL NV Select Midwest S

Serious Delinquency Rates of Single-Family ConventionaBusiness(1) by Select States and Region 

(1) Calculated based on the number of loans in Fannie Mae’s single-family conventional guaranty book of business within each sp

(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 31 in Fannie Mae’s 2013 Q1 Form 10-
77,748

65,239

69,258

63,228 

0

25,00050,00075,000

2012 Q1 2012 Q2 2012 Q3 2012 Q4 

Number of Loans

Modifications Repayment Plans and Forbearances Completed Short Sales an

Single-Family Completed Workouts by Type 

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

term, maturity date and/or unpaid principal balance. Modifications include both completed modifications under Affordable Modification Program (HAMP) and completed non-HAMP modifications, and do not reflect loans cur

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

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

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

for loans that were at least 90 days delinquent at initiation. 

 Deeds-in-lieu of foreclosure involve the borrower’s voluntarily signing over title to the property. In a short sale, the borrower, working with the servicer, sells the home prior to foreclosure to pay off all or part 

interest and other expenses from the sale proceeds.
2010 2010 2010 2010 2011 2011 2011 2011 2

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 

3 Months post modification 80% 79% 78% 81% 84% 84% 83% 84% 86 months post modification 71% 73% 75% 77% 78% 79% 79% 79% 7

9 months post modification 65% 71% 73% 72% 75% 77% 76% 74% 712 Months post modification 65% 70% 70% 69% 74% 75% 72% 71% 715 months post modification 63% 66% 67% 68% 73% 72% 70% 71% 18 Months post modification 60% 65% 67% 68% 71% 71% 70% n/a 21 Months post modification 59% 65% 67% 66% 70% 72% n/a n/a 24 Months post modification 60% 65% 65% 65% 71% n/a n/a n/a 

% Current or Paid Off

Re-performance Rates of Modified Single-Family Loans(1

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

do not reflect loans currently in trial modifications. 
20

2006

2007

2008

2009 2010 2011 2012

0.0%1.0%2.0%3.0%4.0%5.0%6.0%7.0%8.0%9.0%

10.0%11.0%12.0%

Yr1-Q1 Yr2-Q1 Yr3-Q1 Yr4-Q1 Yr5-Q1 Yr6-Q1 Yr7-Q1 Yr8-Q1 

Cumulative Default Rate 

Time Since Beginning of Origination Year

2003 2004 2005 2006 2007 2008 2009 2010 

Note: Defaults consist of loan liquidations other than through voluntary pay-off or repurchase by lenders and include loan foreclosuresdeeds-in-lieu of foreclosure. Cumulative Default Rate is the total number of single-family conventional loans in the guaranty book of buyear that have defaulted, divided by the total number of single-family conventional loans in the guaranty book of business originated in Data as of March 31, 2013 is not necessarily indicative of the ultimate performance of the loans and performance is likely to change, p

Cumulative Default Rates of Single-Family Conventional Business by Origination Year 
YTD 2013 2012 2011 2010 2009 

Beginning Balance N/A 105,666 118,528 162,489 86,155 63,538 Arizona 418 1,288 8,133 16,172 20,691 12,854 California 560 2,043 14,980 27,589 34,051 19,565 Florida 1,159 7,493 23,586 13,748 29,628 13,282 Nevada 599 730 3,014 8,406 9,418 6,075 Select Midwest States (1) 735 9,805 40,070 33,777 45,411 28,464 

All other States 619 17,358 84,696 100,004 122,879 65,377 

Total Acquisitions N/A 38,717 174,479 199,696 262,078 145,617 

Total Dispositions N/A (42,934) (187,341) (243,657) (185,744) (123,000) 

Ending Inventory N/A 101,449 105,666 118,528 162,489 86,155 

State

Average Days 

From Last Paid 

Installment to 

Foreclosure 

For YTD 2013 (2) 

(3) (4)

