8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 9, 2007

Federal National Mortgage Association

(Exact name of registrant as specified in its charter)

Federally chartered corporation	000-50231	52-0883107
(State or other jurisdiction	(Commission	(IRS Employer
of incorporation)	File Number)	Identification Number)

3900 Wisconsin Avenue, NW
Washington, DC	20016
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: 202-752-7000

(Former Name or Former Address, if Changed Since Last Report):                                         

     Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 7.01 Regulation FD Disclosure.

          On November 9, 2007, Fannie Mae (formally known as the Federal National Mortgage Association) posted to its website (www.fanniemae.com) a 2007 Q1-Q3 Investor Summary presentation consisting primarily of summary historical financial information about the company excerpted from Fannie Mae’s Forms 10-Q for the quarter ended March 31, 2007, the quarter ended June 30, 2007 and the quarter ended September 30, 2007. The presentation, a copy of which is furnished as Exhibit 99.1 to this report, is incorporated herein by reference.

          On November 9, 2007, Fannie Mae also issued a credit supplement to its 2007 Q1-Q3 Investor Summary presentation consisting primarily of information about the company’s credit book of business. The credit supplement, a copy of which is furnished as Exhibit 99.2 to this report, is incorporated herein by reference.

          The information in this report, including the two exhibits submitted herewith, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liabilities of Section 18, nor shall it be deemed incorporated by reference into any disclosure document relating to Fannie Mae, except to the extent, if any, expressly set forth by specific reference in that document.

Item 9.01 Financial Statements and Exhibits.

          (d) Exhibits. The exhibit index filed herewith is incorporated herein by reference.

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SIGNATURE

          Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

FEDERAL NATIONAL MORTGAGE ASSOCIATION
By	/s/ Stephen M. Swad
	Stephen M. Swad
	Executive Vice President and Chief Financial Officer

Date: November 9, 2007

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EXHIBIT INDEX

The following exhibits are submitted herewith:

Exhibit Number		Description of Exhibit
	99.1	2007 Q1-Q3 Investor Summary presentation, dated November 9, 2007
	99.2	Credit Supplement to 2007 Q1-Q3 Investor Summary, dated November 9, 2007

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EX-99.1

Exhibit 99.1

Fannie Mae 2007 Q1-Q3 10-Q Investor Summary November 9, 2007

These materials present tables and other information about Fannie Mae, including information contained in Fannie Mae's Quarterly Reports on Form 10-Q for the quarters ended March 31, 2007, June 30, 2007, and September 30, 2007. These materials should be reviewed together with the 2007 Q1-Q3 Form 10-Qs, copies of which are available on the company's Web site at www.fanniemae.com under the "Investor Relations" section of the Web site. More complete information about Fannie Mae, its business, business segments, financial condition and results of operations is contained in the 2006 Form 10-K, and 2007 Form 10-Qs, which also includes more detailed explanations and additional information relating to the information contained in this presentation. Footnotes to the included tables have been omitted.

Current Highlights Continue to hit key milestones With this filing, we are a current filer ahead of our February 2008 goal 2007 Q1-Q3 10-Qs - 11/9/07 2006 10-K - 8/16/07 2005 10-K - 5/2/07 2004 10-K with Restated Historical Results - 12/6/06 This filing caps a period of significant organizational progress Remediation of almost all SOX material weaknesses Better positioned for relief from capital surplus requirement and portfolio cap Administrative expense initiatives are on target It has been a tough year and market, which is reflected in our financial results We are not immune from market impacts Markets experienced declines in national home prices causing significantly higher credit expenses - - weak economies in Midwest (MI, OH, IN), overheated markets correcting (CA, NV, AZ, FL) Lower net income due to continued lower margin and changes in fair value associated with market dislocations and higher expected credit losses The market did present opportunities Single-family/Multifamily growth/market share gains Higher guaranty fees Wider OAS spreads (but opportunity to capitalize limited by capital surplus requirement and portfolio cap) We are well positioned to reaffirm our vital role and mission - supporting liquidity and stability in the secondary mortgage market and contributing to the availability and affordability of housing in the U.S. 1

