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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): March 17, 2004

Federal National Mortgage Association

(Exact name of registrant as specified in its charter)

Fannie Mae


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


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

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

Item 9. Regulation FD Disclosure.

On March 17, 2004, Fannie Mae (formally, the Federal National Mortgage Association), issues its quarterly business activity supplement for the fourth quarter of 2003, a copy of which is furnished as Exhibit 99.1 to this report, and which is incorporated herein by reference.

This information, including the exhibits attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any disclosure document of the Company, except as shall be expressly set forth by specific reference in such document.

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/ Leanne G. Spencer
				Leanne G. Spencer
				Senior Vice President and Controller

Date: March 17, 2004

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 fourth quarter of 2003, issued by Fannie Mae on March 17, 2004.

exv99w1

EXHIBIT 99.1

Business Activity Supplement

Fourth Quarter 2003

Business Activity Supplement
Fourth 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, 2003, filed with the Securities and Exchange Commission (SEC).

Portfolio Commitment Activity
December 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

July		577		60,145		15,164		1,161		2,547		79,594		1,915		77,679
August		219		36,683		6,798		1,780		956		46,436		3,085		43,351
September		517		25,162		2,769		3,023		1,230		32,701		4,740		27,961

Qtr 3		1,313		121,990		24,731		5,964		4,733		158,731		9,740		148,991

October		639		12,576		1,699		1,417		1,124		17,455		5,142		12,313
November		277		11,123		1,173		1,086		731		14,390		1,286		13,104
December		558		7,243		1,253		1,413		1,095		11,562		3,506		8,056

Qtr 4		1,474		30,942		4,125		3,916		2,950		43,407		9,934		33,473

YTD	$	4,477	$	388,430	$	99,765	$	16,317	$	13,094	$	522,083	$	33,010	$	489,073

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
December 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

July		686		61,487		6,910		1,162		2,201		72,446		4.86	%		48,266
August		608		60,440		15,761		4,447		1,401		82,657		4.83	%		54,295
September		558		73,908		17,768		5,460		1,111		98,805		4.85	%		73,505

Qtr 3		1,852		195,835		40,439		11,069		4,713		253,908		4.85	%		176,066

October		563		16,309		5,544		3,936		1,256		27,608		4.98	%		9,109
November		710		6,579		2,029		7,222		1,056		17,596		4.21	%		2,889
December		893		6,348		1,946		3,062		1,526		13,775		4.96	%		1,226

Qtr 4		2,166		29,236		9,519		14,220		3,838		58,979		4.74	%		13,224

YTD	$	6,439	$	433,059	$	87,432	$	32,740	$	13,182	$	572,852		5.00	%	$	348,413

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/
December 2003

(Dollars in millions)




			5.00%		5.50%		6.00%		6.50%		7.00%		7.50%		8.00%		8.50%		9.00%		9.50%		10.00%
End of	under		to		to		to		to		to		to		to		to		to		to		and
Period	5.00%		5.49%		5.99%		6.49%		6.99%		7.49%		7.99%		8.49%		8.99%		9.49%		9.99%		over		Total
1997	NM		NM		$	914	$	11,218	$	71,085	$	163,002	$	227,750	$	149,800	$	87,021	$	26,877	$	21,153	$	20,979	$	778,885
1998	NM		NM			2,987		28,523		176,133		280,774		215,161		105,341		57,302		17,573		14,438		15,039		910,284
1999	NM		NM			6,057		49,285		266,401		323,154		224,092		94,037		45,030		13,082		10,575		11,168		1,036,824
2000	NM		NM			5,519		44,869		244,457		301,640		255,849		157,543		71,812		17,986		11,509		10,279		1,115,944
2001	NM		NM			19,055		86,842		393,701		414,763		250,472		114,772		54,280		14,846		10,182		10,177		1,350,035

2002
Qtr 1	NM		NM		$	33,731	$	122,605	$	452,387	$	418,800	$	230,587	$	99,464	$	48,349	$	13,278	$	8,890	$	8,666	$	1,403,026
Qtr 2	NM		NM			35,529		135,409		492,929		434,623		221,999		91,064		44,727		12,390		8,273		7,974		1,449,388
Qtr 3	NM		NM			52,472		169,799		533,746		419,077		207,070		83,506		41,835		11,647		7,695		7,290		1,481,665
Qtr 4	NM		NM			145,641		260,437		519,799		356,215		177,752		72,165		37,762		10,660		7,033		6,853		1,448,676

