Federal National Mortgage Association (FNMA) 8-K Regulation FD Disclosure

EXHIBIT 99.1

FANNIE MAE
MONTHLY SUMMARY

February 2005

HIGHLIGHTS FOR FEBRUARY INCLUDE:

•   Total business volume was $40.2 billion in February compared with $48.1 billion the previous month.

•   Portfolio purchases were $9.4 billion, compared with $11.1 billion in January.

•   The mortgage portfolio declined at a 19.1 percent annualized rate in February, compared with a 16.8 percent decline in January. Outstanding MBS grew at a 13.3 percent annualized rate in February compared with 12.0 percent in January.

•   Retained commitments were $3.1 billion compared with $0.8 billion the previous month.

•   The conventional single-family delinquency rate rose two basis points to 0.65 percent in January. The multifamily delinquency rate remained stable at 0.10 percent.

•   The duration gap on Fannie Mae’s mortgage portfolio averaged zero months in February.

MORTGAGE MARKET HIGHLIGHTS:

•   Total residential mortgage debt outstanding (MDO) grew at a compound annual rate of 11.4 percent during the fourth quarter of 2004 to $8.7 trillion. Total residential MDO for all of 2004 grew by 13.2 percent, the fastest rate of annual growth recorded since 1986.

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/
March 2004	$	880,911		(1.6	%)	$	1,345,892		9.5	%	$	2,226,803		5.0	%
April 2004		880,481		(0.6	%)		1,353,399		6.9	%		2,233,880		3.9	%
May 2004		878,386		(2.8	%)		1,354,160		0.7	%		2,232,546		(0.7	%)
June 2004		891,210		19.0	%		1,360,045		5.3	%		2,251,255		10.5	%
July 2004		892,724		2.1	%		1,363,317		2.9	%		2,256,041		2.6	%
August 2004		895,428		3.7	%		1,368,918		5.0	%		2,264,345		4.5	%
September 2004		904,543		12.9	%		1,377,680		8.0	%		2,282,223		9.9	%
October 2004		913,246		12.2	%		1,386,272		7.7	%		2,299,518		9.5	%
November 2004		912,608		(0.8	%)		1,393,205		6.2	%		2,305,813		3.3	%
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	%)
YTD 2005	$	875,245		(17.9	%)	$	1,430,825		12.6	%	$	2,306,070		(0.3	%)

BUSINESS VOLUMES ($ in Millions) 1/

	MBS
					Total		Fannie Mae		MBS Issues
	Single-family		Multifamily		Lender-originated		MBS		Acquired		Portfolio		Business
	Issues		Issues		Issues 5/		Purchases 6/		by Others		Purchases		Volume
March 2004	$	44,345	$	1,019	$	45,365	$	6,507	$	38,858	$	20,260	$	59,118
April 2004		56,117		424		56,541		10,198		46,344		27,448		73,792
May 2004		57,629		931		58,559		10,670		47,889		26,686		74,575
June 2004		52,981		711		53,692		13,330		40,362		37,164		77,526
July 2004		38,719		916		39,636		5,676		33,960		21,618		55,578
August 2004		34,685		276		34,961		4,676		30,285		21,787		52,072
September 2004		40,647		224		40,870		5,074		35,796		27,661		63,457
October 2004		37,594		694		38,289		3,665		34,623		27,142		61,766
November 2004		35,739		520		36,259		2,717		33,542		19,121		52,662
December 2004		38,941		434		39,375		1,642		37,732		13,016		50,748
Full year 2004	$	520,292	$	6,854	$	527,146	$	64,604	$	462,542	$	262,647	$	725,189
January 2005	$	35,440	$	2,016	$	37,457	$	451	$	37,006	$	11,095	$	48,101
February 2005		29,768		1,491		31,259		538		30,721		9,446		40,167
YTD 2005	$	65,208	$	3,507	$	68,716	$	989	$	67,727	$	20,541	$	88,268

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

			Purchases
												Mortgage
	Retained		Single-				Total					Portfolio
	Commitments		family		Multifamily		Purchases		Net Yield 7/			Sales
March 2004	$	29,411	$	19,406	$	854	$	20,260		4.53	%	$	1,023
April 2004		28,860		25,997		1,451		27,448		4.37	%		1,583
May 2004		28,389		25,461		1,226		26,686		4.55	%		885
June 2004		29,668		34,775		2,389		37,164		4.44	%		1,695
July 2004		19,504		20,667		950		21,618		4.44	%		681
August 2004		24,683		20,747		1,040		21,787		4.14	%		1,932
September 2004		30,783		24,193		3,468		27,661		3.61	%		1,195
October 2004		19,356		23,109		4,034		27,142		3.59	%		941
November 2004		11,887		16,634		2,486		19,121		4.16	%		1,511
December 2004		9,330		10,980		2,036		13,016		4.71	%		1,653
Full year 2004	$	256,144	$	241,800	$	20,848	$	262,647		4.22	%	$	16,449
January 2005	$	797	$	7,783	$	3,312	$	11,095		4.40	%	$	6,360
February 2005		3,099		6,994		2,452		9,446		4.73	%		9,539
YTD 2005	$	3,896	$	14,777	$	5,764	$	20,541		4.55	%	$	15,899