REO Acquisitions and Dispositions (Number of Propertie

Single-Family Real Estate Owned (REO) in Select States

(1) Select Midwest States are Illinois, Indiana, Michigan, and Ohio.(2) Measured from the borrowers’ last paid installment on their mortgages to when the related properties were added to our REO inve

(3) Fannie Mae incurs additional costs associated with property taxes, hazard insurance, and legal fees while a delinquent loan remai

longer a loan remains in the foreclosure process, the longer it remains in our guaranty book of business as a seriously delinquent linstallment to foreclosure for all states combined were 327, 325, 407, 479, 529, and 655 in each of the years 2007 through 2012, r

(4) Home Equity Conversion Mortgages (HECMs) excluded from calculation.
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 

FL 45.6% 41.6% 41.3% 42.6% 41.8% 43.2% 42.0% 41.7% 41.3% 43.8% 44.7% 46.3% 

CA 51.7% 47.8% 49.3% 52.9% 53.7% 56.2% 55.9% 53.3% 53.1% 53.5% 53.1% 54.7% 

IL 52.2% 47.9% 44.0% 42.9% 43.9% 45.8% 41.4% 39.3% 39.2% 43.3% 42.2% 42.0% 

MI 41.6% 41.9% 42.0% 44.8% 41.2% 44.5% 43.3% 44.5% 41.6% 42.6% 44.0% 45.1% 

OH 46.2% 50.4% 51.8% 50.8% 49.0% 52.9% 47.5% 49.6% 45.2% 49.3% 47.2% 47.1% GA 53.3% 52.6% 54.4% 57.3% 56.0% 58.8% 56.7% 54.9% 54.3% 54.9% 53.7% 54.0% 

AZ 51.5% 47.8% 50.1% 52.1% 50.6% 52.1% 51.0% 46.2% 45.0% 47.0% 48.6% 51.7% 

TX 71.6% 70.3% 72.7% 73.8% 75.5% 77.9% 74.7% 71.4% 73.8% 74.2% 74.4% 73.5% 

NC 68.0% 67.0% 71.9% 72.9% 69.8% 71.5% 66.1% 65.9% 66.1% 67.5% 64.6% 65.6% 

MN 55.0% 52.7% 55.0% 55.7% 57.4% 59.4% 57.7% 55.4% 53.8% 55.1% 55.6% 55.0% 

Top 10 51.4% 48.7% 49.7% 51.7% 51.1% 53.7% 52.2% 51.1% 49.6% 51.2% 51.5% 52.9% 

All Others 62.0% 60.7% 61.3% 62.4% 61.9% 63.9% 61.7% 59.6% 59.0% 59.9% 58.6% 59.4% 

Total 55.1% 52.4% 53.4% 55.3% 55.0% 57.3% 55.6% 54.1% 52.8% 54.1% 54.0% 55.4% 

2009 2010 2011 

62%

59%

60%

62% 61%

64%

62%

61%

59%

60% 60%

61% 62%

65%

55%

52%

53%

55% 55%

57%

56%

54%

53%

54% 54%

55%

56%

59%

50%55%60%65%70%75%

Q1 Q2 Q3 Q

4

Q1 Q2 Q3 Q

4

Q1 Q2 Q3 Q

4

Q1 Q2 

2009 2010 2011 2

Gross Sales/ UPB Net Sales/ UPB

Single-Family Real Estate Owned (REO) Sales Price / UP

Net Sales Proceeds/UPB Trends on Direct Sale Dispositions(1) Top 10 States (Based on YTD 201

(1) Calculated as the sum of sale proceeds received on REO properties that have been sold to a third party, excluding properties 

a mortgage insurance company, redeemed by a borrower, and properties sold through the FHFA Rental Pilot, divided by the related loans. Gross sales price represents the contract sale price. Net Sales Price represents the contract sale price less selcharges/credits paid by or due to the seller at closing.