2007 Q1-Q3 Results Net income available to common stockholders decreased to $1.1 billion, a $1.9 billion or 63% decrease Administrative expenses decreased to $2.0 billion from $2.2 billion Mortgage credit book of business grew 10% from year-end 2006 (13% annualized) to $2.8 trillion Credit-related expenses increased to $2.0 billion from $0.5 billion Average effective guaranty fee rate increase was strong, increasing to 22.0 bps in Q1-Q3 2007 from 20.9 bps in Q1-Q3 2006 Losses on certain guaranty contracts increased to $1.0 billion from $0.2 billion reflecting a deteriorating credit market outlook and goals-oriented business Core capital was $41.7 billion as of September 30, 2007, $2.3 billion above our OFHEO-designated 30% capital surplus requirement, reflecting earnings, dividend payments, and $0.1 billion of net preferred redemption Estimated fair value of net assets (non-GAAP), excluding capital transactions, declined by $7.0 billion as of September 30, 2007, or 16% from December 31, 2006 Credit loss ratio, excluding the impact of SOP 03-3, increased to 4.0 bps for Q1-Q3 (5.0 bps in the third quarter of 2007), driven by a weaker housing market 2 2007 Q1-Q3 results reflect a tough market environment, and significant remediation efforts. Relative to 2006 Q1-Q3:

2007 Q1-Q3 Financial Results by Segment 3 Single-Family net revenues increased to $5.0 billion, up 14%. Net income declined to $0.3 billion, down 81% from Q1 - Q3 2006. Key drivers included higher losses on certain guaranty contracts, higher credit expenses and higher credit enhancement expenses, offset partially by an 18% increase in guaranty fee income. Net income for the HCD business segment increased to $370 million, up 14% from Q1-Q3 2006 resulting primarily from an increase in loan prepayment and yield maintenance fees from higher liquidations. Net Income decreased to $1.5 billion, a $1.9 billion or 56% decrease from 2006 Q1-Q3 levels. Our Capital Markets group generated $0.8 billion in net income, down 44% from Q1-Q3 2006, as the spread between the yield on assets and yield on debt continued to compress, in-line with expectations. 2007 Q3 vs. 2006 Q3 2007 Q1-Q3 vs. 2006 Q1-Q3 2006 Q1 2006 Q2 2006 Q3 2006 Q1-Q3 2007 Q1 2007 Q2 2007 Q3 2007 Q1-Q3 Net Revenues (1) Single-Family HCD Capital Markets Total $ 4,970 $ 301 $ 2,630 $ 7,901 $ 1,734 $ 87 $ 691 $ 2,512 $ 1,632 $ 113 $ 980 $ 2,725 $ 1,604 $ 101 $ 959 $ 2,664 $ 4,363 $ 300 $ 4,279 $ 8,942 $ 1,566 $ 89 $ 1,191 $ 2,846 $ 1,410 $ 97 $ 1,339 $ 2,846 $ 1,387 $ 114 $ 1,749 $ 3,250 $ 607 $ 1 $ (1,649) $ (1,041) $ 168 $ (2) $ (500) $ (334) Net Income Single-Family HCD Capital Markets Total $ 305 $ 370 $ 834 $ 1,509 $ (186) $ 97 $(1,310) $ (1,399) $ 1,636 $ 324 $ 1,495 $ 3,455 $ 529 $ 89 $ (1,247) $ (629) $ 532 $ 89 $ 1,437 $ 2,058 $ 575 $ 146 $ 1,305 $ 2,026 $ (1,331) $ 46 $ (661) $ (1,946) $ (715) $ 8 $ (63) $ (770) $ 355 $ 163 $ 443 $ 961 $ 136 $ 110 $ 1,701 $ 1,947 (Dollars in millions) (1) Includes net interest income, guaranty fee income, trust management income, and fee and other income

