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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): August 15, 2003

Federal National Mortgage Association
(Exact name of registrant as specified in its charter)

Fannie Mae


Federally chartered corporation (State or other jurisdiction of incorporation)	0-50231 (Commission File Number)	52-0883107 (IRS Employer Identification Number)


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

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

Item 5. Other Events.

On August 15, 2003, Fannie Mae (formally, the “Federal National Mortgage Association”), issued its quarterly business activity supplement for the second quarter of 2003. A copy of the supplement is filed as Exhibit 99.1 to this report, and is incorporated herein by reference.

Item 7. Financial Statements and Exhibits.

	(a)		Not applicable.

	(b)		Not applicable

	(c)		Exhibits.

			An index to exhibits has been filed as part of this Report immediately following the signature page, and is incorporated herein by reference.

SIGNATURES

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/ Janet L Pennewell Janet L. Pennewell Vice President

Date: August 15, 2003

EXHIBIT INDEX

The following is a list of the Exhibits furnished herewith.


Exhibit Number		Description of Exhibit


99.1		Quarterly business activity supplement for the second quarter of 2003, issued by Fannie Mae on August 15, 2003.

exv99w1

Exhibit 99.1

FannieMae

Business Activity Supplement

Second Quarter 2003

Business Activity Supplement
Second Quarter 2003

Table of Contents


			Page
Portfolio Commitment Activity			1
Mortgage Purchases			2
Fixed-rate Mortgages by Note Rate			3
Mortgage Portfolio Liquidations and Sales			4
Debt Summary Statistics			5
Summary of Debt Issued			6
Summary of Debt Redeemed			7
Effective Long-term Debt Maturing			8
Callable Debt, Callable Swaps, Receive-Fixed Swaptions and Other Option Embedded Instruments			9
Mortgage-Backed Securities Issues			10
Mortgage-Backed Securities Outstanding			11
Single-family REO Acquisitions and Preforeclosure Sales			12
Single-family REO Inventory			13
Portfolio and Mortgage-Backed Securities Outstanding by State			14
Conventional Single Family Serious Delinquencies			15
Total Multifamily Serious Delinquencies and REO Inventory			16

This supplement contains statistical data which are unaudited. The unaudited data should be read in conjunction with audited financial statements, notes to the financial statements, and management’s discussion and analysis of financial conditions and results of operations, included in Fannie Mae’s Annual Report on Form 10-K for the fiscal year ended December 31, 2002, filed with the Securities and Exchange Commission (SEC), and also with the unaudited financial statements, notes to the financial statements, and management’s discussion and analysis of financial conditions and results of operations, included in Fannie Mae’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2003, also filed with the SEC.

Portfolio Commitment Activity
June 2003


*(Dollars in millions)*
		Mandatory Commitments to Purchase Loans 2/

		Single-Family

						Conventional						Total
				Conventional		Intermediate						Mandatory		Commitments		Retained
		FHA/VA		Long-Term		-Term 1/		ARM		Multifamily		Commitments		to Sell		Commitments

1997		$	4,693	$	55,884	$	6,043	$	2,380	$	965	$	69,965	$	1,298	$	68,667
1998			5,075		156,623		28,237		2,017		1,843		193,795		1,880		191,915
1999			24,065		142,529		12,609		6,129		2,616		187,948		5,900		182,048
2000			4,754		123,504		10,980		19,006		5,445		163,689		11,786		151,903
2001			4,313		261,240		28,361		3,636		6,534		304,084		7,586		296,498

2002
Qtr 1		$	664	$	38,052	$	12,845	$	979	$	1,665	$	54,205	$	3,422	$	50,783
Qtr 2			5,280		48,253		7,246		971		1,458		63,208		3,280		59,928
Qtr 3			380		105,185		21,685		1,725		1,421		130,396		2,370		128,026
Qtr 4			634		123,929		23,842		1,373		2,740		152,518		3,196		149,322

	Total	$	6,958	$	315,419	$	65,618	$	5,048	$	7,284	$	400,327	$	12,268	$	388,059

2003
January		$	74	$	20,144	$	6,442	$	528	$	626	$	27,814	$	2,717	$	25,097
February			137		43,868		7,244		644		586		52,479		1,241		51,238
March			441		32,633		7,407		791		733		42,005		2,457		39,548

	Qtr 1		652		96,645		21,093		1,963		1,945		122,298		6,415		115,883

April			382		35,989		4,428		985		1,122		42,906		1,479		41,427
May			250		53,727		19,133		1,573		886		75,569		1,785		73,784
June			406		49,137		26,255		1,916		1,458		79,172		3,657		75,515

	Qtr 2		1,038		138,853		49,816		4,474		3,466		197,647		6,921		190,726

	YTD	$	1,690	$	235,498	$	70,909	$	6,437	$	5,411	$	319,945	$	13,336	$	306,609

1/ Contractual maturities of 20 years or less for portfolio loans and 15 years or less for MBS.

2/ Net of pair-offs.

