Federal National Mortgage Association (FNMA) 10-K 2003 FY Annual report

EXHIBIT 12.1

FANNIE MAE

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

			Year Ended December 31,
	2003		2002		2001		2000		1999
Income before cumulative effect of change   in accounting principle	$	7,720	$	4,619	$	5,726	$	4,448	$	3,912
Add:
Provision for federal income taxes		2,693		1,429		2,041		1,583		1,514
Interest expense on all indebtedness		37,351		40,287		41,080		37,107		30,601
Earnings, as adjusted	$	47,764	$	46,335	$	48,847	$	43,138	$	36,027
Fixed charges:
Interest expense on all indebtedness	$	37,351	$	40,287	$	41,080	$	37,107	$	30,601
Ratio of earnings to fixed charges		1.28:1		1.15:1		1.19:1		1.16:1		1.18:1