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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): May 12, 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 of incorporation)	(Commission File Number)	(IRS Employer 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

Item 9. Regulation FD Disclosure.

On May 12, 2004, Fannie Mae (formally, the Federal National Mortgage Association), issued its quarterly business activity supplement for the first quarter of 2004, 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: May 12, 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 first quarter of 2004, issued by Fannie Mae on May 12, 2004.

exv99w1

Exhibit 99.1

(FANNIEMAE)

Business Activity Supplement

First Quarter 2004

(FANNIEMAE)

Business Activity Supplement
First Quarter 2004

Table of Contents


	Page
Portfolio Commitment Activity		1
Mortgage Purchases		2
Fixed-rate Mortgages by Note Rate		3
Mortgage Portfolio Liquidations and Sales		4
Summary of Nonmortgage Investments		5
Debt Summary Statistics		6
Summary of Debt Issued		7
Summary of Debt Redeemed		8
Effective Long-term Debt Maturing		9
Callable Debt, Callable Swaps, Receive-Fixed Swaptions and Other Option Embedded Instruments		10
Mortgage-Backed Securities Issued		11
Mortgage-Backed Securities Outstanding		12
Single-family REO Acquisitions and Preforeclosure Sales		13
Single-family REO Inventory		14
Portfolio and Mortgage-Backed Securities Outstanding by State		15
Conventional Single-Family Serious Delinquencies		16
Multifamily Total Serious Delinquencies and REO Inventory		17

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), 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 March 31, 2004, also filed with the SEC.

(FANNIEMAE)

Portfolio Commitment Activity
March 2004

(Dollars in millions)
Numbers may not foot due to rounding


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

2003
Qtr 1	$	652	$	96,645	$	21,093	$	1,963	$	1,945	$	122,298	$	6,415	$	115,883
Qtr 2		1,038		138,853		49,816		4,474		3,466		197,647		6,921		190,726
Qtr 3		1,313		121,990		24,731		5,964		4,733		158,731		9,740		148,991
Qtr 4		1,474		30,942		4,125		3,916		2,950		43,407		9,934		33,473

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


2004
January	$	184	$	10,946	$	1,456	$	890	$	338	$	13,814	$	2,118	$	11,696
February		354		9,582		1,444		1,691		614		13,685		1,109		12,576
March		769		18,903		2,790		6,070		1,630		30,162		751		29,411

Qtr 1		1,307		39,431		5,690		8,651		2,582		57,661		3,978		53,683

YTD	$	1,307	$	39,431	$	5,690	$	8,651	$	2,582	$	57,661	$	3,978	$	53,683

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

2/		Net of pair-offs.

-1-

(FANNIEMAE)

Mortgage Purchases
March 2004

(Dollars in millions)
Numbers may not foot due to rounding


	Single-Family
					Conventional
			Conventional		Intermediate						Total		Purchase			Fannie Mae
	FHA/VA		Long-Term		-Term 1/		ARM		Multifamily		Purchases		Yield 2/			MBS 3/
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		9,493		280,815		62,102		10,739		7,492		370,641		5.92	%		245,039

2003
Qtr 1	$	928	$	105,784	$	19,570	$	3,555	$	2,168	$	132,005		5.34	%	$	88,640
Qtr 2		1,493		102,204		17,904		3,896		2,463		127,960		5.09	%		70,483
Qtr 3		1,852		195,835		40,439		11,069		4,713		253,908		4.85	%		176,066
Qtr 4		2,166		29,236		9,519		14,220		3,838		58,979		4.74	%		13,224

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


2004
January	$	331	$	3,725	$	1,396	$	2,544	$	577	$	8,573		4.77	%	$	268
February		515		4,205		1,264		5,850		337		12,171		3.68	%		181
March		886		10,961		2,082		5,477		854		20,260		4.53	%		6,507