2003
Qtr 1	$	8,180	$	68,308	$	220,066	$	346,974	$	474,724	$	297,078	$	152,277	$	62,592	$	33,680	$	9,641	$	6,347	$	6,152	$	1,686,019
Qtr 2		38,834		139,580		366,784		371,678		402,875		238,145		128,244		53,774		29,844		8,700		5,725		5,604		1,789,787
Qtr 3		115,841		260,420		434,927		329,429		317,796		185,905		106,860		45,544		25,865		7,686		5,046		4,964		1,840,283
Qtr 4		133,736		293,680		481,770		346,638		293,647		160,547		93,568		39,637		22,725		6,752		4,420		4,396		1,881,516

NM = Not meaningful

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
December 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	%
Qtr 3		1,003		146,772		147,775		6.20	%		68.96	%		1,477		2.69	%		149,252		6.17	%
Qtr 4		1,024		71,134		72,158		6.16	%		31.76	%		5,554		5.07	%		77,712		6.09	%

YTD	$	3,729	$	447,758	$	451,487		6.36	%		53.29	%	$	13,727		5.03	%	$	465,214		6.32	%

1/ Annualized

-4-

Debt Summary Statistics
As of December 31, 2003


(Dollars in millions)
	Quarter Ended
Debt Outstanding	12/31/03			9/30/03			6/30/03			3/31/03			12/31/02
Effective short-term debt, redemption value 1/	$	258,145		$	274,362		$	294,432		$	173,243		$	192,702
Cost		1.25	%		1.22	%		1.28	%		1.36	%		1.52	%
Effective long-term debt, redemption value 1/		698,012			693,719			579,676			693,891			651,827
Cost		5.26	%		5.33	%		5.57	%		5.20	%		5.48	%
Foreign debt adjustment and other basis adjustments		7,614			9,747			12,064			8,945			8,735

Total redemption value 2/	$	963,771		$	977,828		$	886,172		$	876,079		$	853,264

Cost		4.18	%		4.16	%		4.13	%		4.60	%		4.81	%

Other Funding Activities and Statistics
Option embedded debt instruments outstanding	$	646,052		$	656,245		$	618,414		$	590,819		$	601,451
Option embedded debt instruments as a % of net mortgage portfolio outstanding		71.6	%		71.2	%		75.4	%		71.8	%		75.4	%

Long Term Debt:

Debt called during period 3/	$	40,691		$	41,175		$	61,649		$	42,476		$	36,806
Debt repurchased during period		2,462			6,807			6,952			3,614			1,044
Debt matured during period		13,952			11,370			24,503			23,165			24,814

Total Long Term Debt Redeemed During Period	$	57,105		$	59,352		$	93,104		$	69,255		$	62,664

Short Term Debt:
Debt called during period 3/	$	—		$	100		$	1,250		$	1,300		$	4,350
Debt matured/paydown during period		549,502			500,720			585,509			557,820			372,495

Total Short Term Debt Redeemed During Period	$	549,502		$	500,820		$	586,759		$	559,120		$	376,845

Total Debt Redeemed During Period	$	606,607		$	560,172		$	679,863		$	628,375		$	439,509

Swaps retired before maturity during period	$	38,110		$	15,595		$	3,524		$	175		$	12,600
Swaps matured during period		30,382			61,753			30,244			4,525			16,870

Total Swaps Redeemed During Period	$	68,492		$	77,348		$	33,768		$	4,700		$	29,470

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 58 months at December 31, 2003.

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

-5-

Summary of Debt Issued
December 31, 2003


(Dollars in millions)
	SHORT-TERM DEBT 1/							LONG-TERM DEBT 2/
			AVG.							AVG.
	REDEMPTION		TERM		ISSUE			REDEMPTION		TERM		ISSUE
	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	$	1,756,691		60		3.69	%	$	249,352		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	%

July	$	197,256		45		0.91	%	$	42,925		44		2.13	%
August		159,315		57		0.97	%		35,728		39		2.33	%
September		180,165		47		0.98	%		38,649		42		2.61	%

Qtr 3		536,736		50		0.95	%		117,302		42		2.35	%

October	$	197,045		33		0.97	%	$	21,188		41		2.65	%
November		156,973		49		1.04	%		24,265		46		2.94	%
December		165,151		55		1.02	%		29,948		37		2.54	%

Qtr 4		519,169		45		1.01	%		75,401		41		2.70	%


YTD	$	2,238,408		45		1.07	%	$	347,802		46		2.61	%

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/ Cost for 2003 includes the amortization of discounts, premiums, issuance costs, and other deferred price adjustments. Cost prior to the second quarter of 2003 also includes the effect of debt swaps.