- 1 -

Mortgage Purchases
June 2003


(Dollars in millions)
		Single-Family

						Conventional
				Conventional		Intermediate						Total		Purchase			Fannie Mae
		FHA/VA		Long-Term		-Term 1/		ARM		Multifamily		Purchases		Yield 2/			MBS 3/

1997		$	5,539	$	55,925	$	6,030	$	1,977	$	994	$	70,465		7.40	%	$	39,032
1998			6,016		147,615		28,725		3,507		2,585		188,448		6.61	%		104,728
1999			23,575		146,679		15,315		6,073		3,568		195,210		6.88	%		125,498
2000			6,940		113,444		11,607		17,683		4,557		154,231		7.62	%		104,904
2001			6,001		226,516		26,146		3,777		8,144		270,584		6.56	%		180,582
2002
Qtr 1		$	1,255	$	74,262	$	11,868	$	1,514	$	2,047	$	90,946		6.31	%	$	67,112
Qtr 2			5,879		35,712		11,667		1,928		1,731		56,917		6.37	%		29,133
Qtr 3			1,120		59,013		10,336		2,466		1,292		74,227		5.94	%		44,269
Qtr 4			1,239		111,828		28,231		4,831		2,422		148,551		5.49	%		104,525

	Total	$	9,493	$	280,815	$	62,102	$	10,739	$	7,492	$	370,641		5.92	%	$	245,039

2003
January		$	250	$	45,586	$	9,645	$	921	$	879	$	57,281		5.44	%	$	42,858
February			261		33,638		4,720		1,195		606		40,420		5.32	%		27,530
March			417		26,560		5,205		1,439		683		34,304		5.20	%		18,252

	Qtr 1		928		105,784		19,570		3,555		2,168		132,005		5.34	%		88,640

April			593		34,822		5,710		1,270		633		43,028		5.20	%		25,648
May			353		35,110		6,042		1,291		953		43,749		5.12	%		23,180
June			547		32,272		6,152		1,335		877		41,183		4.96	%		21,655

	Qtr 2		1,493		102,204		17,904		3,896		2,463		127,960		5.09	%		70,483

	YTD	$	2,421	$	207,988	$	37,474	$	7,451	$	4,631	$	259,965		5.22	%	$	159,123

1/ Contractual maturities of 20 years or less for portfolio loans and 15 years or less for MBS.

2/ Yields are shown on a tax equivalent basis.

3/ Included in total purchases.

- 2 -

Fixed Rate Mortgages by Note Rate 1/
June 2003


(Dollars in millions)
			6.00%		6.50%		7.00%		7.50%
End of	under		to		to		to		to
Period	6.00%		6.49%		6.99%		7.49%		7.99%

1997	$	914	$	11,218	$	71,085	$	163,002	$	227,750
1998		2,987		28,523		176,133		280,774		215,161
1999		6,057		49,285		266,401		323,154		224,092
2000		5,519		44,869		244,457		301,640		255,849
2001		19,055		86,842		393,701		414,763		250,472

2002
Qtr 1		33,731		122,605		452,387		418,800		230,587
Qtr 2		35,529		135,409		492,929		434,623		221,999
Qtr 3		52,472		169,799		533,746		419,077		207,070
Qtr 4		145,641		260,437		519,799		356,215		177,752

2003
Qtr 1		296,554		346,974		474,724		297,078		152,277
Qtr 2		545,198		371,678		402,875		238,145		128,244

[Additional columns below]

[Continued from above table, first column(s) repeated]


(Dollars in millions)

	8.00%		8.50%		9.00%		9.50%		10.00%
End of	to		to		to		to		and
Period	8.49%		8.99%		9.49%		9.99%		over		Total

1997	$	149,800	$	87,021	$	26,877	$	21,153	$	20,979	$	779,799
1998		105,341		57,302		17,573		14,438		15,039		913,271
1999		94,037		45,030		13,082		10,575		11,168		1,042,881
2000		157,543		71,812		17,986		11,509		10,279		1,121,463
2001		114,772		54,280		14,846		10,182		10,177		1,369,090

2002
Qtr 1		99,464		48,349		13,278		8,890		8,666		1,436,757
Qtr 2		91,064		44,727		12,390		8,273		7,974		1,484,917
Qtr 3		83,506		41,835		11,647		7,695		7,290		1,534,137
Qtr 4		72,165		37,762		10,660		7,033		6,853		1,594,317

2003
Qtr 1		62,592		33,680		9,641		6,347		6,152		1,686,019
Qtr 2		53,774		29,844		8,700		5,725		5,604		1,789,787

1/ Includes loans underlying mortgages in portfolio or backing net MBS outstanding. Excludes housing revenue bonds and certain other portfolio investments.

- 3 -

Mortgage Portfolio Liquidations and Sales
June 2003


(Dollars in millions)

	Liquidations												Sales					Total Liquidations and Sales

			Amortization		Total		Estimated			% of Avg.					Estimated					Estimated
	Foreclosure		& Prepayments		Amount		Net Yield			Portfolio 1/			Amount		Net Yield			Amount		Net Yield

1997	$	2,037	$	37,714	$	39,751		7.70	%		13.25	%	$	1,088		6.58	%	$	40,839		7.67	%
1998		1,950		86,917		88,867		7.66	%		25.02	%		1,793		6.91	%		90,660		7.65	%
1999		1,959		77,791		79,750		7.39	%		16.93	%		6,148		6.98	%		85,898		7.36	%
2000		1,040		56,193		57,233		7.18	%		10.25	%		10,982		6.98	%		68,215		7.15	%
2001		1,219		163,193		164,412		7.23	%		24.73	%		8,981		6.49	%		173,393		7.19	%

2002
Qtr 1	$	487	$	60,485	$	60,972		7.01	%		33.75	%	$	3,131		5.88	%	$	64,103		6.96	%
Qtr 2		618		45,857		46,475		6.89	%		25.16	%		3,629		6.82	%		50,104		6.89	%
Qtr 3		630		61,518		62,148		6.82	%		33.35	%		1,436		6.46	%		63,584		6.82	%
Qtr 4		743		107,081		107,824		6.71	%		56.48	%		1,386		5.48	%		109,210		6.70	%

YTD	$	2,478	$	274,941	$	277,419		6.83	%		37.35	%	$	9,582		6.27	%	$	287,001		6.82	%


2003
Qtr 1	$	806	$	104,802	$	105,608		6.61	%		52.25	%	$	1,271		5.68	%	$	106,879		6.60	%
Qtr 2		896		125,050		125,946		6.45	%		61.78	%		5,425		5.48	%		131,371		6.41	%

