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

Exhibit 99.1

MONTHLY SUMMARY HIGHLIGHTS

APRIL 2007

Ø	Fannie Mae’s book of business grew at a compound annualized rate of 8.1 percent in April driven by growth in Fannie Mae MBS and other guarantees, which rose at a compound annualized rate of 9.6 percent.
Ø	The gross mortgage portfolio balance was $711 billion in April. We currently estimate that our “mortgage portfolio” assets for purposes of the OFHEO consent order were approximately $710 billion in April. (For a discussion of the differences between these measures see Additional Information on page 2).
Ø	Net retained commitments were $11.7 billion in April, compared to $14.1 billion in March.
Ø	The conventional single-family delinquency rate fell four basis points to 0.62 percent in March (latest data available). The multifamily serious delinquency rate fell one basis point to 0.09 percent.
Ø	The duration gap on Fannie Mae’s portfolio averaged zero months in April.

MORTGAGE MARKET HIGHLIGHTS

Ø According to the Mortgage Bankers Association’sWeekly Mortgage Applications Survey,the monthly average ARM share of the number of conventional mortgage applications decreased by 2.5 percentage points during April to 18.6 percent — the lowest such share recorded since July 2003.

12b-25 FILING HIGHLIGHTS

In our 12b-25 filing on May 9, 2007, we disclosed that approximately 11 percent of our total single-family mortgage credit book of business as of both March 31, 2007 and December 31, 2006 consisted of Alt-A mortgage loans or structured Fannie Mae MBS backed by Alt-A mortgage loans. We classify mortgage loans as Alt-A if the lender that delivers them to us has classified the loans as Alt-A. We use credit enhancement to reduce our exposure to credit losses from our Alt-A mortgage loans, and a significant portion of our Alt-A mortgage loans have credit enhancement. We also have invested in highly rated private-label mortgage-related securities backed by Alt-A loans. We estimate that approximately 1 percent of our total single-family mortgage credit book of business consisted of private-label mortgage-related securities backed by Alt-A mortgage loans and, to a lesser extent, resecuritizations of private-label mortgage-related securities backed by Alt-A mortgage loans as of both March 31, 2007 and December 31, 2006. We classify mortgage loans underlying mortgage-related securities that we hold in our portfolio as Alt-A if the securities were labeled as Alt-A when sold. We believe our credit exposure to the Alt-A mortgage loans underlying the private-label mortgage-related securities in our portfolio is limited because, to date, we have focused our purchases on the highest-rated tranches of these securities.

TABLE 1. TOTAL BOOK OF BUSINESS COMPONENTS ($ in Millions)¹

	Gross Mortgage			Total Fannie Mae MBS			Fannie Mae MBS
	Portfolio			and Other Guarantees			in Portfolio			Total Book		Compounded			New Business
	[Table 3]		+	[Table 4]		-	[Table 5]		=	of Business		Growth Rate			Acquisitions
April 2006	$	730,328		$	2,004,498		$	331,144		$	2,403,682		7.3	%	$	52,180
May 2006		733,783			2,014,601			333,232			2,415,152		5.9	%		47,972
June 2006		730,900			2,027,693			325,426			2,433,167		9.3	%		56,296
July 2006		731,443			2,033,533			326,963			2,438,013		2.4	%		42,827
August 2006		726,811			2,046,522			321,150			2,452,183		7.2	%		49,055
September 2006		725,534			2,066,127			310,219			2,481,442		15.3	%		66,722
October 2006		720,959			2,085,252			309,861			2,496,350		7.5	%		48,766
November 2006		717,438			2,094,401			301,750			2,510,090		6.8	%		49,470
December 2006		724,400			2,102,275			298,756			2,527,920		8.9	%		57,776
Full Year 2006	$	724,400		$	2,102,275		$	298,756		$	2,527,920		7.7	%	$	614,723
January 2007	$	721,442		$	2,116,483		$	295,399		$	2,542,527		7.2	%	$	51,059
February 2007		712,145			2,130,622			284,191			2,558,577		7.8	%		50,158
March 2007		712,806			2,150,759			277,848			2,585,717		13.5	%		60,455
April 2007		710,586			2,167,274			275,253			2,602,608		8.1	%		52,690
YTD 2007	$	710,586		$	2,167,274		$	275,253		$	2,602,608		9.1	%	$	214,362