2007 Q1-Q3 Income Statement by Segment Q1-Q3 2007 Income Statement Single- Family Net interest income (expense) Guaranty fee income (expense) Losses on certain guaranty contracts Trust management income Investment gains (losses), net Derivatives fair value losses, net Debt extinguishment gains, net Losses from partnership investments Fee and other income Administrative expenses (Provision) benefit for credit losses Other expenses Income (loss) before federal income taxes and extraordinary losses Provision (benefit) for federal income taxes Income before extraordinary losses Extraordinary losses, net of tax effect Net income Full Diluted EPS Q1-Q3 2007 $ 293 4,015 (1,023) 433 (46) - - - - - - 229 (1,108) (1,771) (558) 464 159 305 - - $ 305 HCD Capital Markets Total Q1-Q3 2006 Income Statement Single- Family HCD Capital Markets Total $ (303) 326 (15) 27 - - - - - - (527) 251 (420) 1 (17) (677) (1,047) 370 - - $ 370 $ 3,455 (891) - - - - (56) (891) 72 - - 66 (490) - - (8) 1,257 420 837 (3) $ 834 $ 3,445 3,450 (1,038) 460 (102) (891) 72 (527) 546 (2,018) (1,770) (583) 1,044 (468) 1,512 (3) $ 1,509 $ 1.17 Net interest income (expense) Guaranty fee income (expense) Losses on certain guaranty contracts Trust management income Investment gains (losses), net Derivatives fair value losses, net Debt extinguishment gains, net Losses from partnership investments Fee and other income Administrative expenses Provision for credit losses Other expense Income (loss) before federal income taxes and extraordinary gains Provision (benefit) for federal income taxes Income before extraordinary gains Extraordinary gains, net of tax effect Net income Full Diluted EPS Q1-Q3 2006 $ 765 3,406 (175) - --- 73 - - - 192 (1,113) (356) (285) 2,507 871 1,636 - - $ 1,636 $ (237) 381 (6) - --- - - - (579) 156 (423) (12) (1) (721) (1,045) 324 - - $ 324 $ 4,879 (819) - - --- (831) (854) 158 - 219 (713) - (1) 2,038 554 1,484 11 $ 1,495 $ 5,407 2,968 (181) - --- (758) (854) 158 (579) 567 (2,249) (368) (287) 3,824 380 3,444 11 $ 3,455 $ 3.16 4 (Dollars in millions)

Consolidated Financial Results 5 Fannie Mae Total Corporate 2007 2006 2007 Q1-Q3 2007 Q2 2007 Q3 $ 3,445 3,450 460 546 7,901 (1,038) (102) (891) (527) (2,018) (2,039) (242) 1,044 468 (3) $ 1,509 $ 1.17 2007 Q1 Net interest income Guaranty fee income Trust management income Fee and other income Net revenues Losses on certain guaranty contracts Investment gains (losses), net Derivatives fair value gains (losses), net Losses from partnership investments Administrative expenses Credit-related expenses Other non-interest expense Income (loss) before federal income taxes and extraordinary gains (losses) Benefit (provision) for federal income taxes Extraordinary gains (losses), net of tax effect Net income (loss) Diluted earnings (loss) per common share 2006 Q1-Q3 2006 Q2 2006 Q3 2006 Q1 $ 5,407 2,968 - 567 8,942 (181) (758) (854) (579) (2,249) (457) (40) 3,824 (380) 11 $ 3,455 $ 3.16 $ 1,058 1,232 146 76 2,512 (294) 136 (2,244) (147) (660) (1,200) (87) (1,984) 582 3 $ (1,399) $ (1.56) $ 1,528 1,084 - 234 2,846 (103) 550 (3,381) (197) (761) (197) (29) (1,272) 639 4 $ (629) $ (0.79) $ 1,193 1,120 150 262 2,725 (461) (594) 1,916 (215) (660) (518) (56) 2,137 (187) (3) $ 1,947 $ 1.86 $ 1,867 937 - 42 2,846 (51) (633) 1,621 (188) (780) (158) 5 2,662 (610) 6 $ 2,058 $ 1.97 $ 1,194 1,098 164 208 2,664 (283) 356 (563) (165) (698) (321) (99) 891 73 (3) $ 961 $ 0.85 $ 2,012 947 - 291 3,250 (27) (675) 906 (194) (708) (102) (16) 2,434 (409) 1 $ 2,026 $ 1.94 (Dollars in millions)