YTD	$	1,702	$	229,852	$	231,554		6.52	%		57.07	%	$	6,696		5.52	%	$	238,250		6.49	%

1/ Annualized

- 4 -

Debt Summary Statistics
As of June 30, 2003


(Dollars in millions)
			Quarter Ended

Debt Outstanding			6/30/2003		3/31/2003		12/31/2002		9/30/2002		6/30/2002

Effective short-term debt, redemption value 1/			$	294,432	$	173,243	$	192,702	$	137,234		$	103,043
	Cost			1.28%		1.36%		1.52%		1.86%			2.04%
Effective long-term debt, redemption value 1/				579,676		693,891		651,827		657,246			686,061
	Cost			5.57%		5.20%		5.48%		5.64%			5.79%
		Foreign debt adjustment and other basis adjustments		12,064		8,945		8,735		8,050			2,291

Total redemption value 2/			$	886,172	$	876,079	$	853,264	$	802,530		$	791,395

Cost				4.13%		4.60%		4.81%		5.18%			5.36%

Other Funding Activities and Statistics
Option embedded debt instruments outstanding			$	618,414	$	590,819	$	601,451	$	514,421		$	429,757
Option embedded debt instruments as a % of net mortgage assets outstanding				75.4%		71.8%		75.4%		67.9%			58.0%

Long Term Debt:
Debt called during period 3/ 4/			$	61,649	$	42,476	$	36,806	$	24,829		$	23,859
Debt repurchased during period 4/				6,952		3,614		1,044		846			3,515
Debt matured during period				24,503		23,165		24,814		11,273			9,912

Total Long Term Debt Redeemed During Period			$	93,104	$	69,255	$	62,664	$	36,948		$	37,286

Short Term Debt:
Debt called during period 3/ 4/			$	1,250	$	1,300	$	4,350	$	1,125		$	1,650
Debt matured/paydown during period				585,509		557,820		372,495		428,702			333,880

Total Short Term Debt Redeemed During Period			$	586,759	$	559,120	$	376,845	$	429,827		$	335,530


Total Debt Redeemed During Period			$	679,863	$	628,375	$	439,509	$	466,775		$	372,816

Swaps retired before maturity during period4/			$	3,524	$	175	$	12,600	$	39,440		$	1,150
Swaps matured during period				30,244		4,525		16,870		8,500			525

Total Swaps Redeemed During Period			$	33,768	$	4,700	$	29,470	$	47,940		$	1,675

1/ Data reflects the classification of debt obligations based on the repricing frequency of their coupon rates and on debt conversion via interest rate swaps.

2/ Average maturity is 50 months at June 30, 2003.

3/ Includes debt that was called as a result of an associated swap being called This debt was previously classified as non-callable.

4/ Included in total early redemptions, which totaled $73,376 million for the 2nd quarter of 2003.

- 5 -

Summary of Debt Issued
June 30, 2003


*(Dollars in millions)*
		SHORT-TERM DEBT 1/							LONG-TERM DEBT 2/ 4/

				AVG.							AVG.
		REDEMPTION		TERM		ACCOUNTING			REDEMPTION		TERM		ACCOUNTING
		VALUE		(DAYS)		COST 3/			VALUE		(MONTHS)		COST 3/

1999		$	1,136,001		55		5.17	%	$	139,020		77		6.07	%
2000		$	1,143,131		63		6.27	%	$	110,215		89		6.92	%
2001		$	1,756,690		60		3.69	%	$	249,353		55		4.83	%
2002
	Qtr 1	$	461,929		51		1.76	%	$	61,936		65		4.58	%
	Qtr 2		338,957		70		1.80	%		50,067		57		4.37	%
	Qtr 3		411,567		50		1.70	%		60,479		56		3.32	%
	Qtr 4		423,466		64		1.43	%		65,985		48		3.00	%

TOTAL		$	1,635,919		58		1.67	%	$	238,467		56		3.78	%

2003
January		$	155,041		62		1.22	%	$	21,790		46		2.97	%
February			193,494		54		1.24	%		23,004		54		3.17	%
March			225,629		36		1.19	%		31,915		50		2.46	%

	Qtr 1		574,164		49		1.22	%		76,709		50		2.82	%

April		$	193,666		35		1.13	%	$	35,089		49		2.73	%
May			190,705		37		1.14	%		19,223		58		3.05	%
June			223,968		41		1.00	%		24,078		60		2.40	%

	Qtr 2		608,339		38		1.09	%		78,390		55		2.70	%


	YTD	$	1,182,503		43		1.15	%	$	155,099		52		2.76	%

1/ The impact of interest rate swaps is excluded.

2/ Long-term debt may be fixed or variable rate, and the impact of interest rate swaps is excluded.

3/ Accounting cost represents the monthly equivalent yield that discounts the amount due at maturity to the net proceeds over the expected life of the security. Beginning in the 2nd quarter 2003, the impact of debt swaps has been excluded.

4/ Effective long-term debt of $19.1 billion was issued during the second quarter of 2003.