TABLE 2. PORTFOLIO COMMITMENTS ($ in Millions)¹

	Commitments		Commitments			Net Retained
	to Purchase, Net		to Sell			Commitments
April 2006	$	26,869	$	(9,723	)	$	17,146
May 2006		19,981		(7,958	)		12,022
June 2006		21,981		(8,738	)		13,243
July 2006		15,446		(9,401	)		6,045
August 2006		29,644		(22,757	)		6,887
September 2006		23,624		(13,133	)		10,491
October 2006		26,694		(18,638	)		8,056
November 2006		19,159		(10,508	)		8,651
December 2006		20,273		(5,422	)		14,851
Full Year 2006	$	251,966	$	(119,498	)	$	132,468
January 2007	$	23,208	$	(22,133	)	$	1,075
February 2007		23,233		(13,256	)		9,977
March 2007		27,723		(13,630	)		14,093
April 2007		20,110		(8,420	)		11,689
YTD 2007	$	94,274	$	(57,439	)	$	36,835

TABLE 3. GROSS MORTGAGE PORTFOLIO ($ in Millions)¹

											Compounded			Annualized
Purchases2			Sales			Liquidations			End Balance		Growth Rate			Liquidation Rate
	$	23,104	$	(2,435	)	$	(11,891	)	$	730,328		15.6	%		(19.78	%)
		18,857		(3,729	)		(11,672	)		733,783		5.8	%		(19.18	%)
		18,819		(9,216	)		(12,486	)		730,900		(4.6	%)		(20.42	%)
		15,242		(2,819	)		(11,880	)		731,443		0.9	%		(19.50	%)
		16,026		(8,898	)		(11,760	)		726,811		(7.3	%)		(19.29	%)
		20,308		(9,698	)		(11,888	)		725,534		(2.1	%)		(19.63	%)
		13,159		(6,746	)		(10,987	)		720,959		(7.3	%)		(18.17	%)
		14,035		(6,326	)		(11,230	)		717,438		(5.7	%)		(18.69	%)
		19,718		(1,860	)		(10,896	)		724,400		12.3	%		(18.22	%)
	$	197,252	$	(61,184	)	$	(139,224	)	$	724,400		(0.4	%)		(19.14	%)
	$	9,659	$	(1,927	)	$	(10,690	)	$	721,442		(4.8	%)		(17.71	%)
		10,359		(9,555	)		(10,101	)		712,145		(14.4	%)		(16.80	%)
		16,452		(5,505	)		(10,286	)		712,806		1.1	%		(17.33	%)
		9,964		(2,111	)		(10,073	)		710,586		(3.7	%)		(16.96	%)
	$	46,434	$	(19,097	)	$	(41,150	)	$	710,586		(5.6	%)		(17.04	%)

Numbers may not sum due to rounding. See Endnotes and Glossary on Page 3. Page 1 of 3