Selected Financial and Operating Statistics 6 Ratios: 2007 Q1 2006 2005 2004 Return on assets ratio 0.39% 0.42% 0.63% 0.47% Return on equity ratio 10.1 11.3 19.5 16.6 Equity to assets ratio 4.9 4.8 4.2 3.5 Dividend payout ratio 47.2 32.4 17.2 42.1 Average effective guaranty fee rate (bps) 21.8 21.8 21.8 21.4 Credit loss ratio * (bps) 2.1 1.0 1.0 2007 Q2 0.86% 22.6 4.8 26.8 21.5 2007 Q3 (0.72)% (19.4) 4.7 NA 22.8 5.0 2007 Q1-Q3 0.18% 4.8 4.8 120.4 22.0 4.0 * Note: Credit loss ratio for all periods excludes the impact of SOP 03-3, which requires that loans purchased out of MBS trusts be marked to fair value at the time of acquisition. 3.8 3.2

Selected On- and Off-Balance Sheet Data and Capital 7 0 10,000 20,000 30,000 40,000 2003 2004 2005 2006 2007Q3 $mm $mm Total Stockholders' Equity 0 200,000 400,000 600,000 800,000 1,000,000 1,200,000 2003 2004 2005 2006 2007Q3 Total Assets 0 500,000 1,000,000 1,500,000 2,000,000 2,500,000 3,000,000 2003 2004 2005 2006 2007Q3 Mortgage Credit Book $mm 0 10,000 20,000 30,000 40,000 2003 2004 2005 2006 2007Q3 Core Capital $mm

Net Interest Yield 8 Key Driver: Replacement of low cost maturing debt with higher cost debt 0.000% 0.200% 0.400% 0.600% 0.800% 1.000% 1.200% 1.400% 1.600% 1.800% 2.000% 2004 2005 2006 2007 Q1 2007Q2 2007Q3

Derivative Fair Value & Purchased Options Premiums Data Money spent or received to purchase options Money spent to terminate derivatives 9 Net cash exchanged on interest rate swaps Change primarily due to decrease in 5-yr swap rate between 12/31/06 and 9/30/07 Changes in Risk Management Derivative Assets (Liabilities) at Fair Value, Net Q3 2007 Q2 2007 Q1 2007 2006 Beginning net derivative asset Effect of cash payments: Fair value at inception of contracts entered into during the period Fair value at date of termination of contracts settled during the period Periodic net cash contractual interest payments (receipts) Total cash payments (receipts) Income statement impact of recognized amounts: Periodic net contractual interest income (expense) accruals on interest rate swaps Net change in fair value during the period Derivatives fair value gains (losses), net (1) Ending net derivative asset $ 3,725 (1) 112 (779) (668) 34 (577) (543) $ 2,514 (1) Reflects net derivatives fair value gains (losses) recognized in our condensed consolidated statement of income, excluding mortgage commitments. $ 4,372 (7) (106) 1,066 953 (111) (1,489) (1,600) $ 3,725 $ 5,253 (6) (40) (1,183) (1,229) 95 (2,308) (2,213) $ 1,811 $ 2,514 162 (30) 771 903 64 1,772 1,836 $ 5,253 (Dollars in millions)