- 6 -

Summary of Debt Redeemed
June 30, 2003


*(Dollars in millions)*
		SHORT-TERM DEBT 1/					LONG-TERM DEBT 2/ 4/

		REDEMPTION		ACCOUNTING			REDEMPTION		ACCOUNTING
		VALUE		COST 3/			VALUE		COST 3/

1999		$	1,125,748		5.10	%	$	61,790		6.51	%
2000		$	1,106,956		6.15	%	$	50,335		6.33	%
2001		$	1,691,239		4.22	%	$	196,610		6.03	%
2002
	Qtr 1	$	478,442		1.99	%	$	38,911		5.40	%
	Qtr 2		335,530		1.92	%		37,286		5.50	%
	Qtr 3		429,827		1.78	%		36,948		5.10	%
	Qtr 4		376,845		1.63	%		62,664		3.98	%

Total		$	1,620,644		1.84	%	$	175,809		4.85	%

2003
January		$	145,962		1.38	%	$	20,819		3.95	%
February			179,189		1.33	%		28,564		3.59	%
March			233,969		1.27	%		19,872		4.14	%

	Qtr 1		559,120		1.32	%		69,255		3.86	%

April		$	204,147		1.22	%	$	27,766		4.30	%
May			177,570		1.21	%		30,141		3.70	%
June			205,042		1.16	%		35,197		3.48	%

	Qtr 2		586,759		1.20	%		93,104		3.80	%

	YTD	$	1,145,879		1.26	%	$	162,359		3.82	%

1/ The impact of interest rate swaps is excluded.

2/ Long-term debt may be fixed or variable, and excludes the impact of interest rate swaps.

3/ Accounting cost represents the monthly equivalent yield that discounts the amount due at maturity to the net proceeds over the expected
life of the security. Beginning in the 2nd quarter 2003, the impact of debt swaps has been excluded.

4/ Effective long-term debt of $84.3 billion was redeemed during the second quarter of 2003.

- 7 -

Effective Long Term Debt Maturing
As of June 30, 2003


			Total Debt by Quarter					Assuming Callable Debt
*(Dollars in millions)*			of Contractual Maturity					Redeemed at Initial Call Date

			Amount		Accounting			Amount		Accounting
			Outstanding 1/		Cost 2/			Outstanding 1/		Cost 2/

Currently Callable						0.00	%	$	3,445		5.08	%

2003 Qtr 3				11,048		6.66	%		57,945		4.48	%
	Qtr 4			17,841		5.71	%		74,180		4.64	%

		Total	$	28,889		6.07	%	$	132,125		4.57	%

2004 Qtr 1			$	18,591		6.27	%	$	65,891		5.19	%
	Qtr 2			29,854		4.46	%		75,136		4.92	%
	Qtr 3			26,289		5.10	%		35,886		5.95	%
	Qtr 4			14,710		4.27	%		19,029		5.32	%

		Total	$	89,444		4.99	%	$	195,942		5.24	%

2005 Qtr 1			$	24,026		3.67	%	$	32,175		4.86	%
	Qtr 2			16,527		4.14	%		19,652		4.88	%
	Qtr 3			19,764		4.96	%		14,703		6.63	%
	Qtr 4			24,573		4.19	%		15,856		5.36	%

		Total	$	84,890		4.21	%	$	82,386		5.28	%

2006				78,622		4.24	%		70,922		5.27	%
2007				49,411		5.95	%		36,562		7.11	%
2008 and beyond				248,420		6.55	%		58,294		8.88	%

Total Debt			$	579,676		5.57	%	$	579,676		5.57	%

1/		Amount outstanding includes long-term debt, effective fixed-rate debt and notional amount of long-term interest rate swaps. Also includes debt linked to swaptions which makes it effectively callable debt. Effective variable-rate debt is excluded from the data.

2/		Accounting cost represents the monthly equivalent yield that discounts the amount due at maturity to the net proceeds over the expected life of the security. The impact of debt swaps is included.

- 8 -

Callable Debt, Callable Swaps, Receive-Fixed Swaptions
and Other Option Embedded Instruments
As of June 30, 2003


*(Dollars in millions)*
			Amount
Call Date	Year of Maturity		Outstanding		Average Cost


Callable debt, callable swaps and receive-fixed swaptions 1/:
Currently callable		2004-2023	$	3,445		5.08	%
2003		2003-2031		103,521		4.15	%
2004		2004-2033		126,664		4.95	%
2005		2006-2033		31,996		5.70	%
2006		2008-2031		27,111		6.07	%
2007		2011-2032		16,958		6.31	%
2008		2014-2033		5,440		6.00	%
2008 and later		2012-2030		12,770		6.86	%

Total				327,906		5.03	%

Pay-fixed swaptions				152,280
Caps				138,228

Total option-embedded financial instruments			$	618,414

Excludes $18,305 million of callable debt which was swapped to variable rate debt and which is classified as effectively non-callable debt.

- 9 -

Mortgage–Backed Securities Issued
June 2003


*(Dollars in millions)*

	Lender-originated MBS

	Single - Family
											MBS Purchased		MBS Issues		Fannie
	Long -		Inter-		Conventional						by Fannie Mae's		Acquired by		Mae		REMICs
	Term 1/		mediate /2		ARMS		Multifamily		Total		Portfolio		Other Investors		Originated		Issued

1997	$	90,903	$	29,602	$	20,834	$	5,814	$	147,153	$	39,033	$	108,120	$	2,276	$	74,812
1998		235,700		65,125		14,008		10,618		325,451		104,728		220,723		696		76,332
1999		223,753		56,296		11,803		8,496		300,348		125,498		174,850		341		50,613
2000		155,859		21,127		25,729		7,596		210,311		104,904		105,407		1,351		33,594
2001		393,576		93,503		24,442		13,801		525,322		180,583		344,738		3,101		123,506


2002
Qtr 1	$	114,588	$	45,092	$	11,439	$	2,797	$	173,916	$	67,112	$	106,804	$	2,064	$	36,819
Qtr 2		91,442		25,852		12,605		2,143		132,042		29,133		102,909		2,964		21,624
Qtr 3		107,126		32,527		15,237		1,971		156,861		44,269		112,592		3,759		35,511
Qtr 4		165,681		64,677		24,695		5,427		260,480		104,525		155,955		7,509		50,012

Total	$	478,837	$	168,148	$	63,976	$	12,338	$	723,299	$	245,039	$	478,260	$	16,296	$	143,966