Qtr 1		1,732		18,891		4,742		13,871		1,768		41,004		4.33	%		6,956

YTD	$	1,732	$	18,891	$	4,742	$	13,871	$	1,768	$	41,004		4.33	%	$	6,956

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-

(FANNIEMAE)

Fixed Rate Mortgages by Note Rate 1/
March 2004

(Dollars in millions)
Numbers may not foot due to rounding


			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
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	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

2004 Qtr 1		139,321		305,081		519,026		349,863		275,619		146,863		85,817		35,938		20,579		6,078		3,972		3,968		1,892,125

NM = Not meaningful

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

-3-

(FANNIEMAE)

Mortgage Portfolio Liquidations and Sales
March 2004

(Dollars in millions)
Numbers may not foot due to rounding


	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
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		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	%

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


2004
Qtr 1	$	1,072	$	53,064	$	54,136		5.92	%		24.41	%	$	4,374		4.95	%	$	58,510		5.85	%

1/ Annualized

-4-

(FANNIEMAE)

Summary of Nonmortgage Investments
March 2004

(Dollars in millions)
Numbers may not foot due to rounding


										Weighted
			Gross		Gross					Average
	Amortized		Unrealized		Unrealized			Fair		Maturity		% Rated A
	Cost		Gains		Losses			Value		in Months		or Better
Available-for-sale:
Asset-backed securities	$	26,692	$	54	$	(26	)	$	26,720		24.1		99.5	%
Floating rate notes 1/		9,884		12		—			9,896		19.4		98.0
Taxable auction notes		3,726		—		—			3,726		.5		100.0
Corporate bonds		2,006		37		(1	)		2,042		33.4		84.2
Auction rate preferred stock		772		4		—			776		.8		94.7
Municipal bonds		1,389		1		—			1,390		3.3		100.0
Commercial paper		334		—		—			334		0.6		100.0
Other		221		—		—			221		44.1		100.0

Total	$	45,024	$	108	$	(27	)	$	45,105		20.4		98.5	%


Held-to-maturity:
Repurchase agreements 2/	$	194	$	—	$	—		$	194		—		100.0
Federal funds		11,580		—		—			11,580		.6		100.0
Eurodollar time deposits		250		—		—			250		3.0		100.0

Total	$	12,024	$	—	$	—		$	12,024		.8		100.0	%

1/		As of March 31, 2004, 100 percent of floating rate notes repriced at intervals of 90 days or less.

2/		Repurchase agreements consist primarily of overnight investments that mature daily.

-5-

(FANNIEMAE)

Debt Summary Statistics
March 2004

(Dollars in millions)
Numbers may not foot due to rounding


	Quarter Ended
Debt Outstanding	3/31/2004			12/31/2003			9/30/2003			6/30/2003			3/31/2003
Effective short-term debt, redemption value 1/	$	312,564		$	258,145		$	274,362		$	294,432		$	173,243
Cost		1.22	%		1.25	%		1.22	%		1.28	%		1.36	%
Effective long-term debt, redemption value 1/		624,672			698,012			693,719			579,676			693,891
Cost		5.11	%		5.26	%		5.33	%		5.57	%		5.20	%
Foreign debt adjustment and other basis adjustments		10,083			7,614			9,747			12,064			8,945

Total redemption value 2/	$	947,319		$	963,771		$	977,828		$	886,172		$	876,079

Cost		3.82	%		4.18	%		4.16	%		4.13	%		4.60	%

Other Funding Activities and Statistics
Option embedded debt instruments outstanding	$	631,747		$	646,052		$	656,245		$	618,414		$	590,819
Option embedded debt instruments as a % of net mortgage portfolio outstanding		71.3	%		71.6	%		71.2	%		75.4	%		71.8	%

Long Term Debt:
Debt called during period 3/	$	81,483		$	40,691		$	41,175		$	61,649		$	42,476
Debt repurchased during period		55			2,462			6,807			6,952			3,614
Debt matured during period		22,308			13,952			11,370			24,503			23,165