(1) Our cure rate has declined in recent periods and may decline further. Accretion of past SOP 03-3 charges into net interest income is not included in the table, and did not have a material impact on net income or net interest yield in 2006 or the first three quarters of 2007. Key Accounting Treatment - SOP 03-3 MBS trust agreements and our servicing guide together require that, prior to modification of an existing seriously delinquent loan, Fannie Mae must purchase that loan out of the trust. We adopted SOP 03-3 on January 1, 2005. SOP 03-3 requires that, when we purchase a seriously delinquent loan from an MBS trust, we record that loan at the lower of the acquisition price or fair value. If the fair value is less than the acquisition price, this difference is immediately charged-off against our reserve for guaranty losses, and therefore increases the amount we must provide for credit losses. Our estimate of fair value is based upon an assessment of what a third party would pay for such seriously delinquent loans, given current market conditions. Current market prices reflect wide credit spreads for a variety of reasons including diminished market liquidity, a high credit risk premium, constrained industry servicing capacity, and higher expected credit losses. If a loan purchased out of a trust subsequently cures, the SOP 03-3 loss accretes into net interest income over the life of the loan. SOP 03-3 will therefore increase reported net interest income over the contractual life of the loan. Our past experience demonstrates that the majority of delinquent loans purchased from MBS trusts subsequently cure or pay off. (1) If a loan purchased out of a trust goes to foreclosure, the resulting charge-off is calculated with respect to the lowered (due to the prior SOP 03-3 charge) cost basis of the loan, thereby reducing the charge-off on that date. 10 Rate Rate 2007 Rate Charge-offs, net of recoveries Less excess of purchase price over fair value of delinquent loans purchased from trusts Impact of SOP 03-3 on charge-offs and foreclosed Credit Losses Foreclosed property expense 12.3 bp (9.9) bp 0.9 bp 1.7 bp (0.6) bp $ 1,222 (805) 113 6.2 bp (4.1) bp 0.6 bp 0.4 bp property expense 1.7 bp 0.8 bp 269 1.3 bp 5.0 bp $ 799 4.0 bp 2.3 bp 2007 $ 838 (670) 62 113 $ 343 2006 $ 104 (37) 20 52 $ 139 2006 $ 330 (153) 56 89 $ 322 Rate 1.8 bp (0.8) bp 0.3 bp 0.5 bp 1.8 bp For the Three Months Ended September 30, For the Nine Months Ended September 30, Dollars in Millions

Key Accounting Treatment - Losses on Certain Guaranty Contracts If a guaranty has a negative fair value, we record that "Day 1 Loss" at the time of acquisition through "losses on certain guaranty contracts". If a guaranty has positive fair value, the gain is deferred and recognized over the life of the contract. We expect the vast majority of our MBS transactions to generate positive economic returns. For most CUSIPs with Day 1 Losses, expected losses are still less than expected revenues. Our guaranty liability is based upon an estimate of the compensation a third party would require to bear that obligation. This estimate includes expected credit losses, administrative costs, and a profit margin. The required profit margin is a function of credit spreads, which have widened substantially in 2007. Per GAAP, back-end credit enhancement is not included in our estimate of our guaranty liability. While we negotiate contracts based on overall economics, GAAP requires that we account for guaranty assets and liabilities at the MBS issuance or CUSIP level. A single contract (with positive total fair value) can create several Fannie Mae MBS securities, some of which have positive fair values, others of which have negative fair values. Day 1 losses are accreted into our guaranty fee income over the life of the contract. 11 Financial Impact of Losses on Certain Guaranty Contracts 2007 Q1-Q3 2007 Q3 2007 Q2 2007 Q1 2006 Losses on Certain Guaranty Contracts Recognized Increase in Current Period Guaranty Fees from Accretion of Prior Losses on Certain Guaranty Contracts Net Impact of Losses on Certain Guaranty Contracts on Current Period Pre-Tax Income $ (1,038) $ 327 $ (711) $ (294) 144 $ (150) $ (461) 91 $ (369) $ (283) 92 $ (191) $ (439) 330 $ (109)

