EXHIBIT 99.2

FANNIE MAE
MONTHLY SUMMARY
OCTOBER 2005

HIGHLIGHTS FOR OCTOBER INCLUDE:

• Fannie Mae’s book of business grew at an annualized rate of 1.4 percent in October compared with growth of 6.7 percent in September. Total business volume was $51.3 billion from $70.6 billion the previous month.

• Net retained commitments rose to $8.8 billion in October as investment spreads widened modestly and portfolio sales declined.

• Outstanding MBS grew at a 10.6 percent annualized rate in October, driven by $41.1 billion of MBS issues acquired by others and a decline in liquidations to $32.4 billion.

• Portfolio purchases of $10.1 billion were offset by portfolio sales of $4.4 billion and portfolio liquidations of $16.4 billion, which resulted in a negative 16.1 percent annualized growth rate for the mortgage portfolio.

• The conventional single-family delinquency rate rose two basis points in September to 0.61 percent, and the multifamily delinquency rate rose one basis point to 0.09 percent.

• The duration gap on Fannie Mae’s mortgage portfolio averaged one month in October.

MORTGAGE MARKET HIGHLIGHTS:

• Fannie Mae estimates total single-family mortgage originations for 2005 will be $2.7 trillion.

• Fannie Mae announced it will apply new conforming loan limits to increase its single-family mortgage loan limit to $417,000 for 2006.

BUSINESS BALANCES AND GROWTH ($ in Millions) 1/

	Mortgage Portfolio, Gross 2/					Outstanding MBS 3/					Book of Business
	End Balance		Growth Rate 4/			End Balance		Growth Rate 4/			End Balance		Growth Rate 4/
November 2004	$	912,608		(0.8	%)	$	1,393,205		6.2	%	$	2,305,813		3.3	%
December 2004		904,555		(10.1	%)		1,402,761		8.5	%		2,307,316		0.8	%
Full year 2004	$	904,555		0.7	%	$	1,402,761		7.9	%	$	2,307,316		4.9	%
January 2005	$	890,834		(16.8	%)	$	1,416,038		12.0	%	$	2,306,871		(0.2	%)
February 2005		875,245		(19.1	%)		1,430,825		13.3	%		2,306,070		(0.4	%)
March 2005		864,648		(13.6	%)		1,441,003		8.9	%		2,305,652		(0.2	%)
April 2005		851,936		(16.3	%)		1,445,353		3.7	%		2,297,288		(4.3	%)
May 2005		828,079		(28.9	%)		1,464,884		17.5	%		2,292,963		(2.2	%)
June 2005		808,225		(25.3	%)		1,485,149		17.9	%		2,293,374		0.2	%
July 2005		788,786		(25.3	%)		1,498,717		11.5	%		2,287,503		(3.0	%)
August 2005		768,280		(27.1	%)		1,520,943		19.3	%		2,289,223		0.9	%
September 2005		727,824		(47.8	%)		1,573,810		50.7	%		2,301,634		6.7	%
October 2005		717,254		(16.1	%)		1,587,014		10.6	%		2,304,268		1.4	%
YTD 2005	$	717,254		(24.3	%)	$	1,587,014		16.0	%	$	2,304,268		(0.2	%)

BUSINESS VOLUMES ($ in Millions) 1/

	MBS
			Fannie Mae		MBS Issues
	Lender-originated		MBS		Acquired		Portfolio		Business
	Issues 5/		Purchases 6/		by Others		Purchases		Volume
November 2004	$	36,259	$	2,717	$	33,542	$	19,121	$	52,662
December 2004		39,375		1,642		37,732		13,016		50,748
Full year 2004	$	527,146	$	64,604	$	462,542	$	262,647	$	725,189
January 2005	$	37,457	$	451	$	37,006	$	11,095	$	48,101
February 2005		31,259		538		30,721		9,446		40,167
March 2005		31,493		326		31,166		11,206		42,372
April 2005		36,838		429		36,409		8,865		45,274
May 2005		34,343		219		34,124		11,198		45,322
June 2005		40,039		210		39,829		8,964		48,793
July 2005		43,344		207		43,138		9,365		52,502
August 2005		46,540		176		46,363		11,564		57,927
September 2005		61,013		410		60,603		10,021		70,625
October 2005		41,563		446		41,117		10,136		51,253
YTD 2005	$	403,889	$	3,412	$	400,477	$	101,859	$	502,336