Total Long Term Debt Redeemed During Period	$	103,846		$	57,105		$	59,352		$	93,104		$	69,255

Short Term Debt:
Debt called during period 3/	$	1,500		$	—		$	100		$	1,250		$	1,300
Debt matured/paydown during period		444,007			549,502			500,720			585,509			557,820

Total Short Term Debt Redeemed During Period	$	445,507		$	549,502		$	500,820		$	586,759		$	559,120

Total Debt Redeemed During Period	$	549,353		$	606,607		$	560,172		$	679,863		$	628,375

Swaps retired before maturity during period	$	97,200		$	38,110		$	15,595		$	3,524		$	175
Swaps matured during period		49,252			30,382			61,753			30,244			4,525

Total Swaps Redeemed During Period 4/	$	146,452		$	68,492		$	77,348		$	33,768		$	4,700

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 53 months at March 31, 2004.

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

4/		Includes other risk management derivatives that served as economic hedges but did not meet the criteria for hedge accounting under FAS 133.

-6-

(FANNIEMAE)

Summary of Debt Issued
March 2004

(Dollars in millions)
Numbers may not foot due to rounding


	SHORT-TERM DEBT 1/							LONG-TERM DEBT 2/
			AVG.							AVG.
	REDEMPTION		TERM		ISSUE			REDEMPTION		TERM		ISSUE
	VALUE		(DAYS)		COST 3/			VALUE		(MONTHS)		COST 3/
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	$	1,635,919		58		1.67	%	$	238,467		56		3.78	%

2003
Qtr 1	$	574,164		49		1.22	%	$	76,709		50		2.82	%
Qtr 2		608,339		38		1.09	%		78,390		55		2.70	%
Qtr 3		536,736		50		0.95	%		117,302		42		2.35	%
Qtr 4		519,169		45		1.01	%		75,401		41		2.70	%

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


2004
January	$	128,449		50		0.99	%	$	26,913		32		2.28	%
February		131,643		61		0.97	%		33,691		37		2.22	%
March		177,591		43		1.00	%		32,033		51		2.45	%

Qtr 1		437,683		50		0.99	%		92,637		40		2.32	%


YTD	$	437,683		50		0.99	%	$	92,637		40		2.32	%

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.

-7-

(FANNIEMAE)

Summary of Debt Redeemed
March 2004

(Dollars in millions)
Numbers may not foot due to rounding


	SHORT-TERM DEBT 1/					LONG-TERM DEBT 2/
	REDEMPTION		ISSUE			REDEMPTION		ISSUE
	VALUE		COST 3/			VALUE		COST 3/
2000	$	1,106,956		6.15	%	$	50,335		6.33	%

2001	$	1,691,240		4.22	%	$	196,610		6.03	%

2002	$	1,620,644		1.84	%	$	175,809		4.85	%

2003
Qtr 1	$	559,120		1.32	%	$	69,255		3.86	%
Qtr 2		586,759		1.20	%		93,104		3.80	%
Qtr 3		500,820		0.98	%		59,352		3.55	%
Qtr 4		549,502		0.99	%		57,105		3.35	%

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


2004
January	$	160,085		1.00	%	$	18,133		2.39	%
February		125,186		1.01	%		38,159		3.41	%
March		160,236		1.00	%		47,554		2.84	%

Qtr 1		445,507		1.01	%		103,846		2.97	%


YTD	$	445,507		1.01	%	$	103,846		2.97	%

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/		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.