Guaranty Fee Analysis 12 Guaranty fee income/average effective guaranty fee rate, excluding certain fair value adjustments and buy-up impairment Net change in fair value of buy-ups and guaranty assets (1) Buy-up impairments Guaranty fee income/average effective guaranty fee rate Average outstanding Fannie Mae MBS and other guaranties Fannie Mae MBS issues 2007 Q3 2007 Q2 2007 Q1 2006 Amount Rate (bps) Amount Rate (bps) Amount Rate (bps) Amount Rate (bps) 22.0 (0.2) 21.8 $ 4,212 (38) 4,174 1,915,457 481,704 21.8 - - - - 21.8 $ 1,100 2 (4) 1,098 2,017,471 132,423 Consists of the effect of the net change in fair value of buy-ups and guaranty assets from portfolio securitization transactions subsequent to January 1, 2007 $ 1,235 - - (3) 1,232 2,163,173 171,204 22.8 - - - - 22.8 21.2 0.3 - - 21.5 $ 1,104 17 (1) 1,120 2,080,676 149,879 (Dollars in millions)

Credit Costs 13 Higher credit loss ratio (excluding the impact of SOP 03-3), primarily due to continued weakness in the Midwest region of the U.S. and national decline in home prices Credit Losses/Book of Business (bps) * FY 2003 FY 2004 FY 2005 FY 2006 Q1-Q3 2007 Single-Family Serious Delinquency Rate (%) 0 0.5 1.0 1.5 2.0 2.5 YE 2003 YE 2004 YE 2005 YE 2006 September 2007 Credit Enhanced Total Non-Credit Enhanced 0 2 3 4 1 * Note: Credit loss ratios presented in this chart exclude the impact of SOP 03-3

Administrative Expenses Elevated due to costs associated with our efforts to return to current financial reporting and an increase in our ongoing operating costs. 14 2007 Q3 2007 Q2 2007 Q1 2006 2005 2004 Salaries and Employee Benefits $ 356 $ 1,219 $ 959 $ 892 Professional Services 246 1,393 792 435 Occupancy Expenses 59 263 221 185 Other Administrative Expenses 37 201 143 144 Total Administrative Expenses $ 698 $ 3,076 $ 2,115 $ 1,656 $ 349 216 57 38 $ 660 $ 362 192 64 42 $ 660 (Dollars in millions)

Investment Gains/(Losses), Net 15 Other-than-temporary impairment of investment securities $ (3) $ (853) $ (1,246) $ (389) Lower-of-cost-or-market adjustments on HFS loans (3) (47) (114) (110) Gains (losses) on Fannie Mae portfolio securitizations, net 49 152 259 (34) Gains on sale of investment securities, net 287 106 225 185 Unrealized gains (losses) on trading securities, net 45 8 (415) 24 Other investment losses, net (19) (49) (43) (38) Investment gains/(losses), net $ 356 $ (683) $ (1,334) $ (362) 2007 Q3 2007 Q2 2007 Q1 2006 2005 2004 $ - (115) (11) 28 (474) (22) $ (594) $ (81) 3 (65) 99 249 (69) $ 136 (Dollars in millions)

2007 Q3 2007 Q2 2007 Q1 2006 2005 2004 Fee and Other Income 16 Transaction fees $ 124 $ 136 $ 152 Technology fees 216 223 214 Multifamily fees 292 432 244 Foreign currency exchange gains (losses) (230) 625 (304) Other 457 110 98 Fee and other income $ 208 $ 859 $ 1,526 $ 404 $ 262 $ 76 (Dollars in millions) $31 $34 $35 66 59 (133) 53 70 81 9 68 63 88 (64) 86 Note: Amounts for prior periods have not been conformed to current year's presentation.