-6-

Summary of Debt Redeemed
December 31, 2003


(Dollars in millions)
	SHORT-TERM DEBT 1/					LONG-TERM DEBT 2/
	REDEMPTION		ISSUE			REDEMPTION		ISSUE
	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	$	1,691,240		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	%

July	$	201,435		0.97	%	$	20,681		3.23	%
August		153,692		1.02	%		20,853		3.59	%
September		145,693		0.93	%		17,818		3.87	%

Qtr 3		500,820		0.98	%		59,352		3.55	%

October	$	210,397		0.99	%	$	13,988		3.07	%
Novemebr		168,619		0.99	%		24,354		3.38	%
December		170,486		1.01	%		18,763		3.51	%

Qtr 4		549,502		0.99	%		57,105		3.35	%


YTD	$	2,196,201		1.13	%	$	278,816		3.67	%

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.

-7-

Effective Long Term Debt Maturing
As of December 31, 2003


		Total Debt by Quarter					Assuming Callable Debt
(Dollars in millions)		of Contractual Maturity					Redeemed at Initial Call Date
		Amount					Amount
		Outstanding 1/		Cost 2/			Outstanding 1/		Cost 2/
Currently Callable							$	24,024		4.68	%
2004	Qtr 1	$	18,462		5.91	%		82,448		4.81	%
	Qtr 2		23,025		4.58	%		81,535		4.66	%
	Qtr 3		19,320		6.27	%		58,805		5.27	%
	Qtr 4		12,591		3.74	%		31,714		4.56	%

	Total	$	73,398		5.22	%	$	254,502		4.84	%

2005	Qtr 1	$	23,305		3.67	%	$	35,825		4.96	%
	Qtr 2		12,481		3.45	%		23,398		4.29	%
	Qtr 3		15,491		5.23	%		25,383		6.04	%
	Qtr 4		20,166		3.92	%		22,881		5.04	%

	Total	$	71,443		4.04	%	$	107,487		5.09	%

2006			81,290		3.80	%		77,904		5.20	%
2007			47,815		5.64	%		43,403		6.81	%
2008 and beyond			424,066		5.35	%		190,692		4.86	%

Effective L/T Debt before Pay- Fixed Swaption Effect		$	698,012		5.04	%	$	698,012		5.04	%
Pay-Fixed Swaption Effect					0.22	%				0.22	%

Total Effective L/T Debt		$	698,012		5.26	%	$	698,012		5.26	%

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/ Cost represents the end of month level yield that discounts the amount due at maturity to the net proceeds over the expected life of the security. Includes the effect of pay-fixed and receive-fixed swaps.

-8-

Callable Debt, Callable Swaps, Receive-Fixed Swaptions
and Other Option Embedded Instruments
As of December 31, 2003


(Dollars in millions)
			Amount
Call Date	Year of Maturity		Outstanding		Cost 2/
Callable debt, callable swaps and receive-fixed swaptions 1/:
Currently callable		2005-2028	$	24,024		4.68	%
2004		2004-2033		188,036		4.66	%
2005		2005-2033		59,072		5.37	%
2006		2008-2031		35,357		5.87	%
2007		2011-2032		22,128		6.20	%
2008		2008-2033		9,980		5.69	%
2009 and later		2012-2030		13,125		7.00	%

Total				351,722		5.11	%
Pay-fixed swaptions				163,980
Caps				130,350

Total option-embedded financial instruments			$	646,052

1/ Excludes $62 billion of callable debt which was swapped to variable rate debt and classified as effectively non-callable debt.