-8-

(FANNIEMAE)

Effective Long Term Debt Maturing
March 2004

(Dollars in millions)
Numbers may not foot due to rounding


	Total Debt by Quarter					Assuming Callable Debt
	of Contractual Maturity					Redeemed at Initial Call Date
	Amount					Amount
	Outstanding 1/		Cost 2/			Outstanding 1/		Cost 2/
Currently Callable	$	—		0.00	%	$	28,112		4.69	%

2004 Qtr 2	$	23,010		4.58	%	$	101,390		4.24	%
Qtr 3		18,821		6.26	%		64,820		5.03	%
Qtr 4		10,624		3.84	%		31,886		4.44	%

Total	$	52,455		5.03	%	$	198,096		4.53	%


2005 Qtr 1	$	29,280		3.13	%	$	50,061		4.43	%
Qtr 2		11,927		3.48	%		22,599		4.38	%
Qtr 3		13,626		5.56	%		26,505		5.85	%
Qtr 4		19,463		3.90	%		22,854		4.96	%

Total	$	74,296		3.83	%	$	122,019		4.83	%


2006		80,147		3.56	%		83,261		4.90	%
2007		50,526		4.90	%		44,417		6.30	%
2008 and beyond		367,248		5.37	%		148,767		5.02	%

Effective L/T Debt before Pay-Fixed Swaption Effect	$	624,672		4.89	%	$	624,672		4.89	%
Pay-Fixed Swaption Effect		—		0.22	%		—		0.22	%

Total Effective L/T Debt	$	624,672		5.11	%	$	624,672		5.11	%

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.

-9-

(FANNIEMAE)

Callable Debt, Callable Swaps, Receive-Fixed Swaptions
and Other Option Embedded Instruments
March 2004

(Dollars in millions)
Numbers may not foot due to rounding


	Year of		Amount
Call Date	Maturity		Outstanding		Cost 2/
Callable debt, callable swaps and receive-fixed swaptions 1/:

Currently callable		2004-2028	$	28,112		4.69	%
2004		2004-2033		154,132		4.30	%
2005		2005-2033		74,326		4.87	%
2006		2007-2031		38,143		5.68	%
2007		2011-2032		22,028		6.21	%
2008		2008-2033		10,131		5.69	%
2009 and later		2012-2030		13,245		6.98	%

Total				340,117		4.88	%

Pay-fixed swaptions				155,980
Caps				135,650

Total option-embedded financial instruments			$	631,747

1/		Excludes $30 billion of callable debt which was swapped to variable rate debt and classified as effectively non-callable debt.

2/		Cost represents 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.

-10-

(FANNIEMAE)

Mortgage-Backed Securities Issued
March 2004

(Dollars in millions)
Numbers may not foot due to rounding


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

2003
Qtr 1	$	184,970	$	78,593	$	26,436	$	2,573	$	292,574	$	88,640	$	203,934	$	6,026	$	73,396
Qtr 2		218,162		95,911		35,807		3,105		352,985		70,483		282,504		2,802		71,588
Qtr 3		222,312		88,985		32,218		6,408		349,924		176,065		173,859		6,810		59,794
Qtr 4		122,462		42,694		27,045		10,931		203,132		13,223		189,910		5,323		25,599

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


2004
January	$	28,780	$	7,981	$	7,529	$	505	$	44,795	$	268	$	44,527	$	1,691		4,467
February		27,683		6,075		4,846		200		38,803		181		38,624		1,354		2,805
March		27,550		7,467		9,330		1,019		45,365		6,507		38,858		1,400		13,337

Qtr 1	$	84,011	$	21,523	$	21,704	$	1,724	$	128,964	$	6,956	$	122,008	$	4,446	$	20,609

YTD	$	84,011	$	21,523	$	21,704	$	1,724	$	128,964	$	6,956	$	122,008	$	4,446	$	20,609

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.

-11-

(FANNIEMAE)

Mortgage-Backed Securities Outstanding
March 2004

(Dollars in millions)
Numbers may not foot due to rounding


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

2004
Qtr 1	$	1,169,638	$	455,311	$	177,352	$	75,729	$	1,878,030	$	532,137	$	1,345,892	$	357,367

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.

