Item 7.01. Regulation FD Disclosure.

     On September 28, 2005, Fannie Mae (formally, the Federal National Mortgage Association) published summary information regarding its outstanding debt for certain prior periods on its website, www.fanniemae.com. The summary, a copy of which is furnished as Exhibit 99.1 to this report, is incorporated herein by reference.

     On September 28, 2005, Fannie Mae issued its monthly financial summary release for the month of August 2005. The summary, a copy of which is furnished as Exhibit 99.2 to this report, is incorporated herein by reference.

     The information in this item, including the exhibits submitted herewith, 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 Fannie Mae, except as shall be expressly set forth by specific reference in such document.

Item 9.01. Financial Statements and Exhibits.

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

SIGNATURE

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

Date:     September 30, 2005

EXHIBIT INDEX

     The following exhibits are submitted herewith:

Exhibit Number		Description of Exhibit
99.1		Summary information on outstanding debt published by Fannie Mae on September 28, 2005
99.2		Monthly summary release for August 2005 issued by Fannie Mae on September 28, 2005

EXHIBIT 99.1

Fannie Mae Debt Outstanding¹
2002 through August 31, 2005

Debt Outstanding ($ in millions)		12/31/2002				12/31/2003				12/31/2004				8/31/2005
Discount Notes		$	134,312			$	137,528			$	143,455			$	67,311
Benchmark Bills			156,750				191,315				157,501				101,000
FX Discount Notes			—				1,540				7,630				2,244
Other Short Term2			12,735				15,622				11,737				6,550
Total Short Term		$	303,797			$	346,005			$	320,323			$	177,105
Short term debt average maturity (in days)			76				100				61				67
Benchmark Notes & Bonds		$	287,418			$	282,602			$	267,091			$	267,316
Callable Benchmark Notes			33,750				44,250				31,250				24,500
Subordinated Benchmark Notes			8,500				12,500				12,500				12,500
Final Maturity Amortizing Notes			—				—				750				1,875
Other Callable & Noncallable Notes & Bonds3			211,063				270,800				312,724				312,290
Total Long Term		$	540,731			$	610,152			$	624,315			$	618,481
Long term debt average maturity (in months)			58				54				47				47
Total Debt Outstanding		$	844,528			$	956,157			$	944,638			$	795,586
Total debt average maturity (in months)			40				36				32				37

1		Amounts reflect redemption value, which excludes the effect of currency adjustments, debt basis adjustments, and amortization of discounts, premiums, issuance costs, and hedging results.
2		Other Short Term includes coupon bearing short term notes, dollar rolls, overnight Fed funds, Benchmark repos, investment agreements, and LIP security lending.
3		Other Callable & Noncallable Notes & Bonds includes all long-term non-Benchmark Securities such as globals, zero-coupon securities, medium-term notes, and other long-term debt securities.

EXHIBIT 99.2

FANNIE MAE
MONTHLY SUMMARY

AUGUST 2005

HIGHLIGHTS FOR AUGUST INCLUDE:

•

Total business volume grew to $57.9 billion in August from $52.5 billion the previous month.

•

Outstanding MBS grew at a 19.3 percent annualized rate in August compared with 11.5 percent in July.

•

Total lender–originated MBS issues rose to $46.5 billion from $43.3 billion in July.

•

Portfolio purchases were $11.6 billion and portfolio sales were $12.5 billion, which net of portfolio liquidations resulted in a negative 27.1 percent annualized growth rate of the mortgage portfolio.

•

Retained commitments were negative $21.0 billion, reflecting that August’s commitments to sell mortgage assets outpaced commitments to purchase mortgage assets.

•

The conventional single-family delinquency rate rose two basis points to 0.59 percent in July. The multifamily delinquency rate fell two basis points to 0.08 percent.

•

The duration gap on Fannie Mae’s mortgage portfolio averaged zero months in August.

MORTGAGE MARKET HIGHLIGHTS:

•

Total residential mortgage debt outstanding grew at a compound annual rate of 12.4 percent during the second quarter of 2005 to $9.2 trillion.