Note: Properties disposed of in the third and fourth quarters of 2012 through structured rental transactions have been excluded fro
Multifamily Credit Profile by Loan Attributes

(1) We classify multifamily loans as seriously delinquent when payment is 60 days or more past due.(2) Excludes loans that have been defeased. Defeasance is prepayment of a loan through substitution of collateral.(3) Weighted Average Origination loan-to-value ratio is 66% as of March 31, 2013.(4) Under the Delegated Underwriting and Servicing, or DUS ®, product line, Fannie Mae acquires individual, newly originated mor

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

close and service most loans without our pre-review. 

(5) Multifamily loans under $3 million and up to $5 million in high cost of living areas.Note: In the first quarter of 2013, we had multifamily credit recoveries partially offset by credit losses. As a result, amounts by category 

not meaningful and are not shown.

Total Multifamily Guaranty Book of Business(2) 38,688 $203.3 100% 0.39% 

Credit Enhanced Loans: Credit Enhanced 34,698 $183.7 90% 0.23% 

Non-Credit Enhanced 3,990 $19.6 10% 1.93% 

Origination loan-to-value ratio:(3)

Less than or equal to 70% 24,843 $113.4 56% 0.17% Greater than 70% and less than or equal to 80% 11,193 $82.4 41% 0.69% Greater than 80% 2,652 $7.5 4% 0.41% Delegated Underwriting and Servicing (DUS ®) Loans:(4)

DUS ® - Small Balance Loans(5) 8,741 $16.7 8% 0.34% 

DUS ® - Non Small Balance Loans 12,388 $156.9 77% 0.34% 

DUS ® - Total 21,129 $173.7 85% 0.34% 

Non-DUS - Small Balance Loans(5) 16,526 $13.5 7% 0.96% 

Non-DUS - Non Small Balance Loans 1,033 $16.2 8% 0.46% 

Non-DUS - Total 17,559 $29.6 15% 0.69% 

Maturity Dates:Loans maturing in 2013 1,672 $8.6 4% 0.56% 

Loans maturing in 2014 2,222 $12.3 6% 0.43% 

Loans maturing in 2015 2,906 $14.5 7% 0.24% 

Loans maturing in 2016 2,920 $15.2 7% 0.42% 

Loans maturing in 2017 4,061 $20.6 10% 1.54% 

Other maturities 24,907 $132.1 65% 0.21% 

Loan Size Distribution:Less than or equal to $750K 10,233 $3.1 2% 0.83% 

Greater than $750K and less than or equal to $3M 13,641 $20.4 10% 0.71% 

Greater than $3M and less than or equal to $5M 4,846 $17.7 9% 0.34% 

Greater than $5M and less than or equal to $25M 8,688 $88.8 44% 0.49% 

Greater than $25M 1,280 $73.3 36% 0.18% 

M

As of March 31, 2013 Unpaid Principal Balance (Billions) % of Multifamily Guaranty Book of Business (UPB) % Seriously Delinquent Loan Counts (1)
2005

2006

2007 2008

2009

2011

20102010 2012

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

Year1 Year2 Year3 Year4 Year5 Year6 Year7 Year8 Year9

SDQ (%) 

2005 2006 2007 2008 2009 2010 2011 2012 2013

20

0.00%0.50%1.00%1.50%2.00%2.50%

Year1 Year2 Year3 

Cumulative Default Rate 

2005 2006 2007 

2012 2011

(1) We classify multifamily loans as seriously delinquent when payment is 60 days or more past due.(2) Negative values are the result of recoveries on previously charged-off amounts. (3) Excludes loans that have been defeased. Defeasance is prepayment of a loan through substitution of collateral.Note: In the first quarter of 2013, we had multifamily credit recoveries partially offset by credit losses. As a result, amounts by catego

are not meaningful and are not shown.

