EXHIBIT 99.2

FANNIE MAE
MONTHLY SUMMARY

June 2004

Fannie Mae’s summary of monthly business volumes, delinquency rates, and interest rate risk measures reflect the company’s continued record of disciplined growth.

Because of increased levels of actual and anticipated variability in performance measures on a month-to-month and quarter-to-quarter basis, management believes that it is important to view these measures on a year-to-date basis, and in the context of our longer-term outlook.

HIGHLIGHTS FOR JUNE INCLUDE:

• The mortgage portfolio grew at a 19 percent annual rate in June, driven largely by a substantial decline in the liquidation rate coupled with stable levels of commitments. Expansion of the portfolio in June resulted in annualized growth of 4.8 percent for the second quarter.

• Fannie Mae’s book of business grew at an annual rate of 10.5 percent in June compared with contraction of 0.7 percent in May.

• Total business volume rose modestly to $77.5 billion in June from $74.6 billion in May.

• Outstanding MBS grew at a 5.3 percent rate in June compared with 0.7 percent in May.

• June mortgage portfolio purchases grew to $37.2 billion from $26.7 billion in May. Retained commitments grew to $29.7 billion from $28.4 billion in May.

• The duration gap on Fannie Mae’s mortgage portfolio averaged two months in June.

• The conventional single-family delinquency rate increased by one basis point in May to 0.57 percent, while the multifamily delinquency rate fell two basis points to 0.14 percent in May.

BUSINESS BALANCES AND GROWTH ($ in Millions) 1/

	Mortgage Portfolio, Gross 2/, 3/					Outstanding MBS 4/					Book of Business 2/
	End Balance		Growth Rate 5/			End Balance		Growth Rate 5/			End Balance		Growth Rate 5/
July 2003	$	838,252		40.3	%	$	1,248,869		11.6	%	$	2,087,121		22.3	%
August 2003		865,471		46.7	%		1,227,115		(19.0	%)		2,092,586		3.2	%
September 2003		917,131		100.5	%		1,211,079		(14.6	%)		2,128,210		22.5	%
October 2003		912,665		(5.7	%)		1,239,925		32.6	%		2,152,590		14.6	%
November 2003		906,387		(7.9	%)		1,264,673		26.8	%		2,171,060		10.8	%
December 2003		898,445		(10.0	%)		1,300,166		39.4	%		2,198,611		16.3	%
Full year 2003	$	898,445		13.1	%	$	1,300,166		26.3	%	$	2,198,611		20.6	%
January 2004	$	886,730		(14.6	%)	$	1,318,711		18.5	%	$	2,205,441		3.8	%
February 2004		882,124		(6.1	%)		1,335,714		16.6	%		2,217,838		7.0	%
March 2004		880,911		(1.6	%)		1,345,892		9.5	%		2,226,803		5.0	%
April 2004		880,481		(.6	%)		1,353,399		6.9	%		2,233,880		3.9	%
May 2004		878,386		(2.8	%)		1,354,160		0.7	%		2,232,546		(.7	%)
June 2004		891,210		19.0	%		1,360,045		5.3	%		2,251,255		10.5	%
YTD 2004	$	891,210		(1.6	%)	$	1,360,045		9.4	%	$	2,251,255		4.8	%

