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): April 21, 2006

Federal National Mortgage Association

Fannie Mae

Federally chartered corporation		000-50231		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

(Former Name or Former Address, if Changed Since Last Report): ________________

     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 2.02. Results of Operations and Financial Condition.

     On April 21, 2006, Fannie Mae (formally, the Federal National Mortgage Association) published summary information regarding its outstanding debt for certain prior quarterly and annual 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.

     The information in this item, including Exhibit 99.1 submitted herewith, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liabilities of Section 18, nor shall it be deemed incorporated by reference into any disclosure document relating to Fannie Mae, except to the extent, if any, expressly set forth by specific reference in such document.

Item 7.01. Regulation FD Disclosure.

     On April 27, 2006, Fannie Mae issued its monthly financial summary release for the month of March 2006. The summary, a copy of which is furnished as Exhibit 99.2 to this report, is incorporated herein by reference.

     On April 25, 2006, Fannie Mae announced that its Board of Directors approved dividends on the company’s common stock and preferred stock. The announcement, a copy of which is furnished as Exhibit 99.3 to this report, is incorporated herein by reference.

     The information in this item, including Exhibits 99.2 and 99.3 submitted herewith, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liabilities of Section 18, nor shall it be deemed incorporated by reference into any disclosure document relating to Fannie Mae, except to the extent, if any, 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:   April 27, 2006

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 April 21, 2006
99.2		Monthly summary release for March 2006 issued by Fannie Mae on April 27, 2006
99.3		April 25, 2006 news release regarding common and preferred stock dividends

EXHIBIT 99.1

Fannie Mae Debt Outstanding 1/
2003 through March 31, 2006

Debt Outstanding (in millions)		12/31/03				12/31/04				12/31/05				3/31/06
Discount Notes		$	137,528			$	143,455			$	92,924			$	86,765
Benchmark Bills			191,315				157,501				75,000				66,500
FX Discount Notes			1,540				7,630				1,818				1,012
Other Short Term 2/			15,622				11,737				2,799				2,116
Total Short Term		$	346,005			$	320,323			$	172,541			$	156,393
Short term debt average maturity (in days)			100				61				66				71
Benchmark Notes & Bonds		$	282,602			$	267,091			$	266,295			$	263,906
Callable Benchmark Notes			44,250				31,250				22,370				22,370
Subordinated Benchmark Notes			12,500				12,500				12,500				12,500
Other Callable & Noncallable Notes & Bonds 3, 4/			281,601				323,863				292,538				312,931
Total Long Term		$	620,953			$	634,704			$	593,703			$	611,707
Long term debt average maturity (in months)			54				47				48				50
Total Debt Outstanding		$	966,958			$	955,027			$	766,244			$	768,100
Total debt average maturity (in months)			36				32				38				40

EXHIBIT 99.2

HIGHLIGHTS FOR MARCH INCLUDE:

•

Fannie Mae’s book of business grew at a compound annualized rate of 7.5 percent in March, driven primarily by outstanding MBS, which grew at a 10.7 percent compound annualized rate.

•

The gross mortgage portfolio increased slightly during the month, driven by portfolio purchases of $14.2 billion, which outpaced portfolio liquidations of $11.4 billion and portfolio sales of $2.5 billion.

•

Total business volume increased to $47.3 billion, compared with $45.0 billion the previous month, driven by a rise in portfolio purchases.

•

Net retained commitments rose to $16.6 billion in March. It is expected that approximately a quarter of these commitments will settle at regular intervals during the balance of this year.

•

The conventional single-family delinquency rate (90 days or more delinquent) fell three basis points in February to 0.74 percent. The multifamily delinquency rate (60 days or more delinquent) remained stable at 0.27 percent.

•

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

MORTGAGE MARKET HIGHLIGHTS:

•

The ARM share of the number of conventional mortgage applications decreased to a 6-month low of 29.6 percent in March from 30.3 percent the prior month.

		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/
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	%
December 2005			727,173				21.4	%			1,598,079				2.9	%			2,325,251				8.3	%
Full year 2005		$	727,173				(19.6	%)		$	1,598,079				13.9	%		$	2,325,251				0.8	%
January 2006		$	725,287				(3.1	%)		$	1,613,005				11.8	%		$	2,338,291				6.9	%
February 2006			720,815				(7.2	%)			1,630,900				14.2	%			2,351,715				7.1	%
March 2006			721,125				0.5	%			1,644,793				10.7	%			2,365,918				7.5	%
YTD 2006		$	721,125				(3.3	%)		$	1,644,793				12.2	%		$	2,365,918				7.2	%