-12-

(FANNIEMAE)

SINGLE-FAMILY REO ACQUISITIONS AND PREFORECLOSURE SALES

March 2004


PROPERTY STATE	1Q 2004		4Q 2003		3Q 2003		2Q 2003		1Q 2003		4Q 2002		3Q 2002		2Q 2002		1Q 2002		4Q 2001		3Q 2001		2Q 2001		1Q 2001
Michigan		702		683		539		531		507		419		352		292		240		171		159		155		112
Texas		649		649		543		467		425		364		312		322		264		234		173		190		262
Georgia		645		579		518		462		344		310		218		244		184		161		130		126		141
Ohio		616		518		428		415		366		301		277		234		186		201		184		187		146
North Carolina		500		479		442		454		308		233		216		188		151		126		72		107		78
Indiana		422		399		378		282		238		244		219		165		184		134		92		101		94
Tennessee		284		274		200		219		225		174		158		125		117		76		69		63		80
Pennsylvania		282		255		247		215		218		237		240		242		197		211		238		196		174
Colorado		281		215		276		192		155		142		126		87		70		43		39		59		44
Illinois		278		221		215		192		202		250		213		173		197		166		149		127		157
South Carolina		268		227		217		177		149		144		127		109		101		87		52		58		51
Washington		244		179		184		195		208		202		197		199		154		168		132		122		130
Florida		231		227		253		289		270		279		322		297		291		308		326		366		368
Missouri		229		223		191		195		191		137		130		134		109		104		68		69		65
Alabama		201		167		154		185		164		126		110		119		107		95		75		68		45
Utah		199		193		173		220		183		178		162		145		137		125		74		64		81
Minnesota		174		128		101		129		84		73		62		55		62		43		40		51		46
Kentucky		169		133		118		101		95		58		33		45		33		28		43		20		15
Arizona		163		157		167		151		130		125		129		107		104		84		65		67		67
Oregon		139		147		109		109		161		128		140		130		112		96		98		91		83
OTHER STATES		1,437		1,366		1,429		1,389		1,295		1,291		1,317		1,276		1,337		1,231		1,157		1,279		1,354

TOTAL REOs ACQUIRED		8,113		7,419		6,882		6,569		5,918		5,415		5,060		4,688		4,337		3,892		3,435		3,566		3,593

PREFORECLOSURE SALES		531		457		439		444		356		373		370		386		281		259		354		304		265

-13-

(FANNIEMAE)

SINGLE-FAMILY REO INVENTORY

March 2004


PROPERTY STATE	1Q 2004		4Q 2003		3Q 2003		2Q 2003		1Q 2003		4Q 2002		3Q 2002		2Q 2002		1Q 2002		4Q 2001		3Q 2001		2Q 2001		1Q 2001
Michigan		2,147		1,948		1,676		1,564		1,351		1,084		878		701		598		501		427		366		313
Ohio		1,458		1,199		981		917		826		666		560		465		409		423		386		354		298
Texas		993		905		759		687		663		616		561		509		442		385		322		360		398
Georgia		991		910		758		714		554		477		374		364		314		269		233		233		207
North Carolina		986		903		802		766		595		477		430		341		264		210		171		179		156
Colorado		589		519		456		341		311		252		203		142		107		77		97		104		86
Indiana		525		523		513		426		379		338		322		254		252		182		141		141		138
South Carolina		516		445		373		346		301		278		246		212		173		138		104		103		101
Tennessee		499		424		325		326		355		293		271		220		184		145		137		126		112
Pennsylvania		490		446		406		392		432		440		438		398		374		380		383		344		369
Kentucky		442		341		278		237		173		102		70		78		61		57		55		33		26
Missouri		398		344		296		292		280		247		247		207		201		157		113		106		110
Minnesota		385		314		266		250		197		163		144		135		131		113		123		121		93
Illinois		381		319		311		320		363		379		310		255		261		254		237		223		260
Washington		372		309		330		323		326		317		295		264		245		240		199		197		219
Florida		324		328		360		398		398		410		413		377		408		415		442		446		441
Alabama		310		304		301		309		278		219		210		217		205		178		135		114		105
New York		282		255		233		230		221		244		236		228		264		290		280		315		360
Arizona		266		240		227		220		195		192		186		145		145		116		102		108		112
Utah		247		220		228		287		279		267		219		198		199		171		112		115		127
OTHER STATES		2,694		2,553		2,487		2,499		2,566		2,514		2,516		2,329		2,397		2,372		2,316		2,370		2,486