1/	Represents unpaid principal balance.
2/	Excludes mark-to-market adjustments, deferred balances and allowance for losses. Includes $465 billion of Fannie Mae MBS as of February 28, 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 $1,324 million in February 2005.
6/	Included in total portfolio purchases.
7/	Yields shown on a taxable-equivalent basis.
	Numbers may not foot due to rounding.

1

LIQUIDATIONS ($ in Millions) 1/											DELINQUENCY RATES
	Mortgage Portfolio					Outstanding MBS					Single-family Conventional 2/
	Liquidations					Liquidations
											Non-Credit			Credit						Multifamily
	Amount		Annual Rate			Amount		Annual Rate			Enhancement 3/			Enhancement 4/			Total 5/			Total 6/
March 2004	$	20,444		27.83	%	$	29,702		26.58	%		0.30	%		1.62	%		0.58	%		0.17	%
April 2004		26,086		35.54	%		40,419		35.94	%		0.29	%		1.58	%		0.56	%		0.16	%
May 2004		27,917		38.09	%		48,013		42.56	%		0.29	%		1.61	%		0.57	%		0.14	%
June 2004		22,783		30.90	%		36,063		31.89	%		0.29	%		1.62	%		0.57	%		0.14	%
July 2004		19,467		26.19	%		31,363		27.64	%		0.29	%		1.65	%		0.57	%		0.13	%
August 2004		17,179		23.06	%		26,442		23.23	%		0.30	%		1.67	%		0.58	%		0.13	%
September 2004		17,361		23.15	%		27,168		23.74	%		0.30	%		1.72	%		0.59	%		0.12	%
October 2004		17,529		23.14	%		26,970		23.42	%		0.32	%		1.77	%		0.62	%		0.12	%
November 2004		18,295		24.05	%		28,104		24.27	%		0.33	%		1.84	%		0.64	%		0.10	%
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	%
YTD 2005	$	34,025		22.93	%	$	54,171		22.94	%

AVERAGE INVESTMENT BALANCES ($ in Millions)

	Net		Liquid		Total Net
	Mortgages		Investments		Investments
March 2004	$	876,205	$	66,996	$	943,201
April 2004		870,446		75,787		946,232
May 2004		866,855		82,711		949,567
June 2004		873,386		71,698		945,084
July 2004		883,135		63,078		946,213
August 2004		887,471		64,853		952,324
September 2004		895,590		69,256		964,846
October 2004		903,065		61,445		964,510
November 2004		907,233		62,836		970,069
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
YTD 2005	$	884,955	$	60,647	$	945,602

INTEREST RATE RISK DISCLOSURE *

	Effective
	Duration Gap 7/
	(in months)
March 2004		0
April 2004		3
May 2004		3
June 2004		2
July 2004		0
August 2004		-2
September 2004		-2
October 2004		0
November 2004		-1
December 2004		-1
January 2005		-1
February 2005		0

*Note: Fannie Mae’s monthly summary excludes net interest income at risk information. On December 15, 2004, the Office of the Chief Accountant of the Securities and Exchange Commission (the “SEC”) issued a statement (the “Statement”) regarding a review of certain accounting issues relating to Fannie Mae, including a determination by the SEC that Fannie Mae should restate its financial statements to eliminate the use of hedge accounting. The restatement will affect Fannie Mae’s net interest income at risk information. On December 16, 2004, Fannie Mae filed a Current Report on Form 8-K with the SEC that includes a copy of the Statement.

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 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.

        Numbers may not foot due to rounding.

2

The information presented in this report is unaudited and includes, in the opinion of management, all adjustments (consisting of normally recurring accruals) necessary for a fair presentation. Fannie Mae has announced that its previously issued financial statements and information should no longer be relied upon in light of the SEC’s determination that the financial statements were prepared applying accounting practices that did not comply with generally accepted accounting principles, or GAAP. Fannie Mae has also announced that it will restate its previously issued financial statements and that it has engaged new auditors to serve as Fannie Mae’s independent auditors for 2001 through 2004. It is possible that the re-audit and restatement of Fannie Mae’s financial statements may result in changes to some of the information in this report.

For more information about the restatement and the reaudit, please see the Form 8-Ks Fannie Mae filed with the SEC on December 22, 2004, January 4, 2005 and March 18, 2005. For more information regarding Fannie Mae, please visit www.fanniemae.com or contact us at (202) 752-7115.