2003
January	$	66,876	$	29,635	$	8,745	$	1,390	$	106,646	$	42,858	$	63,788	$	2,268	$	22,113
February		59,693		24,746		8,280		466		93,185		27,530		65,655		2,319		25,631
March		58,401		24,211		9,411		719		92,742		18,252		74,490		1,439		25,652

Qtr 1	$	184,970	$	78,593	$	26,436	$	2,574	$	292,573	$	88,640	$	203,933	$	6,026	$	73,396

April	$	76,311	$	32,986	$	11,679	$	666	$	121,643	$	25,648	$	95,993	$	829	$	33,890
May		67,735		29,925		9,788		988		108,436		23,180		85,257		391		20,915
June		74,117		33,000		14,341		1,449		122,906		21,655		101,251		1,583		16,783

Qtr 2		218,162		95,911		35,807		3,104		352,985		70,483		282,502		2,802		71,588


YTD	$	403,131	$	174,503	$	62,243	$	5,679	$	645,558	$	159,123	$	486,435	$	8,829	$	144,984

1/ Long-term Mortgage-Backed Securities have contractual maturities greater than 15 years.

2/ Intermediate-term Mortgage-Backed Securities have contractual maturities equal to or less than 15 years.

- 10 -

Mortgage–Backed Securities Outstanding
June 2003


*(Dollars in millions)*
	MBS

	Single-family
												MBS in
	Long -		Inter-		Conventional							Fannie Mae's		Outstanding
	Term 1/		mediate 2/		ARMS		Multifamily		Total			Portfolio 3/		MBS 3/			REMICs

1997	$	448,824	$	168,132	$	71,025	$	21,601	$	709,582		$	130,444	$	579,138		$	328,596
1998		557,983		187,221		59,001		30,313		834,518			197,375		637,143			311,426
1999		670,555		200,488		53,898		35,942		960,883			281,714		679,169			293,563
2000		758,869		189,362		68,167		41,352		1,057,750			351,066		706,684			291,798
2001		938,139		232,092		67,894		52,226		1,290,351			431,484		858,867			346,143

2002
Qtr 1		974,360		254,908		72,106		54,030		1,355,404			459,094		896,310			352,159
Qtr 2		1,000,662		271,030		77,750		55,152		1,404,594			459,097		945,497			347,566
Qtr 3		1,031,062		285,339		86,528		56,016		1,458,945			468,552		990,393			346,538
Qtr 4		1,054,165		321,290		103,155		59,677		1,538,287			508,831		1,029,456			346,703

2003
Qtr 1		1,087,299		371,642		117,554		60,979		1,637,474			529,954		1,107,520			369,032
Qtr 2		1,128,843		418,913		139,506		62,633		1,749,896	4/		512,435		1,237,461	4/		382,441

		1/ Long-term Mortgage-Backed Securities have contractual maturities greater than 15 years.

		2/ Intermediate-term Mortgage-Backed Securities have contractual maturities equal to or less than 15 years.

		3/ Based on unpaid principal balances effective March 31, 2002.

		4/ Includes $1,518 million of multifamily whole loan REMIC’s and $34,845 million of single-family whole loan REMIC’s and $8,913 million of private label securities guaranteed by Fannie Mae.

- 11 -

SINGLE-FAMILY REO ACQUISITIONS AND PREFORECLOSURE SALES
June 2003


PROPERTY STATE	2Q 2003		1Q 2003		4Q 2002		3Q 2002		2Q 2002		1Q 2002

Michigan		531		507		419		352		292		240
Texas		467		425		364		312		322		264
Georgia		462		344		310		218		244		184
North Carolina		454		308		233		216		188		151
Ohio		415		366		301		277		234		186
Florida		289		270		279		322		297		291
Indiana		282		238		244		219		165		184
Utah		220		183		178		162		145		137
Tennessee		219		225		174		158		125		117
Pennsylvania		215		218		237		240		242		197
Missouri		195		191		137		130		134		109
Washington		195		208		202		197		199		154
Illinois		192		202		250		213		173		197
Colorado		192		155		142		126		87		70
Alabama		185		164		126		110		119		107
South Carolina		177		149		144		127		109		101
Arizona		151		130		125		129		107		104
Minnesota		129		84		73		62		55		62
Lousiana		126		100		87		79		80		77
New York		123		108		151		130		115		134
OTHER STATES		1,350		1,343		1,239		1,281		1,256		1,271

TOTAL REOs ACQUIRED		6,569		5,918		5,415		5,060		4,688		4,337

PREFORECLOSURE SALES		444		356		373		370		386		281

[Additional columns below]

[Continued from above table, first column(s) repeated]


PROPERTY STATE	4Q 2001		3Q 2001		2Q 2001		1Q 2001		4Q 2000		3Q 2000		2Q 2000

Michigan		171		159		155		112		86		80		84
Texas		234		173		190		262		203		195		174
Georgia		161		130		126		141		103		90		108
North Carolina		126		72		107		78		65		59		73
Ohio		201		184		187		146		142		97		125
Florida		308		326		366		368		333		354		368
Indiana		134		92		101		94		108		88		80
Utah		125		74		64		81		71		52		52
Tennessee		76		69		63		80		43		47		42
Pennsylvania		211		238		196		174		233		230		208
Missouri		104		68		69		65		68		55		64
Washington		168		132		122		130		133		118		89
Illinois		166		149		127		157		149		138		135
Colorado		43		39		59		44		34		36		29
Alabama		95		75		68		45		62		37		37
South Carolina		87		52		58		51		52		40		42
Arizona		84		65		67		67		88		67		89
Minnesota		43		40		51		46		29		35		43
Lousiana		57		45		47		45		42		47		44
New York		146		103		150		164		177		165		238
OTHER STATES		1,152		1,150		1,193		1,243		1,177		1,321		1,525

