Federal National Mortgage Association (FNMA) 10-12G Registration of securities

EXHIBIT 12.1

Computation of Ratios of Earnings to Fixed Charges

Dollars in millions

		Year Ended December 31,
		2002		2001		2000		1999		1998
Income before cumulative effect of change in accounting principle		$	4,619	$	5,726	$	4,448	$	3,912	$	3,418
Add:
	Provision for taxes		1,429		2,041		1,583		1,514		1,187
	Interest expense on all indebtedness		40,287		41,080		37,107		30,601		25,885
Earnings, as adjusted		$	46,335	$	48,847	$	43,138	$	36,027	$	30,490
Fixed charges:
	Interest expense on all indebtedness	$	40,287	$	41,080	$	37,107	$	30,601	$	25,885
Fixed charges		$	40,287	$	41,080	$	37,107	$	30,601	$	25,885
Ratio of earnings to fixed charges			1.15		1.19		1.16		1.18		1.18