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): December 23, 2005

Federal National Mortgage Association

Fannie Mae

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

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

202-752-7000

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

o		Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o		Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o		Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o		Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

Item 7.01. Regulation FD Disclosure.

     On December 23, 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 December 23, 2005, Fannie Mae issued its monthly financial summary release for the month of November 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 Exhibits 99.1 and 99.2 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.

		FEDERAL NATIONAL MORTGAGE ASSOCIATION
		By		/s/ David C. Hisey
				David C. Hisey
				Senior Vice President and Controller

Date: December 23, 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 December 23, 2005
99.2		Monthly summary release for November 2005 issued by Fannie Mae on December 23, 2005

EXHIBIT 99.1

Fannie Mae Debt Outstanding 1/
2002 through November 30, 2005

Debt Outstanding (in Millions)		12/31/02				12/31/03				12/31/04				11/30/05
Discount Notes		$	134,312			$	137,528			$	143,455			$	85,283
Benchmark Bills			156,750				191,315				157,501				67,500
FX Discount Notes			—				1,540				7,630				1,603
Other Short Term 2/			12,735				15,622				11,737				2,207
Total Short Term		$	303,797			$	346,005			$	320,323			$	156,593
Short term debt average maturity (in days)			76				100				61				61
Benchmark Notes & Bonds		$	287,418			$	282,602			$	267,091			$	268,316
Callable Benchmark Notes			33,750				44,250				31,250				22,370
Subordinated Benchmark Notes			8,500				12,500				12,500				12,500
Final Maturity Amortizing Notes			—				—				750				1,765
Other Callable & Noncallable Notes & Bonds 3/			211,063				270,800				312,724				287,107
Total Long Term		$	540,731			$	610,152			$	624,315			$	592,058
Long term debt average maturity (in months)			58				54				47				48
Total Debt Outstanding		$	844,528			$	956,157			$	944,638			$	748,651
Total debt average maturity (in months)			40				36				32				38

Notes:
1/		Amounts reflect redemption values, which exclude 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
NOVEMBER 2005

HIGHLIGHTS FOR NOVEMBER INCLUDE:

•		Fannie Mae’s book of business grew at a compound annualized rate of 2.9 percent in November, while the mortgage portfolio declined at a 2.8 percent compound annualized rate.
•		Total business volume rose to $52.0 billion from $51.3 billion the previous month.
•		Portfolio purchases rose to $16.0 billion in November from $10.1 billion the previous month, while net retained commitments rose to $20.8 billion, as investment spreads widened modestly and portfolio sales declined.
•		Lender-originated MBS issues were $37.8 billion. Outstanding MBS grew at a 5.6 percent compound annualized rate in November.
•		The conventional single-family delinquency rate (90 days or more delinquent) rose three basis points in October to 0.64 percent. The multifamily delinquency rate (60 days or more delinquent) rose fifteen basis points to 0.24 percent as we started to see delinquencies on Gulf Coast properties.
•		The duration gap on Fannie Mae’s mortgage portfolio averaged zero months in November.

MORTGAGE MARKET HIGHLIGHTS:

•		Total residential mortgage debt outstanding grew at a compound annualized rate of 15.2 percent during the third quarter of 2005 to $9.5 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/
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	%
September 2005			727,824				(47.8	%)			1,573,810				50.7	%			2,301,634				6.7	%
October 2005			717,254				(16.1	%)			1,587,014				10.6	%			2,304,268				1.4	%
November 2005			715,532				(2.8	%)			1,594,277				5.6	%			2,309,808				2.9	%
YTD 2005		$	715,532				(22.6	%)		$	1,594,277				15.0	%		$	2,309,808				0.1	%

BUSINESS VOLUMES ($ in Millions) 1/

		MBS
						Fannie Mae				MBS Issues
		Lender-originated				MBS				Acquired				Portfolio				Business
		Issues 5/				Purchases 6/				by Others				Purchases				Volume
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
September 2005			61,013				410				60,603				10,021				70,625
October 2005			41,563				446				41,117				10,136				51,253
November 2005			37,818				1,823				35,995				16,021				52,016
YTD 2005		$	441,707			$	5,234			$	436,472			$	117,880			$	554,352

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

														Mortgage
		Net Retained												Portfolio
		Commitments 7/				Purchases				Purchase Yield 8/				Sales
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
September 2005			477				10,021				5.44	%			31,071
October 2005			8,785				10,136				5.50	%			4,437
November 2005			20,758				16,021				5.17	%			2,571
YTD 2005		$	23,359			$	117,880				5.09	%		$	110,419

1/		Represents unpaid principal balance.
2/		Excludes mark-to-market adjustments, deferred balances and allowance for losses. Includes $338 billion of Fannie Mae MBS as of November 30, 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 $2,650 million in November 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/		Calculated as commitment yield for single-family loans, pass-thru rate for multifamily loans and coupon divided by price for securities. Yields are presented on a taxable-equivalent basis.

Numbers may not sum due to rounding.

      

LIQUIDATIONS ($ in Millions) 1/																		DELINQUENCY RATES
		Mortgage Portfolio								Outstanding MBS								Single-family Conventional 2/												Multifamily
		Liquidations								Liquidations								Non-Credit				Credit
		Amount				Annual Rate				Amount				Annual Rate				Enhancement 3/				Enhancement 4/				Total 5/				Total 6/
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	%			0.32	%			1.76	%			0.59	%			0.08	%
September 2005			19,468				31.23	%			37,036				28.72	%			0.33	%			1.78	%			0.61	%			0.09	%
October 2005			16,407				27.25	%			32,350				24.56	%			0.35	%			1.86	%			0.64	%			0.24	%
November 2005			15,247				25.54	%			31,156				23.50	%
YTD 2005		$	197,097				26.49	%		$	339,901				24.91	%

AVERAGE INVESTMENT BALANCES ($ in Millions)

		Net				Liquid				Total Net
		Mortgages				Investments				Investments
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
September 2005			743,061				61,103				804,164
October 2005			714,704				51,725				766,429
November 2005			705,703				54,278				759,981
YTD 2005		$	805,808			$	58,795			$	864,603

INTEREST RATE RISK DISCLOSURE

		Effective
		Duration Gap 7/
		(in months)
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
September 2005			1
October 2005			1
November 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. Since October 2005, we have included non-mortgage assets and liabilities in the duration gap calculation. Our portfolio duration gap calculation excludes any interest rate sensitivity of the guarantee business.
		Numbers may not sum due to rounding.

In connection with the pending re-audit and restatement of Fannie Mae’s previously published financial statements, management is undertaking a comprehensive review of Fannie Mae’s accounting routines and controls, financial reporting process and the application of generally accepted accounting principles. While most of the information contained in this summary is not derived from Fannie Mae’s financial statements, we expect that some of this information will be impacted by the re-audit and restatement. Management believes that the information may be useful to investors for comparing current business activities with those of prior periods and for reviewing trends in our business, notwithstanding that information may change, perhaps materially, from what is reported herein. Issues under review that will cause some of this information to change include those related to securities accounting, loan accounting, consolidation and amortization. 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, August 9, 2005 and November 10, 2005.

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