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

EXHIBIT 99.2

FANNIE MAE
MONTHLY SUMMARY

May 2005

HIGHLIGHTS FOR MAY INCLUDE:

• Total business volume was $45.3 billion in May, slightly higher than in April.

• New MBS issuance by lenders was $34.3 billion in May, compared to $36.8 billion the previous month.

• Portfolio purchases were $11.2 billion and portfolio sales were $17.8 billion, which net of portfolio liquidations resulted in a negative 28.9 percent annualized growth rate of the mortgage portfolio. $7.3 billion of the portfolio sales were part of a transaction executed in May to resecuritize non-agency REMIC securities previously held in the mortgage portfolio.

• The conventional single-family delinquency rate fell two basis points to 0.57 percent in April. The multifamily delinquency rate rose one basis point to 0.10 percent.

• The duration gap on Fannie Mae’s mortgage portfolio averaged minus one month in May.

MORTGAGE MARKET HIGHLIGHTS:

• Total residential mortgage debt outstanding grew at a compound annual rate of 9.2 percent during the first quarter of 2005 to $8.9 trillion.

• Fannie Mae estimates total single-family mortgage originations for 2005 will be about $2.7 trillion.

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/
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	%)
March 2005		864,648		(13.6	%)		1,441,003		8.9	%		2,305,652		(0.2	%)
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	%)
YTD 2005	$	828,079		(19.1	%)	$	1,464,884		11.0	%	$	2,292,963		(1.5	%)

BUSINESS VOLUMES ($ in Millions) 1/

	MBS
	Total		Fannie Mae		MBS Issues
	Lender-originated		MBS		Acquired		Portfolio		Business
	Issues 5/		Purchases 6/		by Others		Purchases		Volume
June 2004	$	53,692	$	13,330	$	40,362	$	37,164	$	77,526
July 2004		39,636		5,676		33,960		21,618		55,578
August 2004		34,961		4,676		30,285		21,787		52,072
September 2004		40,870		5,074		35,796		27,661		63,457
October 2004		38,289		3,665		34,623		27,142		61,766
November 2004		36,259		2,717		33,542		19,121		52,662
December 2004		39,375		1,642		37,732		13,016		50,748
Full year 2004	$	527,146	$	64,604	$	462,542	$	262,647	$	725,189
January 2005	$	37,457	$	451	$	37,006	$	11,095	$	48,101
February 2005		31,259		538		30,721		9,446		40,167
March 2005		31,493		326		31,166		11,206		42,372
April 2005		36,838		429		36,409		8,865		45,274
May 2005		34,343		219		34,124		11,198		45,322
YTD 2005	$	171,390	$	1,963	$	169,427	$	51,809	$	221,236
The single-family and multifamily MBS issues will no longer be shown separately on a monthly basis.

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

									Mortgage
	Retained					Net			Portfolio
	Commitments 7/			Purchases 8/		Purchase Yield 9/			Sales
June 2004	$	29,668		$	37,164		4.44	%	$	1,695
July 2004		19,504			21,618		4.44	%		681
August 2004		24,683			21,787		4.14	%		1,932
September 2004		30,783			27,661		3.61	%		1,195
October 2004		19,356			27,142		3.59	%		941
November 2004		11,887			19,121		4.16	%		1,511
December 2004		9,330			13,016		4.71	%		1,653
Full year 2004	$	256,144		$	262,647		4.22	%	$	16,449
January 2005	$	797		$	11,095		4.40	%	$	6,360
February 2005		3,099			9,446		4.73	%		9,539
March 2005		10,587			11,206		4.79	%		4,806
April 2005		5,654			8,865		5.04	%		1,680
May 2005		(8,131	)		11,198		4.99	%		17,812
YTD 2005	$	12,006		$	51,809		4.78	%	$	40,196

1/	Represents unpaid principal balance.
2/	Excludes mark-to-market adjustments, deferred balances and allowance for losses. Includes $431 billion of Fannie Mae MBS as of May 31, 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 $6,551 million in May 2005.
6/	Included in total portfolio purchases.
7/	Represents commitments to purchase net of commitments to sell that were entered into during the month, including any modifications to original amounts.
8/	Fannie Mae is not providing a breakdown of mortgage portfolio purchases between single family and multifamily because the company is currently examining its processes for classifying mortgage purchases. Upon completion of this review, we will re-release the breakdown between single-family and multifamily and expect that certain previously reported purchases will be reclassified.
9/	Yields shown on a taxable-equivalent basis.
	Numbers may not foot due to rounding.

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/
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	%		0.34	%		1.84	%		0.64	%		0.10	%
March 2005		17,049		23.52	%		24,956		20.86	%		0.31	%		1.72	%		0.59	%		0.09	%
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	%
YTD 2005	$	88,273		24.37	%	$	140,711		23.56	%

AVERAGE INVESTMENT BALANCES ($ in Millions)

	Net		Liquid		Total Net
	Mortgages		Investments		Investments
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
March 2005		863,662		65,330		928,992
April 2005		851,828		58,269		910,097
May 2005		836,441		55,479		891,920
YTD 2005	$	864,368	$	60,074	$	924,443

INTEREST RATE RISK DISCLOSURE

	Effective
	Duration Gap 7/
	(in months)
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
March 2005		1
April 2005		-1
May 2005		-1

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/or 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.

This information is subject to change as a result of the pending re-audit and restatement of Fannie Mae’s previously published financial statements. 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, and May 11, 2005.

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