UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 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): | September 24, 2007 |
Federal National Mortgage Association
__________________________________________
(Exact name of registrant as specified in its charter)
| Federally Chartered Corporation | 000-50231 | 52-0883107 |
|
_____________________ (State or other jurisdiction |
_____________ (Commission |
______________ (I.R.S. Employer |
| of incorporation) | File Number) | Identification No.) |
| 3900 Wisconsin Avenue, NW, Washington, District of Columbia | 20016 | |
|
_________________________________ (Address of principal executive offices) |
___________ (Zip Code) |
| Registrant’s telephone number, including area code: | 202-752-7000 |
Not Applicable
______________________________________________
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:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] 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 September 24, 2007, Fannie Mae (formally, the Federal National Mortgage Association) announced the estimated June 30, 2007 capital levels it submitted to the Office of Federal Housing Enterprise Oversight, or OFHEO, on July 27, 2007. Fannie Mae stated that it was providing the information in advance of OFHEO's determination of Fannie Mae's capital level and classification because Fannie Mae is considering a preferred stock issuance later in the week. Although the information submitted to OFHEO about Fannie Mae's June 30 capital levels represents management's best estimate of the information at the time of the submission, the information is subject to change as as a result of OFHEO's review of the submission and Fannie Mae's ongoing preparation of its 2007 financial results and, following year end, the audit of those results. In addition, as Fannie Mae has previously disclosed, changes in the fair value of its derivatives and other changes attributable to its accounting policies and practices result in
significant fluctuations in its capital holdings, including its core capital, from month to month.
The news release, a copy of which is attached as Exhibit 99.1 to this report, is incorporated herein by reference.
The information in this item, including the exhibit 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 filing.
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 | ||||
| September 24, 2007 | By: |
/s/ Beth A. Wilkinson
|
||
|
|
||||
| Name: Beth A. Wilkinson | ||||
| Title: Executive Vice President and General Counsel | ||||
Exhibit Index
| Exhibit No. | Description | |
|
|
|
|
|
99.1
|
News Release, dated September 24, 2007 |
[Fannie Mae Logo]
news release
Media Hotline: 1-888-326-6694
Resource Center: 1-800-732-6643
Contact: Janis Smith
202-752-6673
Number: 4112
Date: September 24, 2007
Fannie Mae Considering Preferred Stock Transaction; Company Provides Investors Second Quarter Capital Levels Submitted to OFHEO
WASHINGTON, DC – Fannie Mae (FNM/NYSE) today announced the estimated June 30, 2007 capital levels it has submitted to the Office of Federal Housing Enterprise Oversight (OFHEO). The information is being provided in advance of OFHEO’s classification because Fannie Mae is considering a preferred stock transaction this week. The Federal Housing Enterprises Financial Safety and Soundness Act of 1992 requires the Director of OFHEO to determine the capital level and classification of Fannie Mae not less than quarterly, and to report the results to Congress. This determination is expected shortly.
The information submitted to OFHEO indicates that Fannie Mae’s June 30, 2007 core capital of $42.375 billion exceeded the OFHEO-directed minimum capital requirement of $39.416 billion by $2.959 billion, and exceeded the statutory minimum capital requirement of $30.320 billion by $12.055 billion.
Fannie Mae has not prepared any financial statements since those for the fiscal year ended December 31, 2006, which were contained in the 2006 Form 10-K filed with the SEC on August 16, 2007. Therefore, the information provided by Fannie Mae represents Fannie Mae management’s best estimate of the capital levels as of June 30, 2007, but remain subject to change as a result of Fannie Mae’s ongoing preparation and audit of its 2007 financial statements and OFHEO’s review.
###
This press release does not constitute an offer to sell or the solicitation of an offer to buy securities of Fannie Mae. Nothing in this press release constitutes advice on the merits of buying or selling a particular investment. Securities we issue are “exempted securities” under laws administered by the SEC.
Fannie Mae is a shareholder-owned company with a public mission. We exist to expand affordable housing and bring global capital to local communities in order to serve the U.S. housing market. Fannie Mae has a federal charter and operates in America’s secondary mortgage market to ensure that mortgage bankers and other lenders have enough funds to lend to home buyers at low rates. Our job is to help those who house America.