TOTAL REOs ACQUIRED		3,892		3,435		3,566		3,593		3,398		3,351		3,649

PREFORECLOSURE SALES		259		354		304		265		318		340		476

- 12 -

SINGLE-FAMILY REO INVENTORY
June 2003


Property State	2Q 2003		1Q 2003		4Q 2002		3Q 2002		2Q 2002		1Q 2002

Michigan		1564		1351		1084		878		701		598
Ohio		917		826		666		560		465		409
North Carolina		766		595		477		430		341		264
Georgia		714		554		477		374		364		314
Texas		687		663		616		561		509		442
Indiana		426		379		338		322		254		252
Florida		398		398		410		413		377		408
Pennsylvania		392		432		440		438		398		374
South Carolina		346		301		278		246		212		173
Colorado		341		311		252		203		142		107
Tennessee		326		355		293		271		220		184
Washington		323		326		317		295		264		245
Illinois		320		363		379		310		255		261
Alabama		309		278		219		210		217		205
Maryland		301		332		335		367		341		328
Missouri		292		280		247		247		207		201
Utah		287		279		267		219		198		199
Minnesota		250		197		163		144		135		131
Kentucky		237		173		102		70		78		61
New York		230		221		244		236		228		264
Other states		2,418		2,429		2,371		2,335		2,133		2,214

Total REO inventory		11,844		11,043		9,975		9,129		8,039		7,634

[Additional columns below]

[Continued from above table, first column(s) repeated]


Property State	4Q 2001		3Q 2001		2Q 2001		1Q 2001		4Q 2000		3Q 2000		2Q 2000

Michigan		501		427		366		313		281		249		235
Ohio		423		386		354		298		243		194		192
North Carolina		210		171		179		156		135		124		124
Georgia		269		233		233		207		170		143		156
Texas		385		322		360		398		347		329		302
Indiana		182		141		141		138		150		127		112
Florida		415		442		446		441		424		449		493
Pennsylvania		380		383		344		369		437		436		432
South Carolina		138		104		103		101		88		72		71
Colorado		77		97		104		86		70		70		64
Tennessee		145		137		126		112		87		86		77
Washington		240		199		197		219		215		191		148
Illinois		254		237		223		260		251		247		240
Alabama		178		135		114		105		95		59		62
Maryland		311		285		291		283		304		358		387
Missouri		157		113		106		110		127		117		112
Utah		171		112		115		127		105		87		80
Minnesota		113		123		121		93		91		93		97
Kentucky		57		55		33		26		35		28		35
New York		290		280		315		360		374		415		470
Other states		2,177		2,133		2,187		2,315		2,385		2,704		2,896

Total REO inventory		7,073		6,515		6,458		6,517		6,414		6,578		6,785

- 13 -

Portfolio and Mortgage-Backed Securities Outstanding by State
As of June 30, 2003


(Dollars in millions)
	Portfolio				Mortgage-Backed Securities				T o t a l

	Number				Number				Number
	of Units 1/		Amount 2/		of Units 1/		Amount 2/		of Units		Amount

Alabama		30,443	$	1,831		192,197	$	17,074		222,640	$	18,905
Alaska		17,426		1,355		16,136		1,881		33,562		3,236
Arizona		52,054		3,408		431,418		43,235		483,472		46,643
Arkansas		29,194		1,985		91,316		7,451		120,510		9,436
California		355,898		28,824		2,698,935		352,124		3,054,833		380,948
Colorado		49,984		3,629		434,039		54,841		484,023		58,470
Connecticut		39,033		3,210		195,277		22,984		234,310		26,194
Delaware		9,955		744		49,817		5,415		59,772		6,159
Dist. of Columbia		21,401		830		45,365		3,915		66,766		4,745
Florida		173,912		11,508		1,143,480		104,663		1,317,392		116,171
Georgia		80,804		5,565		526,422		54,854		607,226		60,419
Guam		442		43		1,034		87		1,476		130
Hawaii		20,621		2,631		79,146		13,186		99,767		15,817
Idaho		11,111		715		75,801		7,200		86,912		7,915
Illinois		152,810		11,891		662,039		74,196		814,849		86,087
Indiana		64,476		4,054		310,431		25,526		374,907		29,580
Iowa		45,452		2,989		94,817		7,622		140,269		10,611
Kansas		24,088		1,597		112,178		9,826		136,266		11,423
Kentucky		21,735		1,251		140,703		12,038		162,438		13,289
Louisiana		56,331		3,651		203,357		16,061		259,688		19,712
Maine		17,537		1,159		55,022		4,991		72,559		6,150
Maryland		71,307		4,510		415,193		45,633		486,500		50,143
Massachusetts		95,532		6,964		459,615		59,464		555,147		66,428
Michigan		113,245		7,665		658,315		65,395		771,560		73,060
Minnesota		61,063		4,573		300,100		32,490		361,163		37,063
Mississippi		26,036		1,777		93,026		7,176		119,062		8,953
Missouri		64,256		3,812		294,536		26,714		358,792		30,526


	Portfolio				Mortgage-Backed Securities				T o t a l 4/

	Number				Number				Number
	of Units 1/		Amount 2/		of Units 1/		Amount 2/		of Units		Amount