		MBS
						Fannie Mae				MBS Issues
		Lender-originated				MBS				Acquired				Portfolio				Business
		Issues 5/				Purchases 6/				by Others				Purchases				Volume
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
December 2005			39,553				10,393				29,160				28,760				57,920
Full year 2005		$	481,260			$	15,628			$	465,632			$	146,640			$	612,272
January 2006		$	41,524			$	2,606			$	38,918			$	12,199			$	51,117
February 2006			34,416				821				33,595				11,417				45,012
March 2006			34,236				1,073				33,162				14,165				47,327
YTD 2006		$	110,175			$	4,501			$	105,675			$	37,781			$	143,456

														Mortgage
		Net Retained												Portfolio
		Commitments 7/				Purchases				Purchase Yield 8/				Sales
April 2005		$	5,104			$	8,865				5.04	%		$	1,680
May 2005			(8,768	)			11,198				4.99	%			17,812
June 2005			(3,185	)			8,964				5.33	%			10,350
July 2005			3,858				9,365				5.43	%			9,288
August 2005			(21,943	)			11,564				5.27	%			12,507
September 2005			(403	)			10,021				5.44	%			31,071
October 2005			8,314				10,136				5.50	%			4,437
November 2005			20,084				16,021				5.17	%			2,571
December 2005			19,595				28,760				5.43	%			2,876
Full year 2005		$	35,469			$	146,640				5.16	%		$	113,295
January 2006		$	9,187			$	12,199				5.47	%		$	1,774
February 2006			9,704				11,417				5.68	%			5,142
March 2006			16,584				14,165				5.76	%			2,547
YTD 2006		$	35,475			$	37,781				5.64	%		$	9,462

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/
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	%			0.46	%			2.11	%			0.77	%			0.27	%
December 2005			14,318				23.82	%			28,167				21.18	%			0.47	%			2.14	%			0.79	%			0.27	%
Full year 2005		$	211,416				26.25	%		$	368,067				24.59	%
January 2006		$	12,405				20.50	%		$	25,765				19.26	%			0.45	%			2.12	%			0.77	%			0.27	%
February 2006			10,843				18.00	%			20,830				15.41	%			0.43	%			2.05	%			0.74	%			0.27	%
March 2006			11,366				18.92	%			21,433				15.70	%
YTD 2006		$	34,614				19.13	%		$	68,028				16.78	%

		Effective
		Duration Gap 7/
		(in months)
April 2005			-1
May 2005			-1
June 2005			0
July 2005			1
August 2005			0
September 2005			1
October 2005			1
November 2005			0
December 2005			0
January 2006			0
February 2006			0
March 2006			0

In connection with the ongoing 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, November 10, 2005, and March 13, 2006.

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

Media Hotline: 1-888-326-6694
Consumer Resource Center: 1-800-732-6643

Contact:		Janis Smith 202-752-6673
Number:		3721
Date:		April 25, 2006
		Fannie Mae Announces Second Quarter Common and Preferred Stock Dividends; Company Maintains Common Stock Dividend of Twenty-Six Cents Per Share
		WASHINGTON, DC — The Board of Directors of Fannie Mae (FNM/NYSE) today declared a second quarter dividend on the company’s common stock of twenty-six cents ($0.26) per share, unchanged from the first quarter of 2006. The Board also declared dividends on the company’s preferred stock in accordance with the terms of the preferred stock.

	The dividend payments declared by the Board are as follows:
	•		a dividend on its outstanding common stock of $0.26 per share;
	•		a dividend on its outstanding preferred stock, Series D, of $0.65625 per share;
	•		a dividend on its outstanding preferred stock, Series E, of $0.63750 per share;
	•		a dividend on its outstanding preferred stock, Series F, of $0.5700 per share;
	•		a dividend on its outstanding preferred stock, Series G, of $0.2938 per share;
	•		a dividend on its outstanding preferred stock, Series H, of $0.7263 per share;
	•		a dividend on its outstanding preferred stock, Series I, of $0.6719 per share;
	•		a dividend on its outstanding preferred stock, Series J, of $0.5895 per share;
	•		a dividend on its outstanding preferred stock, Series K, of $0.6745 per share;
	•		a dividend on its outstanding preferred stock, Series L, of $0.6406 per share;
	•		a dividend on its outstanding preferred stock, Series M, of $0.5938 per share;
	•		a dividend on its outstanding preferred stock, Series N, of $0.6875 per share;
	•		a dividend on its outstanding preferred stock, Series O, of $0.8831 per share; and
	•		a dividend on its outstanding Convertible Series 2004-1 preferred stock, of $1,343.75 per share.

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Second Quarter Common Stock Dividend
Page Two

The dividend payment on the common stock will be made to registered holders of common stock as shown on the books of the corporation at the close of business on April 28, 2006, to be payable on May 25, 2006.

