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                             March 21, 2024

       Chryssa C. Halley
       Executive Vice President and Chief Financial Officer
       Federal National Mortgage Association
       1100 15th St., NW
       Washington, DC 20005

                                                        Re: Federal National
Mortgage Association
                                                            Form 10-K for
Fiscal Year Ended December 31, 2023
                                                            File No. 000-50231

       Dear Chryssa C. Halley:

            We have conducted a limited review of your annual report and have
the following
       comment.

              Please respond to this letter within ten business days by
providing the requested
       information or advise us as soon as possible when you will respond. If
you do not believe a
       comment applies to your facts and circumstances, please tell us why in
your response.

                                                        After reviewing your
response to this letter, we may have additional comments.

       Form 10-K for the Fiscal Year Ended December 31, 2023

       Notes to Consolidated Financial Statements
       1. Summary of Significant Accounting Policies
       Restructured Loans, page F-13

   1.                                                   We note that you
elected to suspend TDR accounting for eligible modifications under
                                                        Section 4013 of the
CARES Act during the period beginning on March 1, 2020 and
                                                        ending on January 1,
2022. We also note the disclosure of your COVID-19 nonaccrual
                                                        policy on page 117.
Please provide us with the following:

                                                              An analysis
explaining, in detail, your accounting treatment and policies regarding
                                                            non-accrual loans
and interest income recognition for eligible modifications under
                                                            Section 4013 of the
CARES Act. Cite any authoritative accounting literature or
                                                            guidance considered
and applied. In your response, explain how the interest rate was
                                                            determined for
purposes of any interest income recognition for these loans and
                                                            discuss any
differences in how the interest rate was calculated if it varied depending
                                                            on the type or
length of the modification.
 Chryssa C. Halley
Federal National Mortgage Association
March 21, 2024
Page 2

             Quantification of the amount of the eligible modifications and the
associated interest
           income recognized, and any interest income deferred, for loans not
accounted for as
           TDRs due to your election under Section 4013 of the CARES Act for
each period
           presented. To the extent there are different types of modifications,
or material
           differences in the terms of the modification, please provide this
information
           separately for each material type of modification.

             An analysis explaining, in detail, your accounting treatment and
policies for these
           loans subsequent to the expiration of the relief provided by Section
4013 of the
           CARES Act. As part of your response, please consider providing an
illustrative
           example of a loan that went through an eligible modification under
Section 4013 of
           the CARES Act, outlining the typical process for determining the
interest rate for
           recognizing interest income on the loan both during and after the
expiration of the
           relief.

       In closing, we remind you that the company and its management are
responsible for the
accuracy and adequacy of their disclosures, notwithstanding any review,
comments, action or
absence of action by the staff.

       Please contact Lory Empie at 202-551-3714 or Robert Klein at
202-551-3847 with any
questions.



                                                            Sincerely,
FirstName LastNameChryssa C. Halley
                                                            Division of
Corporation Finance
Comapany NameFederal National Mortgage Association
                                                            Office of Finance
March 21, 2024 Page 2
cc:       Kirk C Silva
FirstName LastName