-9-

Mortgage-Backed Securities Issued
December 2003


(Dollars in millions)
	Lender-originated MBS
	Single - Family										MBS Purchased		MBS Issues
	Long -		Inter-		Conventional						by Fannie Mae's		Acquired by		Fannie 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		344,739		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		465		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		2,573		292,573		88,640		203,933		6,026		73,396

April	$	76,311	$	32,986	$	11,679	$	667	$	121,643	$	25,648	$	95,995	$	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		3,105		352,985		70,483		282,504		2,802		71,588

July	$	75,253	$	33,187	$	10,106	$	1,420	$	119,965	$	48,266	$	71,699	$	2,047	$	24,466
August		72,367		27,607		8,891		796		109,662		54,295		55,367		2,212		25,223
September		74,693		28,191		13,222		4,192		120,297		73,504		46,793		2,551		10,105

Qtr 3		222,312		88,985		32,218		6,408		349,924		176,065		173,859		6,810		59,794

October	$	48,249	$	20,854	$	9,663	$	3,009	$	81,774	$	9,110	$	72,664	$	2,528	$	9,223
November		37,701		12,179		6,960		3,657		60,497		2,888		57,609		1,755		10,106
December		36,514		9,662		10,423		4,265		60,863		1,226		59,637		1,042		6,270

Qtr 4		122,462		42,694		27,045		10,931		203,132		13,223		189,910		5,323		25,599

YTD	$	747,906	$	306,183	$	121,505	$	23,018	$	1,198,617	$	348,413	$	850,204	$	20,963	$	230,378

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
December 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		281,738		679,145		293,563
2000		758,869		189,362		68,167		41,352		1,057,750		351,028		706,722		291,798
2001		938,139		232,092		67,894		52,226		1,290,351		431,386		858,965		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		512,435		1,237,461		382,441
Qtr 3		1,136,259		444,794		152,801		67,675		1,801,528		590,450		1,211,079		371,763
Qtr 4		1,157,328		456,898		166,659		76,161		1,857,045		556,880		1,300,166		360,800

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.

-11-

SINGLE-FAMILY REO ACQUISITIONS AND PREFORECLOSURE SALES
December 2003


PROPERTY STATE	4Q 2003		3Q 2003		2Q 2003		1Q 2003		4Q 2002		3Q 2002		2Q 2002		1Q 2002		4Q 2001		3Q 2001		2Q 2001		1Q 2001		4Q 2000

Michigan		683		539		531		507		419		352		292		240		171		159		155		112		86
Texas		649		543		467		425		364		312		322		264		234		173		190		262		203
Georgia		579		518		462		344		310		218		244		184		161		130		126		141		103
Ohio		518		428		415		366		301		277		234		186		201		184		187		146		142
North Carolina		479		442		454		308		233		216		188		151		126		72		107		78		65
Indiana		399		378		282		238		244		219		165		184		134		92		101		94		108
Tennessee		274		200		219		225		174		158		125		117		76		69		63		80		43
Pennsylvania		255		247		215		218		237		240		242		197		211		238		196		174		233
Florida		227		253		289		270		279		322		297		291		308		326		366		368		333
South Carolina		227		217		177		149		144		127		109		101		87		52		58		51		52
Missouri		223		191		195		191		137		130		134		109		104		68		69		65		68
Illinois		221		215		192		202		250		213		173		197		166		149		127		157		149
Colorado		215		276		192		155		142		126		87		70		43		39		59		44		34
Utah		193		173		220		183		178		162		145		137		125		74		64		81		71
Washington		179		184		195		208		202		197		199		154		168		132		122		130		133
Alabama		167		154		185		164		126		110		119		107		95		75		68		45		62
Arizona		157		167		151		130		125		129		107		104		84		65		67		67		88
Oregon		147		109		109		161		128		140		130		112		96		98		91		83		70
New York		140		130		123		108		151		130		115		134		146		103		150		164		177
Oklahoma		134		105		97		73		76		64		49		53		44		32		36		22		37
OTHER STATES		1,353		1,413		1,399		1,293		1,195		1,218		1,212		1,245		1,112		1,105		1,164		1,229		1,141


TOTAL REOs acquired:		7,419		6,882		6,569		5,918		5,415		5,060		4,688		4,337		3,892		3,435		3,566		3,593		3,398


Preforeclosure sales:		457		439		444		356		373		370		386		281		259		354		304		265		318

-12-

SINGLE-FAMILY REO INVENTORY
December 2003


PROPERTY STATE	4Q 2003		3Q 2003		2Q 2003		1Q 2003		4Q 2002		3Q 2002		2Q 2002		1Q 2002		4Q 2001		3Q 2001		2Q 2001		1Q 2001		4Q 2000