TOTAL REO INVENTORY		15,295		13,749		12,366		11,844		11,043		9,975		9,129		8,039		7,634		7,073		6,515		6,458		6,517

-14-

Portfolio and Mortgage-Backed Securities Outstanding by State
March 2004

(Dollars in millions)
Numbers may not foot due to rounding


	Portfolio				Mortgage-Backed Securities				Total 4/
	Number				Number				Number
	of Units 1/		Amount 2/		of Units 1/		Amount 2/		of Units		Amount
Alabama		35,226	$	2,181		199,712	$	18,084		234,938	$	20,265
Alaska		18,370		1,391		17,648		2,147		36,018		3,538
Arizona		55,920		3,812		443,141		46,248		499,061		50,060
Arkansas		30,924		2,205		97,618		8,204		128,542		10,409
California		362,911		28,575		2,907,727		382,736		3,270,638		411,311
Colorado		49,706		3,792		432,690		56,238		482,396		60,030
Connecticut		44,784		3,709		205,155		25,367		249,939		29,076
Delaware		10,377		854		51,795		5,923		62,172		6,777
Dist. of Columbia		23,036		907		47,353		5,079		70,389		5,986
Florida		191,693		13,687		1,179,236		114,963		1,370,929		128,650
Georgia		90,042		6,762		539,486		58,118		629,528		64,880
Guam		480		49		953		85		1,433		134
Hawaii		20,378		2,657		80,303		14,223		100,681		16,880
Idaho		10,265		705		81,470		7,956		91,735		8,661
Illinois		160,057		12,717		678,337		79,015		838,394		91,732
Indiana		66,877		4,323		319,829		26,818		386,706		31,141
Iowa		47,997		3,262		98,664		8,363		146,661		11,625
Kansas		23,288		1,591		118,073		10,602		141,361		12,193
Kentucky		23,837		1,401		141,583		12,759		165,420		14,160
Louisiana		59,218		4,035		212,151		17,308		271,369		21,343
Maine		18,631		1,304		54,795		5,497		73,426		6,801
Maryland		94,140		5,865		429,441		49,101		523,581		54,966
Massachusetts		102,634		7,610		461,652		62,121		564,286		69,731
Michigan		120,133		8,412		669,437		68,518		789,570		76,930
Minnesota		66,557		5,149		308,583		35,316		375,140		40,465
Mississippi		27,444		1,902		98,347		7,935		125,791		9,837
Missouri		68,332		4,273		309,554		28,746		377,886		33,019
Montana		13,037		1,043		43,472		4,355		56,509		5,398
Nebraska		28,983		2,105		71,499		5,889		100,482		7,994
Nevada		31,805		1,939		208,143		23,285		239,948		25,224
New Hampshire		20,712		1,633		89,438		10,549		110,150		12,182
New Jersey		98,949		9,957		526,491		65,929		625,440		75,886
New Mexico		24,061		1,786		93,421		9,120		117,482		10,906
New York		248,223		16,551		905,548		90,883		1,153,771		107,434
North Carolina		64,211		5,016		438,161		45,316		502,372		50,332
North Dakota		6,228		332		19,024		1,403		25,252		1,735
Ohio		160,176		11,211		583,167		50,798		743,343		62,009
Oklahoma		42,948		2,774		145,709		10,783		188,657		13,557
Oregon		40,801		3,210		281,441		30,746		322,242		33,956
Pennsylvania		120,428		8,770		530,869		48,979		651,297		57,749
Puerto Rico		27,665		2,289		68,938		5,670		96,603		7,959
Rhode Island		15,864		1,182		71,935		7,697		87,799		8,879
South Carolina		33,819		2,719		195,290		18,964		229,109		21,683
South Dakota		12,467		841		24,548		2,062		37,015		2,903
Tennessee		44,645		2,884		281,020		26,666		325,665		29,550
Texas		248,543		15,425		1,035,788		86,389		1,284,331		101,814
Utah		26,495		1,907		161,674		18,282		188,169		20,189
Vermont		10,569		676		28,416		2,952		38,985		3,628
Virgin Islands		1,350		103		1,598		150		2,948		253
Virginia		103,620		7,776		444,326		57,005		547,946		64,781
Washington		74,281		6,526		519,366		62,573		593,647		69,099
West Virginia		15,793		987		35,384		3,020		51,177		4,007
Wisconsin		126,531		10,405		221,392		23,167		347,923		33,572
Wyoming		10,021		751		21,144		2,024		31,165		2,775

