Short-term Borrowings and Long-term Debt

9 Months Ended

Sep. 30, 2011

Notes to Consolidated Financial Statements

Short-term Borrowings and Long-term Debt

8. Short-Term Borrowings and Long-Term Debt

Short-Term Borrowings

The following table displays our outstanding short-term borrowings (borrowing with an original contractual maturity of one year or less) and weighted-average interest rates of these borrowings as of September 30, 2011 and December 31, 2010.

			As of
			September 30, 2011				December 31, 2010
					Weighted-				Weighted-
					Average				Average
					Interest				Interest
			Outstanding		Rate⁽¹⁾		Outstanding		Rate⁽¹⁾

				(Dollars in millions)
Federal funds purchased and securities sold under
	agreements to repurchase		$	-	-	%	$	52	2.20	%
Fixed-rate short-term debt:
	Discount notes		$	193,385	0.13	%	$	151,500	0.32	%
	Foreign exchange discount notes			333	2.01			384	2.43
		Total short-term debt of Fannie Mae		193,718	0.14			151,884	0.32
Debt of consolidated trusts				5,004	0.19			5,359	0.23
	Total short-term debt		$	198,722	0.14	%	$	157,243	0.32	%

__________

⁽¹⁾	Includes the effects of discounts, premiums, and other cost basis adjustments.

Long-Term Debt

Long-term debt represents borrowings with an original contractual maturity of greater than one year. The following table displays our outstanding long-term debt as of September 30, 2011 and December 31, 2010.

			As of
			September 30, 2011							December 31, 2010
								Weighted-							Weighted-
								Average							Average
								Interest							Interest
			Maturities			Outstanding		Rate⁽¹⁾		Maturities			Outstanding		Rate⁽¹⁾

					(Dollars in millions)
Senior fixed:
	Benchmark notes and bonds		2011	-	2030	$	281,876	2.90	%	2011	-	2030	$	300,344	3.20	%
	Medium-term notes		2011	-	2021		153,166	1.81		2011	-	2020		199,266	2.13
	Foreign exchange notes and bonds		2021	-	2028		667	5.22		2017	-	2028		1,177	6.21
	Other⁽²⁾		2011	-	2040		44,241	5.59		2011	-	2040		44,893	5.64
		Total senior fixed					479,950	2.80						545,680	3.02
Senior floating:
	Medium-term notes		2011	-	2016		62,970	0.30		2011	-	2015		72,039	0.31
	Other⁽²⁾		2020	-	2037		421	6.61		2020	-	2037		386	4.92
		Total senior floating					63,391	0.33						72,425	0.34
Subordinated fixed:
	Qualifying subordinated⁽³⁾		2012	-	2014		4,893	5.08		2011	-	2014		7,392	5.47
	Subordinated debentures		2019				2,851	9.91		2019				2,663	9.91
		Total subordinated fixed					7,744	6.86						10,055	6.65
	Total long-term debt of Fannie Mae⁽⁴⁾						551,085	2.58						628,160	2.77
Debt of consolidated trusts⁽²⁾			2011	-	2051		2,441,969	4.40		2011	-	2051		2,411,597	4.59
	Total long-term debt					$	2,993,054	4.06	%				$	3,039,757	4.22	%

__________

⁽¹⁾	Includes the effects of discounts, premiums and other cost basis adjustments.
⁽²⁾	Includes a portion of structured debt instruments that is reported at fair value.
⁽³⁾	Consists of subordinated debt issued with an interest deferral feature.
⁽⁴⁾	Reported amounts include a net discount and other cost basis adjustments of $9.5 billion and $12.4 billion as of September 30, 2011 and December 31, 2010, respectively.

Intraday Lines of Credit

We periodically use secured and unsecured intraday funding lines of credit provided by several large financial institutions. We post collateral which, in some circumstances, the secured party has the right to repledge to third parties. As these lines of credit are uncommitted intraday loan facilities, we may be unable to draw on them if and when needed. We had secured uncommitted lines of credit of $25.0 billion and unsecured uncommitted lines of credit of $500 million as of September 30, 2011 and December 31, 2010. We had no borrowings outstanding from these lines of credit as of September 30, 2011 and December 31, 2010.