Michigan		1,948		1,676		1,564		1,351		1,084		878		701		598		501		427		366		313		281
Ohio		1,199		981		917		826		666		560		465		409		423		386		354		298		243
Georgia		910		758		714		554		477		374		364		314		269		233		233		207		170
Texas		905		759		687		663		616		561		509		442		385		322		360		398		347
North Carolina		903		802		766		595		477		430		341		264		210		171		179		156		135
Indiana		523		513		426		379		338		322		254		252		182		141		141		138		150
Colorado		519		456		341		311		252		203		142		107		77		97		104		86		70
Pennsylvania		446		406		392		432		440		438		398		374		380		383		344		369		437
South Carolina		445		373		346		301		278		246		212		173		138		104		103		101		88
Tennessee		424		325		326		355		293		271		220		184		145		137		126		112		87
Missouri		344		296		292		280		247		247		207		201		157		113		106		110		127
Kentucky		341		278		237		173		102		70		78		61		57		55		33		26		35
Florida		328		360		398		398		410		413		377		408		415		442		446		441		424
Illinois		319		311		320		363		379		310		255		261		254		237		223		260		251
Minnesota		314		266		250		197		163		144		135		131		113		123		121		93		91
Washington		309		330		323		326		317		295		264		245		240		199		197		219		215
Alabama		304		301		309		278		219		210		217		205		178		135		114		105		95
New York		255		233		230		221		244		236		228		264		290		280		315		360		374
Maryland		250		249		301		332		335		367		341		328		311		285		291		283		304
Arizona		240		227		220		195		192		186		145		145		116		102		108		112		119
OTHER STATES		2,523		2,466		2,485		2,513		2,446		2,368		2,186		2,268		2,232		2,143		2,194		2,330		2,371


Total REO inventory		13,749		12,366		11,844		11,043		9,975		9,129		8,039		7,634		7,073		6,515		6,458		6,517		6,414

-13-

Portfolio and Mortgage-Backed Securities Outstanding by State
As of December 31, 2003


(Dollars in millions)
	Portfolio				Mortgage-Backed Securities				Total 4/
	Number				Number				Number
	of Units 1/		Amount 2/		of Units 1/		Amount 2/		of Units		Amount
Alabama		34,523	$	2,128		199,530	$	17,787		234,053	$	19,915
Alaska		17,620		1,382		16,982		2,065		34,602		3,447
Arizona		54,788		3,755		443,107		45,680		497,895		49,435
Arkansas		31,124		2,211		96,980		8,061		128,104		10,272
California		367,327		29,647		2,923,070		381,918		3,290,397		411,565
Colorado		49,896		3,835		434,162		56,024		484,058		59,859
Connecticut		45,638		3,759		203,193		24,924		248,831		28,683
Delaware		10,061		827		51,873		5,844		61,934		6,671
Dist. of Columbia		22,812		899		47,529		4,481		70,341		5,380
Florida		190,212		13,398		1,177,750		113,003		1,367,962		126,401
Georgia		88,718		6,650		543,817		57,699		632,535		64,349
Guam		488		49		964		84		1,452		133
Hawaii		20,685		2,692		79,601		13,925		100,286		16,617
Idaho		10,809		733		80,147		7,766		90,956		8,499
Illinois		163,699		12,955		676,079		78,133		839,778		91,088
Indiana		67,218		4,361		318,604		26,381		385,822		30,742
Iowa		48,300		3,283		98,170		8,202		146,470		11,485
Kansas		23,529		1,618		117,244		10,445		140,773		12,063
Kentucky		22,795		1,386		144,194		12,613		166,989		13,999
Louisiana		59,929		4,003		211,067		17,067		270,996		21,070
Maine		18,961		1,309		54,044		5,347		73,005		6,656
Maryland		93,134		5,833		428,351		48,256		521,485		54,089
Massachusetts		104,037		7,705		462,991		61,580		567,028		69,285
Michigan		120,157		8,370		665,170		67,756		785,327		76,126
Minnesota		67,643		5,233		307,588		34,745		375,231		39,978
Mississippi		27,357		1,891		97,357		7,767		124,714		9,658
Missouri		68,751		4,298		307,407		28,378		376,158		32,676
Montana		12,576		1,015		42,725		4,232		55,301		5,247
Nebraska		29,039		2,119		71,402		5,813		100,441		7,932
Nevada		31,530		1,957		208,245		22,763		239,775		24,720
New Hampshire		21,111		1,633		89,535		10,462		110,646		12,095
New Jersey		97,134		9,826		524,246		64,782		621,380		74,608
New Mexico		24,762		1,831		92,172		8,907		116,934		10,738
New York		244,303		16,274		904,049		89,080		1,148,352		105,354
North Carolina		62,585		4,867		437,909		45,039		500,494		49,906
North Dakota		6,393		342		18,848		1,378		25,241		1,720
Ohio		161,024		11,212		582,447		50,466		743,471		61,678
Oklahoma		43,647		2,794		143,895		10,655		187,542		13,449
Oregon		40,774		3,233		281,752		30,428		322,526		33,661
Pennsylvania		119,619		8,672		530,418		48,418		650,037		57,090
Puerto Rico		26,103		2,125		67,495		5,492		93,598		7,617
Rhode Island		16,604		1,237		72,377		7,605		88,981		8,842
South Carolina		32,661		2,599		195,083		18,710		227,744		21,309
South Dakota		13,074		881		24,447		2,025		37,521		2,906
Tennessee		44,321		2,850		278,708		26,227		323,029		29,077
Texas		248,953		15,380		1,047,500		85,083		1,296,453		100,463
Utah		27,437		1,963		161,659		18,197		189,096		20,160
Vermont		10,689		681		28,094		2,890		38,783		3,571
Virgin Islands		1,324		103		1,540		139		2,864		242
Virginia		102,191		7,642		439,773		55,728		541,964		63,370
Washington		74,733		6,574		519,292		62,174		594,025		68,748
West Virginia		15,074		943		34,742		2,949		49,816		3,892
Wisconsin		129,351		10,678		218,356		22,656		347,707		33,334
Wyoming		9,913		747		20,804		1,966		30,717		2,713

