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

EXHIBIT 99.2

FANNIE MAE
MONTHLY SUMMARY

AUGUST 2005

HIGHLIGHTS FOR AUGUST INCLUDE:

• Total business volume grew to $57.9 billion in August from $52.5 billion the previous month.

• Outstanding MBS grew at a 19.3 percent annualized rate in August compared with 11.5 percent in July.

• Total lender–originated MBS issues rose to $46.5 billion from $43.3 billion in July.

• Portfolio purchases were $11.6 billion and portfolio sales were $12.5 billion, which net of portfolio liquidations resulted in a negative 27.1 percent annualized growth rate of the mortgage portfolio.

• Retained commitments were negative $21.0 billion, reflecting that August’s commitments to sell mortgage assets outpaced commitments to purchase mortgage assets.

• The conventional single-family delinquency rate rose two basis points to 0.59 percent in July. The multifamily delinquency rate fell two basis points to 0.08 percent.

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

MORTGAGE MARKET HIGHLIGHTS:

• Total residential mortgage debt outstanding grew at a compound annual rate of 12.4 percent during the second quarter of 2005 to $9.2 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/
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	%)
June 2005		808,225		(25.3	%)		1,485,149		17.9	%		2,293,374		0.2	%
July 2005		788,786		(25.3	%)		1,498,717		11.5	%		2,287,503		(3.0	%)
August 2005		768,280		(27.1	%)		1,520,943		19.3	%		2,289,223		0.9	%
YTD 2005	$	768,280		(21.7	%)	$	1,520,943		12.9	%	$	2,289,223		(1.2	%)

BUSINESS VOLUMES ($ in Millions) 1/

	MBS
			Fannie Mae		MBS Issues
	Lender-originated		MBS		Acquired		Portfolio		Business
	Issues 5/		Purchases 6/		by Others		Purchases		Volume
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
June 2005		40,039		210		39,829		8,964		48,793
July 2005		43,344		207		43,138		9,365		52,502
August 2005		46,540		176		46,363		11,564		57,927
YTD 2005	$	301,313	$	2,556	$	298,757	$	81,702	$	380,458

The single-family and multifamily MBS issues will no longer be shown separately on a monthy basis.

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

									Mortgage
	Retained								Portfolio
	Commitments 7/			Purchases 8/		Purchase Yield 9/			Sales
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
June 2005		(2,339	)		8,964		5.33	%		10,350
July 2005		4,636			9,365		5.43	%		9,288
August 2005		(20,964	)		11,564		5.27	%		12,507
YTD 2005	$	(6,661	)	$	81,702		4.98	%	$	72,341

1/	Represents unpaid principal balance.
2/	Excludes mark-to-market adjustments, deferred balances and allowance for losses. Includes $387 billion of Fannie Mae MBS as of August 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 $2,761 million in August 2005.
6/	Included in total portfolio purchases.
7/	Represents commitments to purchase, net of commitments to sell, entered into during the month, including any modifications to original amounts.
8/	Fannie Mae is currently examining its processes for classifying mortgage purchases between single-family and multifamily. Going forward, we expect to report this breakout quarterly and we will re-classify previously reported purchases.
9/	Represents the weighted-average yield on monthly purchases. Yields are presented on a taxable-equivalent basis to consistently reflect income from taxable and tax-exempt investments.
	Numbers may not add 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/
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	%		0.30	%		1.68	%		0.57	%		0.10	%
June 2005		18,502		27.14	%		29,243		23.79	%		0.30	%		1.69	%		0.57	%		0.10	%
July 2005		19,575		29.42	%		34,429		27.69	%		0.32	%		1.74	%		0.59	%		0.08	%
August 2005		19,624		30.25	%		34,976		27.80	%
YTD 2005	$	145,976		26.00	%	$	239,359		24.66	%

AVERAGE INVESTMENT BALANCES ($ in Millions)

	Net		Liquid		Total Net
	Mortgages		Investments		Investments
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
June 2005		813,466		59,072		872,538
July 2005		792,532		55,114		847,645
August 2005		772,579		65,081		837,660
YTD 2005	$	837,552	$	59,955	$	897,507

INTEREST RATE RISK DISCLOSURE

	Effective
	Duration Gap 7/
	(in months)
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
June 2005	0
July 2005	1
August 2005	0

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 add 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, May 11, 2005, and August 9, 2005.

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