BUSINESS VOLUMES ($ in Millions) 1/

	MBS
					Total		Fannie Mae		MBS Issues
	Single-family		Multifamily		Lender-originated		MBS		Acquired		Portfolio		Business
	Issues		Issues		Issues 6/		Purchases 7/		by Others		Purchases		Volume
July 2003	$	118,545	$	1,420	$	119,965	$	48,266	$	71,699	$	72,447	$	144,146
August 2003		108,866		796		109,662		54,295		55,367		82,656		138,023
September 2003		116,105		4,192		120,297		73,504		46,793		98,804		145,597
October 2003		78,765		3,009		81,774		9,110		72,664		27,609		100,273
November 2003		56,840		3,657		60,497		2,888		57,609		17,596		75,205
December 2003		56,598		4,265		60,863		1,226		59,637		13,775		73,412
Full year 2003	$	1,175,599	$	23,018	$	1,198,617	$	348,413	$	850,204	$	572,852	$	1,423,056
January 2004	$	44,289	$	505	$	44,794	$	268	$	44,527	$	8,573	$	53,100
February 2004		38,605		200		38,804		181		38,624		12,170		50,794
March 2004		44,345		1,019		45,365		6,507		38,858		20,260		59,118
April 2004		56,117		424		56,541		10,198		46,344		27,448		73,792
May 2004		57,629		931		58,559		10,670		47,889		26,686		74,575
June 2004		52,981		711		53,692		13,330		40,362		37,164		77,526
YTD 2004	$	293,966	$	3,790	$	297,757	$	41,154	$	256,603	$	132,303	$	388,906

MORTGAGE PORTFOLIO COMMITMENTS, PURCHASES, AND SALES ($ in Millions) 1/

			Purchases
												Mortgage
	Retained		Single-				Total					Portfolio
	Commitments		family		Multifamily		Purchases		Net Yield 8/			Sales
July 2003	$	77,679	$	70,246	$	2,201	$	72,447		4.86	%	$	513
August 2003		43,351		81,255		1,401		82,656		4.83	%		384
September 2003		27,961		97,693		1,111		98,804		4.85	%		581
October 2003		12,313		26,353		1,256		27,609		4.98	%		1,227
November 2003		13,104		16,540		1,056		17,596		4.20	%		1,452
December 2003		8,057		12,249		1,526		13,775		4.96	%		2,875
Full year 2003	$	489,073	$	559,669	$	13,183	$	572,852		5.00	%	$	13,727
January 2004	$	11,696	$	7,996	$	577	$	8,573		4.77	%	$	2,025
February 2004		12,576		11,834		337		12,170		3.68	%		1,326
March 2004		29,411		19,406		854		20,260		4.60	%		1,023
April 2004		28,860		25,997		1,451		27,448		4.37	%		1,583
May 2004		28,389		25,461		1,226		26,686		4.55	%		885
June 2004		29,668		34,775		2,389		37,164		4.44	%		1,695
YTD 2004	$	140,601	$	125,469	$	6,833	$	132,303		4.41	%	$	8,537

1/	Represents unpaid principal balance.
2/	Prior periods have been revised to be consistent with the balance sheet presentation in the 2004 first quarter Form 10-Q.
3/	Excludes mark-to-market adjustments, deferred balances and allowance for losses. Includes $519 billion of Fannie Mae MBS as of June 30, 2004.
4/	MBS held by investors other than Fannie Mae’s portfolio.
5/	Growth rates are compounded.
6/	Excludes MBS issued from Fannie Mae’s portfolio, which was $792 million in June 2004.
7/	Included in total portfolio purchases.
8/	Yields shown on a taxable-equivalent basis.
	Numbers may not foot due to rounding.

LIQUIDATIONS ($ in Millions) 1/

	Mortgage Portfolio					Outstanding MBS
	Liquidations					Liquidations
	Amount		Annual Rate			Amount		Annual Rate
July 2003	$	48,309		70.33	%	$	60,611		58.51	%
August 2003		55,220		77.99	%		76,854		74.50	%
September 2003		44,244		59.65	%		63,577		62.58	%
October 2003		30,862		40.48	%		44,975		44.04	%
November 2003		22,438		29.60	%		34,214		32.78	%
December 2003		18,859		25.08	%		26,301		24.61	%
Full year 2003	$	451,487		53.29	%	$	591,351		50.15	%
January 2004	$	18,274		24.57	%	$	27,717		25.40	%
February 2004		15,419		20.92	%		22,948		20.75	%
March 2004		20,444		27.83	%		29,702		26.58	%
April 2004		26,086		35.54	%		40,419		35.94	%
May 2004		27,917		38.09	%		48,013		42.56	%
June 2004		22,783		30.90	%		36,063		31.89	%
YTD 2004	$	130,922		29.57	%	$	204,862		30.62	%