Total 3/		3,477,136	$	254,388		17,224,484	$	1,850,195		20,701,620	$	2,104,583

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 $556,880 million are included in MBS, but excluded from portfolio statistics.

4/ Excludes $94.0 billion of non-fannie mae securities for which information is not readily available.

-14-

Conventional Single-Family
Serious Delinquencies


	Credit Enhanced							Non-Credit Enhanced							Total
	Total #		Serious Delinquencies 1/					Total #		Serious Delinquencies 1/					Total #		Serious Delinquencies 1/
	of Loans		Total #		%			of Loans		Total #		%			of Loans		Total #		%
	Outstanding		of Loans		Delinquent			Outstanding		of Loans		Delinquent			Outstanding		of Loans		Delinquent

Northeast
4th Qtr 2002		585,261		8,403		1.44	%		1,957,555		7,023		0.36	%		2,542,816		15,426		0.61	%
1st Qtr 2003		560,717		8,695		1.55	%		2,028,468		7,182		0.35	%		2,589,185		15,877		0.61	%
2nd Qtr 2003		527,747		8,614		1.63	%		2,099,048		7,003		0.33	%		2,626,795		15,617		0.59	%
3rd Qtr 2003		493,477		8,860		1.80	%		2,146,255		7,269		0.34	%		2,639,732		16,129		0.61	%
4th Qtr 2003		488,650		9,099		1.86	%		2,235,793		7,566		0.34	%		2,724,443		16,665		0.61	%

Southeast
4th Qtr 2002		1,025,978		13,759		1.34	%		2,206,143		7,269		0.33	%		3,232,121		21,028		0.65	%
1st Qtr 2003		1,035,250		13,814		1.33	%		2,318,335		7,394		0.32	%		3,353,585		21,208		0.63	%
2nd Qtr 2003		1,015,977		14,316		1.41	%		2,478,564		7,485		0.30	%		3,494,541		21,801		0.62	%
3rd Qtr 2003		992,095		15,368		1.55	%		2,606,248		7,973		0.31	%		3,598,343		23,341		0.65	%
4th Qtr 2003		997,233		16,329		1.64	%		2,719,885		8,597		0.32	%		3,717,118		24,926		0.67	%

Midwest
4th Qtr 2002		753,756		11,936		1.58	%		2,095,623		7,614		0.36	%		2,849,379		19,550		0.69	%
1st Qtr 2003		726,495		12,065		1.66	%		2,182,183		7,834		0.36	%		2,908,678		19,899		0.68	%
2nd Qtr 2003		685,332		12,593		1.84	%		2,250,348		8,268		0.37	%		2,935,680		20,861		0.71	%
3rd Qtr 2003		659,238		13,620		2.07	%		2,311,163		8,912		0.39	%		2,970,401		22,532		0.76	%
4th Qtr 2003		665,204		14,461		2.17	%		2,398,677		9,524		0.40	%		3,063,881		23,985		0.78	%