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

									Mortgage
	Net Retained								Portfolio
	Commitments 7/			Purchases 8/		Purchase Yield 9/			Sales
November 2004	$	11,887		$	19,121		4.16	%	$	1,511
December 2004		9,330			13,016		4.71	%		1,653
Full year 2004	$	256,144		$	262,647		4.22	%	$	16,449
January 2005	$	797		$	11,095		4.40	%	$	6,360
February 2005		3,099			9,446		4.73	%		9,539
March 2005		10,587			11,206		4.79	%		4,806
April 2005		5,654			8,865		5.04	%		1,680
May 2005		(8,131	)		11,198		4.99	%		17,812
June 2005		(2,339	)		8,964		5.33	%		10,350
July 2005		4,636			9,365		5.43	%		9,288
August 2005		(20,964	)		11,564		5.27	%		12,507
September 2005		477			10,021		5.44	%		31,071
October 2005		8,785			10,136		5.50	%		4,437
YTD 2005	$	2,601		$	101,859		5.08	%	$	107,848

1/	Represents unpaid principal balance.
2/	Excludes mark-to-market adjustments, deferred balances and allowance for losses. Includes $343 billion of Fannie Mae MBS as of October 31, 2005.
3/	MBS held by investors other than Fannie Mae’s portfolio.
4/	Growth rates are compounded.
5/	Excludes MBS issued from Fannie Mae’s portfolio, which was $2,522 million in October 2005.
6/	Included in total portfolio purchases.
7/	Represents commitments to purchase, net of commitments to sell, entered into during the month, including any modifications to original amounts.
8/	Fannie Mae has reclassified certain previously reported mortgage portfolio purchases between single-family and multifamily. This reclassification is set forth in the attached table entitled “Mortgage Portfolio Purchases.” Going forward, we expect to report this breakout between single-family and multifamily mortgage portfolio purchases on a quarterly basis.
9/	Calculated as commitment yield for single-family loans, pass-thru rate for multifamily loans and coupon divided by price for securities. Yields are presented on a taxable-equivalent basis.
Numbers may not add due to rounding.

LIQUIDATIONS ($ in Millions) 1/											DELINQUENCY RATES
	Mortgage Portfolio					Outstanding MBS					Single-family Conventional 2/									Multifamily
	Liquidations					Liquidations					Non-Credit			Credit
	Amount		Annual Rate			Amount		Annual Rate			Enhancement 3/			Enhancement 4/			Total 5/			Total 6/
November 2004	$	18,295		24.05	%	$	28,104		24.27	%		0.33	%		1.84	%		0.64	%		0.10	%
December 2004		19,449		25.69	%		29,779		25.56	%		0.33	%		1.84	%		0.63	%		0.10	%
Full year 2004	$	240,201		26.87	%	$	374,688		27.58	%
January 2005	$	18,480		24.70	%	$	30,063		25.60	%		0.35	%		1.88	%		0.65	%		0.10	%
February 2005		15,545		21.13	%		24,107		20.32	%		0.34	%		1.84	%		0.64	%		0.10	%
March 2005		17,049		23.52	%		24,956		20.86	%		0.31	%		1.72	%		0.59	%		0.09	%
April 2005		19,899		27.82	%		33,740		28.05	%		0.30	%		1.68	%		0.57	%		0.10	%
May 2005		17,301		24.72	%		27,844		22.96	%		0.30	%		1.68	%		0.57	%		0.10	%
June 2005		18,502		27.14	%		29,243		23.79	%		0.30	%		1.69	%		0.57	%		0.10	%
July 2005		19,575		29.42	%		34,429		27.69	%		0.32	%		1.74	%		0.59	%		0.08	%
August 2005		19,624		30.25	%		34,976		27.80	%		0.32	%		1.76	%		0.59	%		0.08	%
September 2005		19,468		31.23	%		37,036		28.72	%		0.33	%		1.78	%		0.61	%		0.09	%
October 2005		16,407		27.25	%		32,350		24.56	%
YTD 2005	$	181,850		26.60	%	$	308,745		25.05	%

AVERAGE INVESTMENT BALANCES ($ in Millions)