Multifamily Credit Profile by Acquisition Year

Multifamily SDQ Rate by Acquisition Year Cumulative 

As of March 31, 2013

Unpaid 

Principal 

Balance 

(Billions) 

% of Multifamily 

Guaranty Book 

of Business 

(UPB)

% Seriously 

Delinquent (1)

# of Seriously 

Delinquent 

loans (1)

% of 201

Multifam

Credit Loss

Total Multifamily Guaranty 

Book of Business (3) $203.3 100% 0.39% 229 100% 

By Acquisition Year:

2013 $8.2 4%  2012 $33.8 17%  2011 $23.4 12% 0.22% 3 0% 

2010 $16.6 8% 0.18% 2 0% 

2009 $17.0 8% 0.18% 4 7% 2008 $24.7 12% 0.55% 66 23% 

2007 $30.1 15% 1.09% 89 48% 

2006 $15.3 8% 0.51% 19 10% 

2005 $12.5 6% 0.24% 8 17% 

Prior to 2005 $21.7 11% 0.51% 38 -4% 
Total Multifamily Guaranty Book of Business (2) $203.3 100% 0.39% 1

Region: (3)

Midwest $17.6 9% 0.88% Northeast $42.3 21% 0.27% Southeast $42.3 21% 0.35% Southwest $36.8 18% 0.36% Western $64.3 32% 0.38% Top Five States by UPB:California $50.0 25% 0.08% New York $25.4 13% 0.15% Texas $18.6 9% 0.18% Florida $10.7 5% 0.31% Virginia $7.2 4% 0.11% Asset Class: (4)

Conventional/Co-op $180.3 89% 0.44% 

Seniors Housing $14.6 7% 

Manufactured Housing $5.5 3% 0.01% 

Student Housing $2.9 1% 0.03% 

Targeted Affordable Segment:Privately Owned with Subsidy (5) $29.1 14% 0.23% 

DUS & Non-DUS Lenders/Servicers:DUS: Bank (Direct, Owned Entity, or Subsidiary) $73.8 36% 0.49% 

DUS: Non-Bank Financial Institution $115.8 57% 0.31% 

Non-DUS: Bank (Direct, Owned Entity, or Subsidiary) $12.3 6% 0.59% 

Non-DUS: Non-Bank Financial Institution $1.2 1% 0.16% 

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

As of March 31, 2013

% of Multifamily 

Guaranty Book 

of Business 

(UPB)

% Seriously 

Delinquent (1)

Unpaid 

Principal 

Balance 

(Billions)

% o

Mul

Cred

Multifamily Credit Profile

(1) We classify multifamily loans as seriously delinquent when payment is 60 days or more past due.(2) Excludes loans that have been defeased. Defeasance is prepayment of a loan through substitution of collateral.(3) For information on which states are included in each region, refer to footnote 9 to Table 31 in Fannie Mae’s 2013 Q1 Form 1(4) Asset Class Definitions: Conventional/Co-Op Housing: Privately owned multifamily properties or multifamily properties in wh

through their shares in the cooperative corporation. Seniors Housing: Multifamily rental properties for senior citizens. Manufadevelopment consisting of housing sites for manufactured homes, related amenities, utility services, landscaping, roads and Multifamily rental properties in which 80% or more of the units are leased to undergraduate and/or graduate students. 

(5) The Multifamily Affordable Business Channel focuses on financing properties which are under a regulatory agreement that p

properties with rent subsidies or income restrictions.

Note: In the first quarter of 2013, we had multifamily credit recoveries partially offset by credit losses. As a result, amounts by categ

are not meaningful and are not shown.
E

UPB 

and 

Loss

due 

Numbers: Represents YTD 2013 credit losses/(gains) for each state which totals $(5)M as of March 31, 2013. States with no numbers than $500K in credit related gains in 2013.Shading: Represents unpaid principal balance (UPB) for each state, which total $203.3 billion as of March 31, 2013.

(1) Excludes loans that have been defeased. Defeasance is prepayment of a loan through substitution of collateral.(2) Negative values are the result of recoveries on previously charged-off amounts. 

Multifamily YTD 2013 Credit Losses(1) by State ($ Millions