Southwest
4th Qtr 2002		762,556		8,976		1.18	%		1,621,736		4,726		0.29	%		2,384,292		13,702		0.57	%
1st Qtr 2003		757,485		9,139		1.21	%		1,711,293		5,008		0.29	%		2,468,778		14,147		0.57	%
2nd Qtr 2003		742,479		9,639		1.30	%		1,814,996		5,198		0.29	%		2,557,475		14,837		0.58	%
3rd Qtr 2003		726,185		10,412		1.43	%		1,905,760		5,451		0.29	%		2,631,945		15,863		0.60	%
4th Qtr 2003		732,288		11,248		1.54	%		1,975,459		5,992		0.30	%		2,707,747		17,240		0.64	%

West
4th Qtr 2002		632,037		5,544		0.88	%		2,335,071		4,928		0.21	%		2,967,108		10,472		0.35	%
1st Qtr 2003		616,243		5,650		0.92	%		2,461,966		4,738		0.19	%		3,078,209		10,388		0.34	%
2nd Qtr 2003		598,039		5,511		0.92	%		2,618,767		4,568		0.17	%		3,216,806		10,079		0.31	%
3rd Qtr 2003		557,868		5,393		0.97	%		2,740,929		4,752		0.17	%		3,298,797		10,145		0.31	%
4th Qtr 2003		532,738		5,275		0.99	%		2,841,875		4,668		0.16	%		3,374,613		9,943		0.29	%

Total
4th Qtr 2002		3,759,588		48,618		1.29	%		10,216,128		31,560		0.31	%		13,975,716		80,178		0.57	%
1st Qtr 2003		3,696,190		49,363		1.34	%		10,702,245		32,156		0.30	%		14,398,435		81,519		0.57	%
2nd Qtr 2003		3,569,574		50,673		1.42	%		11,261,723		32,522		0.29	%		14,831,297		83,195		0.56	%
3rd Qtr 2003		3,428,863		53,653		1.56	%		11,710,355		34,357		0.29	%		15,139,218		88,010		0.58	%
4th Qtr 2003		3,416,113		56,412		1.65	%		12,171,689		36,347		0.30	%		15,587,802		92,759		0.60	%

1/ 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.

-15-

Multifamily Total Serious Delinquencies and REO Inventory


(Dollars in millions)
	Loans Serviced				Serious Delinquencies 1/							REO Inventory
	# of				# of				%			# of
	Loans		UPB		Loans		UPB		Delinquent			Loans		UPB

Northeast
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	%		—		—
3rd Qtr 2003		4,826		20,075.0		1		2.0		0.01	%		1		1.2
4th Qtr 2003		5,534		21,869.3		3		3.3		0.02	%		1		1.2

Southeast
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		12.8
2nd Qtr 2003		3,351		21,699.5		5		7.9		0.04	%		2		12.8
3rd Qtr 2003		3,511		22,834.3		6		11.7		0.05	%		2		12.8
4th Qtr 2003		3,692		25,268.2		18		140.5		0.56	%		1		8.8

Midwest
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		0.15	%		—		—
3rd Qtr 2003		3,047		10,029.8		12		14.6		0.15	%		2		29.9
4th Qtr 2003		3,460		10,400.2		11		23.7		0.23	%		2		29.9

Southwest
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		13,559.3		11		61.7		0.46	%		3		7.7
3rd Qtr 2003		3,410		14,127.2		13		69.6		0.49	%		7		18.8
4th Qtr 2003		3,596		14,446.3		24		126.6		0.88	%		15		52.2

West
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	%		—		—
3rd Qtr 2003		19,426		38,018.5		15		27.5		0.07	%		1		7.3
4th Qtr 2003		25,442		45,213.7		8		21.6		0.05	%		1		7.3

Total
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		18.0
2nd Qtr 2003		30,681		96,530.0		35		124.9		0.13	%		5		20.5
3rd Qtr 2003		34,220		105,084.8		47		125.4		0.12	%		13		70.0
4th Qtr 2003		41,724		117,197.7		64		315.7		0.27	%		20		99.4

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

-16-