BUSINESS BALANCES AND GROWTH ($ in Millions) 1/

		Mortgage Portfolio, Gross 2/								Outstanding MBS 3/								Book of Business
		End Balance				Growth Rate 4/				End Balance				Growth Rate 4/				End Balance				Growth Rate 4/
September 2004		$	904,543				12.9	%		$	1,377,680				8.0	%		$	2,282,223				9.9	%
October 2004			913,246				12.2	%			1,386,272				7.7	%			2,299,518				9.5	%
November 2004			912,608				(0.8	%)			1,393,205				6.2	%			2,305,813				3.3	%
December 2004			904,555				(10.1	%)			1,402,761				8.5	%			2,307,316				0.8	%
Full year 2004		$	904,555				0.7	%		$	1,402,761				7.9	%		$	2,307,316				4.9	%
January 2005		$	890,834				(16.8	%)		$	1,416,038				12.0	%		$	2,306,871				(0.2	%)
February 2005			875,245				(19.1	%)			1,430,825				13.3	%			2,306,070				(0.4	%)
March 2005			864,648				(13.6	%)			1,441,003				8.9	%			2,305,652				(0.2	%)
April 2005			851,936				(16.3	%)			1,445,353				3.7	%			2,297,288				(4.3	%)
May 2005			828,079				(28.9	%)			1,464,884				17.5	%			2,292,963				(2.2	%)
June 2005			808,225				(25.3	%)			1,485,149				17.9	%			2,293,374				0.2	%
July 2005			788,786				(25.3	%)			1,498,717				11.5	%			2,287,503				(3.0	%)
August 2005			768,280				(27.1	%)			1,520,943				19.3	%			2,289,223				0.9	%
YTD 2005		$	768,280				(21.7	%)		$	1,520,943				12.9	%		$	2,289,223				(1.2	%)

BUSINESS VOLUMES ($ in Millions) 1/

		MBS
						Fannie Mae				MBS Issues
		Lender-originated				MBS				Acquired				Portfolio				Business
		Issues 5/				Purchases 6/				by Others				Purchases				Volume
September 2004		$	40,870			$	5,074			$	35,796			$	27,661			$	63,457
October 2004			38,289				3,665				34,623				27,142				61,766
November 2004			36,259				2,717				33,542				19,121				52,662
December 2004			39,375				1,642				37,732				13,016				50,748
Full year 2004		$	527,146			$	64,604			$	462,542			$	262,647			$	725,189
January 2005		$	37,457			$	451			$	37,006			$	11,095			$	48,101
February 2005			31,259				538				30,721				9,446				40,167
March 2005			31,493				326				31,166				11,206				42,372
April 2005			36,838				429				36,409				8,865				45,274
May 2005			34,343				219				34,124				11,198				45,322
June 2005			40,039				210				39,829				8,964				48,793
July 2005			43,344				207				43,138				9,365				52,502
August 2005			46,540				176				46,363				11,564				57,927
YTD 2005		$	301,313			$	2,556			$	298,757			$	81,702			$	380,458

The single-family and multifamily MBS issues will no longer be shown separately on a monthy basis.

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

														Mortgage
		Retained												Portfolio
		Commitments 7/				Purchases 8/				Purchase Yield 9/				Sales
September 2004		$	30,783			$	27,661				3.61	%		$	1,195
October 2004			19,356				27,142				3.59	%			941
November 2004			11,887				19,121				4.16	%			1,511
December 2004			9,330				13,016				4.71	%			1,653
Full year 2004		$	256,144			$	262,647				4.22	%		$	16,449
January 2005		$	797			$	11,095				4.40	%		$	6,360
February 2005			3,099				9,446				4.73	%			9,539
March 2005			10,587				11,206				4.79	%			4,806
April 2005			5,654				8,865				5.04	%			1,680
May 2005			(8,131	)			11,198				4.99	%			17,812
June 2005			(2,339	)			8,964				5.33	%			10,350
July 2005			4,636				9,365				5.43	%			9,288
August 2005			(20,964	)			11,564				5.27	%			12,507
YTD 2005		$	(6,661	)		$	81,702				4.98	%		$	72,341

1/		Represents unpaid principal balance.
2/		Excludes mark-to-market adjustments, deferred balances and allowance for losses. Includes $387 billion of Fannie Mae MBS as of August 31, 2005.
3/		MBS held by investors other than Fannie Mae’s portfolio.
4/		Growth rates are compounded.
5/		Excludes MBS issued from Fannie Mae’s portfolio, which was $2,761 million in August 2005.
6/		Included in total portfolio purchases.
7/		Represents commitments to purchase, net of commitments to sell, entered into during the month, including any modifications to original amounts.
8/		Fannie Mae is currently examining its processes for classifying mortgage purchases between single-family and multifamily. Going forward, we expect to report this breakout quarterly and we will re-classify previously reported purchases.
9/		Represents the weighted-average yield on monthly purchases. Yields are presented on a taxable-equivalent basis to consistently reflect income from taxable and tax-exempt investments.
		Numbers may not add due to rounding.