Total 3/		3,475,482	$	253,928		17,231,935	$	1,872,126		20,707,417	$	2,126,054

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 $532,137 million are included in MBS, but excluded from portfolio statistics.

4/		Excludes $100.7 billion of non-Fannie Mae securities for which information is not readily available.

-15-

(FANNIEMAE)

Conventional Single-Family
Serious Delinquencies

March 2004


	Credit Enhanced							Non-Credit Enhanced							Total
			Serious Delinquencies 1/							Serious Delinquencies 1/							Serious Delinquencies 1/
	Total #							Total #							Total #
	of Loans		Total #		%			of Loans		Total #		%			of Loans		Total #		%
	Outstanding		of Loans		Delinquent			Outstanding		of Loans		Delinquent			Outstanding		of Loans		Delinquent
Northeast
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	%
1st Qtr 2004		479,358		8,917		1.86	%		2,244,488		7,609		0.34	%		2,723,846		16,526		0.61	%

Southeast
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	%
1st Qtr 2004		985,251		15,619		1.59	%		2,745,464		8,356		0.30	%		3,730,715		23,975		0.64	%

Midwest
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	%
1st Qtr 2004		652,138		14,130		2.17	%		2,403,459		9,676		0.40	%		3,055,597		23,806		0.78	%

Southwest
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	%
1st Qtr 2004		723,827		10,722		1.48	%		1,986,203		6,076		0.31	%		2,710,030		16,798		0.62	%

West
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	%
1st Qtr 2004		504,054		4,824		0.96	%		2,831,101		4,439		0.16	%		3,335,155		9,263		0.28	%

Total
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	%
1st Qtr 2004		3,344,628		54,212		1.62	%		12,210,715		36,156		0.30	%		15,555,343		90,368		0.58	%

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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(FANNIEMAE)

Multifamily Total Serious Delinquencies and REO Inventory

March 2004

(Dollars in millions)
Numbers may not foot due to rounding


	Loans Serviced				Serious Delinquencies 1/							REO Inventory
	# of				# of				%			# of
	Loans		UPB		Loans		UPB		Delinquent			Loans		UPB
Northeast
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
1st Qtr 2004		5,593		20,966.3		1		2.0		0.01	%		1		1.2

Southeast
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
1st Qtr 2004		3,807		27,812.0		7		35.8		0.13	%		5		42.1

Midwest
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
1st Qtr 2004		3,442		10,314.4		12		51.3		0.50	%		2		29.9

Southwest
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
1st Qtr 2004		3,597		14,341.0		7		78.4		0.55	%		26		92.3

West
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
1st Qtr 2004		25,714		44,793.0		15		27.9		0.06	%		1		7.3

Total
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	%		30		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
1st Qtr 2004		42,153		118,226.7		42		195.3		0.17	%		35		172.8

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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