Change in Estimated Fair Value of Net Assets (Non-GAAP) Estimated fair value of net assets, has decreased by $8.7 billion, $7.0 billion net of capital transactions 17 Key Drivers: Balance as of December 31 of prior year ...................................................... Capital transactions: Common dividends, common share repurchases and issuances, net......... Preferred dividends, redemptions and issuances................................... Capital transactions, net............................................................... Change in estimated fair value of net assets, excluding capital transactions.... Increase/(decrease) in estimated fair value of net assets, net....................... Balance as of period end.............................................................................. $42,199 (1,030) (511) (1,541) 2,243 702 $42,901 2006 2005 The estimated fair value of our net assets (non-GAAP) represents the estimated fair value of total assets less the estimated fair value of total liabilities. We reconcile the estimated fair value of our net assets (non-GAAP) to total stockholders' equity (GAAP) in the Appendix. $40,094 (943) (486) (1,429) 3,534 2,105 $42,199 A decrease in the estimated fair value of our net guaranty assets, including related tax assets, of approximately $4.5 billion, driven primarily by the decline in home prices that occurred for the first nine months of 2007, expectations of further declines, and increases in credit spreads. Capital transactions of $1.8 billion, principally dividends to holders of common and preferred stock. A significant widening of mortgage-to-debt spreads caused a decline of approximately $4.5 billion to $5.0 billion in the fair value of our net assets. (Dollars in millions) $42,901 (1,279) (472) (1,751) (6,973) (8,724) $34,177 2007 Q3 Economic earnings of the corporation partially offset the above items.

APPENDIX The following sets forth a reconciliation of the estimated fair value of our net assets (non-GAAP) to total stockholders' equity (GAAP). A more detailed reconciliation is contained in Table 21 of the 2006 Form 10-K, and table 15 of the 2007 third quarter 10-Q. Represents fair value increase of $4.0 billion to total assets of $839.8 billion less a fair value increase of $9.7 billion to total liabilities of $799.7 billion. (2) Represents fair value increase of $1.6 billion to total assets of $843.9 billion less a fair value increase of $0.2 billion to total liabilities of $802.3 billion. (3) Represents fair value increase of $1.9 billion to total assets of $834.2 billion, plus a fair value decrease of $1.0 billion to total liabilities of $794.7 billion. (Dollars in millions) Estimated Fair Value of Net Assets, net of tax effect (non-GAAP)............................... Fair value adjustments................................. Total Stockholders' Equity (GAAP)...................... As of December 31, Appendix $ 42,901 (1,395) $ 41,506 $ 42,199 (2,897) $ 39,302 18 (2) (3) $ 34,177 5,745 $ 39,922 2006 2005 9/30/2007 (1) As of

EX-99.2

Exhibit 99.2

Fannie Mae 2007 Q1-Q3 10-Q Investor Summary November 9, 2007 Credit Supplement

Characteristics of Fannie Mae Single-Family Conventional Mortgage Credit Book of Business Product Types* Occupancy* Primary Residence 6% Investor 4% Second/ Vacation 6% Other ARMs 3% IO Fixed 5% IO ARM 1% Negam * Data as of September 30, 2007 September 30, 2007 September 30, 2007 Single-Family Conventional Mortgage Credit Book of Business $2.4 Trillion Weighted Average FICO 721 Weighted Average Original LTV 71% Weighted Average MTM LTV 59% Long Term and Intermediate Term Fixed Rate (excluding IO) 85% 90% 1

Fannie Mae Subprime and Alt-A Exposure Total Exposure of $55.9 Billion Total Exposure of $359.1 Billion PLS Portfolio Investment PLS Wrap $6.2B Purchased or Guaranteed Loans $7.3B PLS Wrap $0.6B PLS Portfolio Investment $33.8B Purchased or Guaranteed Loans * Data as of September 30, 2007 Subprime $42.4B $324.7B Alt-A 2