The preferred stock dividends were declared in accordance with their respective Certificates of Designation of Terms, all of which are available on the company’s Web site, www.fanniemae.com.

A dividend of $0.65625 per share will be paid to the registered holders of preferred stock, Series D, as shown on the books of the corporation at the close of business on June 15, 2006, that is outstanding at the close of business on June 15, 2006, for the period from and including March 31, 2006, to but excluding June 30, 2006, to be payable on June 30, 2006.

A dividend of $0.63750 per share will be paid to the registered holders of preferred stock, Series E, as shown on the books of the corporation at the close of business on June 15, 2006, that is outstanding at the close of business on June 15, 2006, for the period from and including March 31, 2006, to but excluding June 30, 2006, to be payable on June 30, 2006.

A dividend of $0.5700 per share will be paid to the registered holders of preferred stock, Series F, as shown on the books of the corporation at the close of business on June 15, 2006, that is outstanding at the close of business on June 15, 2006, for the period from and including March 31, 2006, to but excluding June 30, 2006, to be payable on June 30, 2006.

A dividend of $0.2938 per share will be paid to the registered holders of preferred stock, Series G, as shown on the books of the corporation at the close of business on June 15, 2006, that is outstanding at the close of business on June 15, 2006, for the period from and including March 31, 2006, to but excluding June 30, 2006, to be payable on June 30, 2006.

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Second Quarter Common Stock Dividend
Page Three

A dividend of $0.7263 per share will be paid to the registered holders of preferred stock, Series H, as shown on the books of the corporation at the close of business on June 15, 2006, that is outstanding at the close of business on June 15, 2006, for the period from and including March 31, 2006, to but excluding June 30, 2006, to be payable on June 30, 2006.

A dividend of $0.6719 per share will be paid to the registered holders of preferred stock, Series I, as shown on the books of the corporation at the close of business on June 15, 2006, that is outstanding at the close of business on June 15, 2006, for the period from and including March 31, 2006, to but excluding June 30, 2006, to be payable on June 30, 2006.

A dividend of $0.5895 per share will be paid to the registered holders of preferred stock, Series J, as shown on the books of the corporation at the close of business on June 15, 2006, that is outstanding at the close of business on June 15, 2006, for the period from and including March 31, 2006, to but excluding June 30, 2006, to be payable on June 30, 2006.

A dividend of $0.6745 per share will be paid to the registered holders of preferred stock, Series K, as shown on the books of the corporation at the close of business on June 15, 2006, that is outstanding at the close of business on June 15, 2006, for the period from and including March 31, 2006, to but excluding June 30, 2006, to be payable on June 30, 2006.

A dividend of $0.6406 per share will be paid to the registered holders of preferred stock, Series L, as shown on the books of the corporation at the close of business on June 15, 2006, that is outstanding at the close of business on June 15, 2006, for the period from and including March 31, 2006, to but excluding June 30, 2006, to be payable on June 30, 2006.

A dividend of $0.5938 per share will be paid to the registered holders of preferred stock, Series M, as shown on the books of the corporation at the close of business on June 15, 2006, that is outstanding at the close of business on June 15, 2006, for the period from and including March 31, 2006, to but excluding June 30, 2006, to be payable on June 30, 2006.

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Second Quarter Common Stock Dividend
Page Four

A dividend of $0.6875 per share will be paid to the registered holders of preferred stock, Series N, as shown on the books of the corporation at the close of business on June 15, 2006, that is outstanding at the close of business on June 15, 2006, for the period from and including March 31, 2006, to but excluding June 30, 2006, to be payable on June 30, 2006.

A dividend of $0.8831 per share will be paid to the registered holders of preferred stock, Series O, as shown on the books of the corporation at the close of business on June 15, 2006, that is outstanding at the close of business on June 15, 2006, for the period from and including March 31, 2006, to but excluding June 30, 2006, to be payable on June 30, 2006.

A dividend of $1,343.75 per share will be paid to the registered holders of Convertible Series 2004-1 preferred stock, as shown on the books of the corporation at the close of business on June 15, 2006, that is outstanding at the close of business on June 15, 2006, for the period from and including March 31, 2006, to but excluding June 30, 2006, to be payable on June 30, 2006.

# # #

Fannie Mae is a New York Stock Exchange Company. It operates pursuant to a federal charter. Fannie Mae has pledged through its American Dream Commitment to expand access to homeownership for millions of first-time home buyers; help raise the minority homeownership rate to 55 percent; make homeownership and rental housing a success for millions of families at risk of losing their homes; and expand the supply of affordable housing where it is needed most. More information about Fannie Mae can be found on the Internet at http://www.fanniemae.com.