	Net		Liquid		Total Net
	Mortgages		Investments		Investments
November 2004	$	907,233	$	62,836	$	970,069
December 2004		904,200		58,877		963,077
Full year 2004	$	886,699	$	67,510	$	954,208
January 2005	$	891,533	$	66,667	$	958,200
February 2005		878,378		54,626		933,003
March 2005		863,662		65,330		928,992
April 2005		851,828		58,269		910,097
May 2005		836,441		55,479		891,920
June 2005		813,466		59,072		872,538
July 2005		792,532		55,114		847,645
August 2005		772,579		65,081		837,660
September 2005		743,061		61,103		804,164
October 2005		714,704		51,725		766,429
YTD 2005	$	815,818	$	59,247	$	875,065

INTEREST RATE RISK DISCLOSURE

	Effective
	Duration Gap 7/
	(in months)
November 2004		-1
December 2004		-1
January 2005		-1
February 2005		0
March 2005		1
April 2005		-1
May 2005		-1
June 2005		0
July 2005		1
August 2005		0
September 2005		1
October 2005		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/or other credit enhancements.
5/	Total of single-family non-credit enhanced and credit enhanced loans.
6/	Includes loans and securities 60 days or more past due and is calculated based on mortgage credit book of business.
7/	Beginning in October, we are including non-mortgage assets and liabilities in the duration gap calculation. The largest component of these new items is the liquid investment portfolio (LIP). Due to the short-term nature of the LIP, the impact of this change in October duration gap was negligible. Our portfolio duration gap calculation still excludes any interest rate sensitivity of the guarantee business.
	Numbers may not add due to rounding.

In connection with the pending re-audit and restatement of Fannie Mae’s previously published financial statements, management is undertaking a comprehensive review of Fannie Mae’s accounting routines and controls, financial reporting process and the application of generally accepted accounting principles. While most of the information contained in this summary is not derived from Fannie Mae’s financial statements, we expect that some of this information will be impacted by the re-audit and restatement. Management believes that the information may be useful to investors for comparing current business activities with those of prior periods and for reviewing trends in our business, notwithstanding that information may change, perhaps materially, from what is reported herein. Issues under review that will cause some of this information to change include those related to securities accounting, loan accounting, consolidation and amortization. More information regarding the re-audit and restatement may be found in Form 8-Ks Fannie Mae filed with the Securities and Exchange Commission on December 22, 2004, March 18, 2005, May 11, 2005, August 9, 2005 and November 10, 2005.

For more information about Fannie Mae, please visit www.fanniemae.com or contact us at (202) 752-7115.

MORTGAGE PORTFOLIO PURCHASES 1/ ($ in Millions)

Previously Reported Purchases

	Single-				Total
	family		Multifamily		Purchases
June 2004	$	34,775	$	2,389	$	37,164
July 2004		20,667		950		21,618
August 2004		20,747		1,040		21,787
September 2004		24,193		3,468		27,661
October 2004		23,109		4,034		27,142
November 2004		16,634		2,486		19,121
December 2004		10,980		2,036		13,016
Full year 2004	$	241,800	$	20,848	$	262,647
January 2005	$	7,783	$	3,312	$	11,095
February 2005		6,994		2,452		9,446

Reclassified Purchases

	Single-				Total
	family		Multifamily		Purchases
June 2004	$	34,754	$	2,410	$	37,164
July 2004		20,647		971		21,618
August 2004		20,725		1,062		21,787
September 2004		26,485		1,176		27,661
October 2004		25,883		1,259		27,142
November 2004		17,749		1,372		19,121
December 2004		11,530		1,486		13,016
Full year 2004	$	248,466	$	14,181	$	262,647
January 2005	$	9,918	$	1,177	$	11,095
February 2005		8,539		907		9,446

Quarterly Purchases

	Single-				Total
	family		Multifamily		Purchases
Qtr 1 2005	$	28,834	$	2,912	$	31,747
Qtr 2 2005		26,062		2,965		29,027
Qtr 3 2005		26,590		4,360		30,950

1/	Fannie Mae has reclassified certain previously reported mortgage portfolio purchases between single-family and multifamily. This reclassification is set forth in the table above. Going forward, we expect to report this breakout between single-family and multifamily mortgage portfolio purchases on a quarterly basis.
	Numbers may not add due to rounding.