Montana		10,867		857		40,411		3,884		51,278		4,741
Nebraska		28,117		1,990		69,574		5,442		97,691		7,432
Nevada		31,266		1,864		198,804		21,213		230,070		23,077
New Hampshire		19,447		1,391		88,912		9,863		108,359		11,254
New Jersey		87,329		8,125		507,006		60,569		594,335		68,694
New Mexico		23,181		1,667		86,931		8,103		110,112		9,770
New York		222,018		14,058		869,019		82,931		1,091,037		96,989
North Carolina		56,135		4,136		422,726		42,264		478,861		46,400
North Dakota		6,191		326		17,842		1,253		24,033		1,579
Ohio		156,271		10,375		596,308		50,500		752,579		60,875
Oklahoma		42,592		2,599		138,973		9,896		181,565		12,495
Oregon		38,677		3,043		259,982		28,156		298,659		31,199
Pennsylvania		111,469		7,788		540,647		46,986		652,116		54,774
Puerto Rico		21,823		1,684		66,882		5,316		88,705		7,000
Rhode Island		15,846		1,066		71,468		7,019		87,314		8,085
South Carolina		29,076		2,151		187,158		17,519		216,234		19,670
South Dakota		13,155		872		22,443		1,783		35,598		2,655
Tennessee		40,772		2,536		264,629		24,436		305,401		26,972
Texas		235,290		14,090		1,009,717		79,905		1,245,007		93,995
Utah		28,219		1,917		159,396		17,783		187,615		19,700
Vermont		10,585		649		27,881		2,754		38,466		3,403
Virgin Islands		1,127		80		1,526		124		2,653		204
Virginia		88,642		6,241		425,943		53,141		514,585		59,382
Washington		72,565		6,234		491,623		58,018		564,188		64,252
West Virginia		14,423		873		33,403		2,758		47,826		3,631
Wisconsin		124,388		10,040		214,229		21,473		338,617		31,513
Wyoming		9,012		651		20,271		1,852		29,283		2,503

Total 3/		3,244,629	$	229,474		16,613,419	$	1,740,983		19,858,048	$	1,970,457

1/		Represents individual units financed by conventional and government single-family and multifamily mortgages.

2/		Amount represents gross unpaid principal balances.

3/		Fannie Mae MBS in portfolio totaling $512,435 million are included in MBS, but excluded from portfolio statistics.

4/		Excludes $79.5 billion of non-fannie mae securities for which information is not readily available.

- 14 -

Conventional Single-Family
Serious Delinquencies
June 2003


		Credit Enhanced							Non-Credit Enhanced

				Serious Delinquencies 1/							Serious Delinquencies 1/
		Total #								Total #
		of Loans		Total #		%			of Loans		Total #		%
		Outstanding		of Loans		Delinquent			Outstanding		of Loans		Delinquent

Northeast
	2nd Qtr 2002		622,805		7,525		1.21	%		1,897,291		6,487		0.34	%
	3rd Qtr 2002		616,765		7,806		1.27	%		1,922,408		6,618		0.34	%
	4th Qtr 2002		585,261		8,403		1.44	%		1,957,555		7,023		0.36	%
	1st Qtr 2003		560,717		8,695		1.55	%		2,028,468		7,182		0.35	%
	2nd Qtr 2003		527,747		8,614		1.63	%		2,099,048		7,003		0.33	%

Southeast
	2nd Qtr 2002		1,044,686		10,897		1.04	%		2,068,902		6,015		0.29	%
	3rd Qtr 2002		1,045,852		12,056		1.15	%		2,097,101		6,350		0.30	%
	4th Qtr 2002		1,025,978		13,759		1.34	%		2,206,143		7,269		0.33	%
	1st Qtr 2003		1,035,250		13,814		1.33	%		2,318,335		7,394		0.32	%
	2nd Qtr 2003		1,015,977		14,316		1.41	%		2,478,564		7,485		0.30	%

Midwest
	2nd Qtr 2002		832,702		9,715		1.17	%		2,071,369		6,043		0.29	%
	3rd Qtr 2002		807,763		10,789		1.34	%		2,065,326		6,660		0.32	%
	4th Qtr 2002		753,756		11,936		1.58	%		2,095,623		7,614		0.36	%
	1st Qtr 2003		726,495		12,065		1.66	%		2,182,183		7,834		0.36	%
	2nd Qtr 2003		685,332		12,593		1.84	%		2,250,348		8,268		0.37	%

Southwest
	2nd Qtr 2002		786,997		7,008		0.89	%		1,520,181		3,803		0.25	%
	3rd Qtr 2002		781,551		8,036		1.03	%		1,544,203		4,152		0.27	%
	4th Qtr 2002		762,556		8,976		1.18	%		1,621,736		4,726		0.29	%
	1st Qtr 2003		757,485		9,139		1.21	%		1,711,293		5,008		0.29	%
	2nd Qtr 2003		742,479		9,639		1.30	%		1,814,996		5,198		0.29	%

West
	2nd Qtr 2002		683,968		5,206		0.76	%		2,207,239		4,473		0.20	%
	3rd Qtr 2002		666,922		5,380		0.81	%		2,232,540		4,567		0.20	%
	4th Qtr 2002		632,037		5,544		0.88	%		2,335,071		4,928		0.21	%
	1st Qtr 2003		616,243		5,650		0.92	%		2,461,966		4,738		0.19	%
	2nd Qtr 2003		598,039		5,511		0.92	%		2,618,767		4,568		0.17	%

Total
	2nd Qtr 2002		3,971,158		40,351		1.02	%		9,764,982		26,821		0.27	%
	3rd Qtr 2002		3,918,853		44,067		1.12	%		9,861,578		28,347		0.29	%
	4th Qtr 2002		3,759,588		48,618		1.29	%		10,216,128		31,560		0.31	%
	1st Qtr 2003		3,696,190		49,363		1.34	%		10,702,245		32,156		0.30	%
	2nd Qtr 2003		3,569,574		50,673		1.42	%		11,261,723		32,522		0.29	%

[Additional columns below]

[Continued from above table, first column(s) repeated]


		Total

				Serious Delinquencies 1/
		Total #
		of Loans		Total #		%
		Outstanding		of Loans		Delinquent