LIQUIDATIONS ($ in Millions) 1/																										DELINQUENCY RATES
						Mortgage Portfolio								Outstanding MBS												Single-family Conventional 2/
						Liquidations								Liquidations												Non-Credit				Credit								Multifamily
						Amount				Annual Rate				Amount				Annual Rate								Enhancement 3/				Enhancement 4/				Total 5/				Total 6/
September 2004						$	17,361				23.15	%		$	27,168				23.74	%							0.30	%			1.72	%			0.59	%			0.12	%
October 2004							17,529				23.14	%			26,970				23.42	%							0.32	%			1.77	%			0.62	%			0.12	%
November 2004							18,295				24.05	%			28,104				24.27	%							0.33	%			1.84	%			0.64	%			0.10	%
December 2004							19,449				25.69	%			29,779				25.56	%							0.33	%			1.84	%			0.63	%			0.10	%
Full year 2004						$	240,201				26.87	%		$	374,688				27.58	%
January 2005						$	18,480				24.70	%		$	30,063				25.60	%							0.35	%			1.88	%			0.65	%			0.10	%
February 2005							15,545				21.13	%			24,107				20.32	%							0.34	%			1.84	%			0.64	%			0.10	%
March 2005							17,049				23.52	%			24,956				20.86	%							0.31	%			1.72	%			0.59	%			0.09	%
April 2005							19,899				27.82	%			33,740				28.05	%							0.30	%			1.68	%			0.57	%			0.10	%
May 2005							17,301				24.72	%			27,844				22.96	%							0.30	%			1.68	%			0.57	%			0.10	%
June 2005							18,502				27.14	%			29,243				23.79	%							0.30	%			1.69	%			0.57	%			0.10	%
July 2005							19,575				29.42	%			34,429				27.69	%							0.32	%			1.74	%			0.59	%			0.08	%
August 2005							19,624				30.25	%			34,976				27.80	%
YTD 2005						$	145,976				26.00	%		$	239,359				24.66	%

AVERAGE INVESTMENT BALANCES ($ in Millions)

		Net				Liquid				Total Net
		Mortgages				Investments				Investments
September 2004		$	895,590			$	69,256			$	964,846
October 2004			903,065				61,445				964,510
November 2004			907,233				62,836				970,069
December 2004			904,200				58,877				963,077
Full year 2004		$	886,699			$	67,510			$	954,208
January 2005		$	891,533			$	66,667			$	958,200
February 2005			878,378				54,626				933,003
March 2005			863,662				65,330				928,992
April 2005			851,828				58,269				910,097
May 2005			836,441				55,479				891,920
June 2005			813,466				59,072				872,538
July 2005			792,532				55,114				847,645
August 2005			772,579				65,081				837,660
YTD 2005		$	837,552			$	59,955			$	897,507

INTEREST RATE RISK DISCLOSURE

		Effective
		Duration Gap 7/
		(in months)
September 2004		-2
October 2004		0
November 2004		-1
December 2004		-1
January 2005		-1
February 2005		0
March 2005		1
April 2005		-1
May 2005		-1
June 2005		0
July 2005		1
August 2005		0

1/		Represents unpaid principal balance.
2/		Includes conventional loans three or more months delinquent or in foreclosure process as a percent of the number of loans.
3/		Loans without primary mortgage insurance or any credit enhancements.
4/		Loans with primary mortgage insurance and/or other credit enhancements.
5/		Total of single-family non-credit enhanced and credit enhanced loans.
6/		Includes loans and securities 60 days or more past due and is calculated based on mortgage credit book of business.
7/		The duration gap is a weighted average for the month.
		Numbers may not add due to rounding.

This information is subject to change as a result of the pending re-audit and restatement of Fannie Mae’s previously published financial statements. More information regarding the re-audit and restatement may be found in Form 8-Ks Fannie Mae filed with the Securities and Exchange Commission on December 22, 2004, March 18, 2005, May 11, 2005, and August 9, 2005.

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