Fannie Mae Credit Profile by Key Product Features * Data as of September 30, 2007 Note: Categories are not mutually exclusive, so numbers are not additive across columns Credit Characteristics of Single-Family Conventional Mortgage Credit Book of Business Book Profile Overall Book Subprime Loans Alt-A Loans NegAm Interest Only FICO<620 OLTV > 90% FICO<620 AND OLTV >90% Balance (UPB $billion) $2,427.7 $7.3 Share of SF Conv Credit Book (1) 100.0% 0.3% Average UPB $140,789 SDQ Rate 0.78% 4.78% Orig Yr 2005-2007 50.3% Wtd Avg OLTV 71.2% 78.7% % OLTV > 90% 9.3% 8.7% Wtd Avg MTMLTV 59.0% Wtd Avg FICO 721 622 % FICO < 620 4.9% 47.9% % Fixed Rate 88.0% 54.1% % Principal Residence 89.9% % With Credit Enhancement 20.0% 79.2% $147,368 79.4% 73.7% 95.9% $324.7 12.5% 1.36% 73.0% 5.4% 719 0.8% 68.1% 39.5% $173,643 70.4% 66.2% 78.6% $24.7 1.0% 0.86% 70.7% 0.3% 693 12.6% 0.1% 73.3% $154,801 61.6% 61.0% 73.0% $194.8 8.0% 1.18% 75.2% 7.4% 724 1.3% 38.0% 36.5% $233,391 88.2% 74.1% 84.6% $117.9 4.9% 4.06% 76.9% 23.3% 588 100.0% 91.5% 37.3% $124,399 55.7% 66.1% 96.8% $27.5 1.1% 7.00% 98.2% 100.0% 591 100.0% 96.1% 94.5% $117,013 67.5% 88.6% 99.5% $226.8 9.3% 2.41% 97.4% 100.0% 688 12.1% 92.9% 91.7% $129,768 61.7% 85.3% 96.9% 3 (1) Subprime and Alt-A are calculated as a percentage of the Single-Family Mortgage Credit Book

Fannie Mae Subprime and Alt-A Exposure - Securities/Wraps Data as of September 30, 2007 Securities (1) (2) Wraps (2) Securities Wraps Balance (UPB $billion) 42.4 6.2 33.8 0.6 Share of Total SF Credit Book 1.6% 1.3% % AAA 99% 100% % AA or below Subprime Alt-A 1% 8% 92% 0.2% 0% 0.0% 100% 0% (1) In October 2007, the credit ratings of a small number of private-label securities held in our portfolio that are backed by subprime mortgage loans, with an aggregate unpaid principal balance of $263 million as of September 30, 2007, were downgraded by Standard & Poor's. In addition, in October 2007, Moody's placed a small number of subprime-backed private-label securities that we hold, with an aggregate unpaid principal balance of $1.0 billion as of September 30, 2007, under review for possible credit rating downgrade. (2) Weighted average subordination is 32% for subprime securities and 47% for subprime wraps. 4

Single-family delinquency rates by region * Data as of September 30, 2006 and 2007 Single-family serious delinquency rates 2007 Q3 2006 Q3 Midwest Northeast Southeast Southwest West Single-family serious delinquency rates 2007 Q3 2006 Q3 California Florida Total Portfolio 1.14% 0.79% 0.88% 0.69% 0.33% 0.94% 0.62% 0.64% 0.69% 0.17% 0.30% 0.99% 0.78% 0.11% 0.37% 0.61% 5 Arizona Nevada 0.42% 0.18% 0.74% 0.25%

Home Price Growth and Fannie Mae REO in Key States * All data as of September 30, 2007 On a national basis, REO sales price/unpaid principal balance has decreased from 93% in 2005 to 89% in 2006 to 86% in Q1-Q3 2007, driving an increase in loss severity. REO and HP Statistics for Selected States REO Inventory Annualized HP Growth as of 2007Q3 (prior 5 yrs) (1) 3,633 3,113 2,099 334 18 81 146 27 5,691 4,041 2,572 282 93 188 56 62 5,921 3,218 1,896 1,061 920 506 436 313 Total 32,554 36,572 34,955 - -2.1% 7.0% 1 Based on FM Internal HP Index REO Acquisitions State 2005 2006 2007 Q1-Q3 As of 9/30/07 Annualized HP Growth as of 2007Q3 (prior 1 yr) (1) Michigan Ohio Indiana Florida California Massachusetts Arizona Nevada Other - -7.6% - -1.2% 1.4% - -10.3% - -11.1% - -3.5% - -5.8% - -9.6% N/A - -0.4% 1.8% 2.5% 11.6% 10.8% 3.8% 12.0% 11.6% N/A 6,944 2,784 1,014 918 824 397 342 266 29,624 23,103 23,587 20,684 16,135 6