Northeast
	2nd Qtr 2002		2,520,096		14,012		0.56	%
	3rd Qtr 2002		2,539,173		14,424		0.57	%
	4th Qtr 2002		2,542,816		15,426		0.61	%
	1st Qtr 2003		2,589,185		15,877		0.61	%
	2nd Qtr 2003		2,626,795		15,617		0.59	%

Southeast
	2nd Qtr 2002		3,113,588		16,912		0.54	%
	3rd Qtr 2002		3,142,953		18,406		0.59	%
	4th Qtr 2002		3,232,121		21,028		0.65	%
	1st Qtr 2003		3,353,585		21,208		0.63	%
	2nd Qtr 2003		3,494,541		21,801		0.62	%

Midwest
	2nd Qtr 2002		2,904,071		15,758		0.54	%
	3rd Qtr 2002		2,873,089		17,449		0.61	%
	4th Qtr 2002		2,849,379		19,550		0.69	%
	1st Qtr 2003		2,908,678		19,899		0.68	%
	2nd Qtr 2003		2,935,680		20,861		0.71	%

Southwest
	2nd Qtr 2002		2,307,178		10,811		0.47	%
	3rd Qtr 2002		2,325,754		12,188		0.52	%
	4th Qtr 2002		2,384,292		13,702		0.57	%
	1st Qtr 2003		2,468,778		14,147		0.57	%
	2nd Qtr 2003		2,557,475		14,837		0.58	%

West
	2nd Qtr 2002		2,891,207		9,679		0.33	%
	3rd Qtr 2002		2,899,462		9,947		0.34	%
	4th Qtr 2002		2,967,108		10,472		0.35	%
	1st Qtr 2003		3,078,209		10,388		0.34	%
	2nd Qtr 2003		3,216,806		10,079		0.31	%

Total
	2nd Qtr 2002		13,736,140		67,172		0.49	%
	3rd Qtr 2002		13,780,431		72,414		0.53	%
	4th Qtr 2002		13,975,716		80,178		0.57	%
	1st Qtr 2003		14,398,435		81,519		0.57	%
	2nd Qtr 2003		14,831,297		83,195		0.56	%

Serious delinquencies include all conventional loans that are three or more months delinquent or in foreclosure and excludes loans with full or substantial recourse to lenders or loans covered by significant supplemental pool mortgage insurance.

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Total Multifamily Total Serious Delinquencies and REO Inventory
June 2003


(Dollars in millions)
		Loans Serviced				Serious Delinquencies 1/							REO Inventory

		# of				# of				%			# of
		Loans		UPB		Loans		UPB		Delinquent			Loans		UPB

Northeast
	2nd Qtr 2002		3,523		14,479.0		5		4.7		0.03	%		—		—
	3rd Qtr 2002		3,627		14,966.9		2		2.2		0.01	%		—		—
	4th Qtr 2002		4,127		16,547.0		2		3.6		0.02	%		—		—
	1st Qtr 2003		4,324		17,568.6		2		3.2		0.02	%		—		—
	2nd Qtr 2003		4,446		18,406.5		2		3.2		0.02	%		—		—
Southeast
	2nd Qtr 2002		3,031		18,826.6		3		6.3		0.03	%		—		—
	3rd Qtr 2002		3,108		19,256.2		7		6.4		0.03	%		1		4.0
	4th Qtr 2002		3,196		20,280.7		3		11.9		0.06	%		1		4.0
	1st Qtr 2003		3,272		20,915.2		4		3.2		0.02	%		2		12.7
	2nd Qtr 2003		3,351		21,699.5		5		7.9		0.04	%		2		12.8
Midwest
	2nd Qtr 2002		2,676		8,655.8		10		62.7		0.72	%		—		—
	3rd Qtr 2002		2,680		8,825.8		6		46.2		0.52	%		1		2.9
	4th Qtr 2002		2,796		9,090.9		10		7.6		0.08	%		1		2.9
	1st Qtr 2003		2,787		9,345.9		10		41.5		0.44	%		1		2.9
	2nd Qtr 2003		2,921		9,582.1		7		13.9		0.14	%		—		—
Southwest
	2nd Qtr 2002		2,784		12,209.5		8		15.0		0.12	%		—		—
	3rd Qtr 2002		2,816		12,460.7		6		6.6		0.05	%		—		—
	4th Qtr 2002		3,171		13,194.7		4		15.7		0.12	%		—		—
	1st Qtr 2003		3,173		13,228.8		7		26.4		0.20	%		—		—
	2nd Qtr 2003		3,308		13,559.2		11		61.7		0.45	%		3		7.7
West
	2nd Qtr 2002		13,498		28,033.1		7		6.4		0.02	%		—		—
	3rd Qtr 2002		13,389		28,655.4		16		9.0		0.03	%		1		2.3
	4th Qtr 2002		16,018		31,328.8		11		6.9		0.02	%		1		2.3
	1st Qtr 2003		15,686		31,870.1		4		8.3		0.03	%		1		2.3
	2nd Qtr 2003		16,655		33,282.6		10		38.2		0.11	%		—		—
Total
	2nd Qtr 2002		25,512		82,204.0		33		95.1		0.12	%		—		—
	3rd Qtr 2002		25,620		84,165.0		37		70.4		0.08	%		3		9.2
	4th Qtr 2002		29,308		90,442.1		30		45.7		0.05	%		3		9.2
	1st Qtr 2003		29,242		92,928.6		27		82.6		0.09	%		4		17.9
	2nd Qtr 2003		30,681		96,529.8		35		124.8		0.13	%		5		20.5

1/ Includes loans which are two or more months delinquent based on the dollar amount of such loans in the portfolio and underlying MBS.

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