DELINQUENCY RATES

Single-family Conventional 2/
Non-Credit	Credit						Multifamily
Enhancement 3/	Enhancement 4/			Total 5/			Total 6/
0.29%		1.47	%		0.57	%		0.13	%
0.29%		1.52	%		0.58	%		0.13	%
0.29%		1.56	%		0.58	%		0.12	%
0.29%		1.56	%		0.57	%		0.12	%
0.30%		1.63	%		0.59	%		0.13	%
0.30%		1.65	%		0.60	%		0.27	%
0.31%		1.70	%		0.61	%		0.24	%
0.31%		1.70	%		0.61	%		0.24	%
0.30%		1.62	%		0.58	%		0.17	%
0.29%		1.58	%		0.56	%		0.16	%
0.29%		1.61	%		0.57	%		0.14	%

AVERAGE INVESTMENT BALANCES ($ in Millions)

	Net		Liquid		Total Net
	Mortgages		Investments		Investments
July 2003	$	813,728	$	82,011	$	895,739
August 2003		832,100		95,607		927,708
September 2003		876,724		78,892		955,617
October 2003		906,989		68,317		975,305
November 2003		902,601		63,262		965,863
December 2003		898,858		65,966		964,824
Full year 2003	$	839,171	$	75,114	$	914,286
January 2004	$	888,908	$	68,830	$	957,738
February 2004		883,892		63,749		947,641
March 2004		876,205		66,996		943,201
April 2004		870,446		75,787		946,232
May 2004		866,855		82,711		949,567
June 2004		873,386		71,698		945,084
YTD 2004	$	876,615	$	71,629	$	948,244

INTEREST RATE RISK DISCLOSURES

			Rate Level Shock (50bp) 8/						Rate Slope Shock (25bp) 8/
	Effective		1 Year Portfolio			4 Year Portfolio			1 Year Portfolio			4 Year Portfolio
	Duration Gap 7/		Net Interest			Net Interest			Net Interest			Net Interest
	(in months)		Income at Risk			Income at Risk			Income at Risk			Income at Risk
July 2003		6		9.3	%		8.7	%		1.9	%		2.9	%
August 2003		4		4.8	%		3.2	%		3.4	%		5.2	%
September 2003		1		2.7	%		1.3	%		5.2	%		6.8	%
October 2003		1		4.5	%		2.4	%		4.1	%		5.9	%
November 2003		-1		3.7	%		2.7	%		3.7	%		6.1	%
December 2003		-1		2.6	%		2.1	%		3.6	%		6.1	%
January 2004		-1		0.9	%		3.1	%		3.0	%		6.4	%
February 2004		-1		1.4	%		3.3	%		3.7	%		6.7	%
March 2004		0		3.8	%		5.4	%		4.0	%		6.6	%
April 2004		3		5.0	%		5.3	%		2.9	%		5.4	%
May 2004		3		2.9	%		2.5	%		2.5	%		4.5	%
June 2004		2		1.6	%		3.5	%		2.3	%		4.1	%

1/	Represents unpaid principal balance.
2/	Includes conventional loans three or more months delinquent or in foreclosure process as a percent of the number of loans.
3/	Loans without primary mortgage insurance or any credit enhancements.
4/	Loans with primary mortgage insurance and other credit enhancements.
5/	Total of single-family non-credit enhanced and credit enhanced loans.
6/	Includes loans two or more months delinquent as a percent of loan dollars and includes the total mortgage credit book of business.
7/	The duration gap is a weighted average for the month.
8/	Expresses projected core net interest income under the more adverse of the interest rate and yield curve scenarios as a percentage of projected net interest income without the rate shocks.
Numbers may not foot due to rounding.

The information presented in this report is unaudited and includes, in the opinion of management, all adjustments (consisting of normally recurring accruals) necessary for a fair presentation. The data should be read in conjunction with audited financial statements and notes to financial statements that are available from the corporation. For more information regarding Fannie Mae, or for a more detailed quarterly report on Fannie Mae’s activity, please visit www.fanniemae.com or contact us at (202) 752-7115.