TABLE 4. FANNIE MAE GUARANTEED SECURITIES AND MORTGAGE LOANS ($ in Millions)¹

								Fannie Mae			Other		Total Fannie Mae							Fannie Mae
	Total Fannie Mae MBS							MBS Annualized			Fannie Mae		MBS and Other		Compounded			Mortgage		Guaranteed Securities
	Issuances3		Liquidations			End Balance		Liquidation Rate			Guarantees		Guarantees		Growth Rate			Loans		and Mortgage Loans
April 2006	$	38,966	$	(30,889	)	$	1,981,064		(18.79	%)	$	23,435	$	2,004,498		5.1	%	$	259,694	$	2,264,192
May 2006		37,022		(26,867	)		1,991,219		(16.27	%)		23,383		2,014,601		6.2	%		261,218		2,275,819
June 2006		42,914		(29,680	)		2,004,453		(17.89	%)		23,240		2,027,693		8.1	%		262,625		2,290,318
July 2006		35,962		(30,001	)		2,010,414		(17.96	%)		23,119		2,033,533		3.5	%		263,717		2,297,250
August 2006		39,571		(26,462	)		2,023,523		(15.80	%)		22,999		2,046,522		7.9	%		265,876		2,312,397
September 2006		48,485		(28,971	)		2,043,037		(17.18	%)		23,090		2,066,127		12.1	%		273,732		2,339,859
October 2006		45,697		(26,459	)		2,062,275		(15.54	%)		22,977		2,085,252		11.7	%		270,477		2,355,729
November 2006		37,850		(29,033	)		2,071,091		(16.89	%)		23,310		2,094,401		5.4	%		273,928		2,368,329
December 2006		40,677		(32,939	)		2,078,829		(19.09	%)		23,446		2,102,275		4.6	%		279,146		2,381,421
Full Year 2006	$	481,686	$	(342,495	)	$	2,078,829		(17.66	%)	$	23,446	$	2,102,275		7.2	%	$	279,146	$	2,381,421
January 2007	$	43,988	$	(29,560	)	$	2,093,257		(17.06	%)	$	23,226	$	2,116,483		8.4	%	$	281,524	$	2,398,007
February 2007		41,679		(28,065	)		2,106,871		(16.09	%)		23,750		2,130,622		8.3	%		282,586		2,413,208
March 2007		46,756		(26,497	)		2,127,130		(15.09	%)		23,629		2,150,759		11.9	%		285,304		2,436,063
April 2007		45,833		(30,099	)		2,142,864		(16.98	%)		24,410		2,167,274		9.6	%		286,262		2,453,536
YTD 2007	$	178,256	$	(114,221	)	$	2,142,864		(16.48	%)	$	24,410	$	2,167,274		9.6	%	$	286,262	$	2,453,536

TABLE 5. MORTGAGE PORTFOLIO COMPOSITION ($ in Millions)¹

															Non-Fannie Mae
	Fannie Mae MBS in Portfolio												Mortgage		Mortgage Securities5				Mortgage Portfolio
	Purchases		Sales			Liquidations			Securitizations4		End Balance		Loans		Agency		Non-Agency		End Balance
April 2006	$	7,893	$	(2,200	)	$	(4,740	)	$	1,997	$	331,144	$	259,694	$	33,618	$	105,871	$	730,328
May 2006		6,379		(1,659	)		(4,160	)		1,528		333,232		261,218		33,545		105,788		733,783
June 2006		3,070		(8,653	)		(4,591	)		2,367		325,426		262,625		33,362		109,487		730,900
July 2006		6,315		(2,355	)		(4,485	)		2,062		326,963		263,717		33,717		107,046		731,443
August 2006		4,523		(8,309	)		(4,046	)		2,019		321,150		265,876		33,412		106,373		726,811
September 2006		624		(8,626	)		(4,377	)		1,448		310,219		273,732		32,933		108,649		725,534
October 2006		3,483		(6,360	)		(4,088	)		6,606		309,861		270,477		32,631		107,990		720,959
November 2006		706		(6,317	)		(4,209	)		1,709		301,750		273,928		32,313		109,446		717,438
December 2006		939		(1,721	)		(3,892	)		1,680		298,756		279,146		31,970		114,529		724,400
Full Year 2006	$	38,432	$	(55,267	)	$	(51,752	)	$	25,783	$	298,756	$	279,146	$	31,970	$	114,529	$	724,400
January 2007	$	1,099	$	(1,927	)	$	(4,018	)	$	1,488	$	295,399	$	281,524	$	31,730	$	112,789	$	721,442
February 2007		350		(9,406	)		(3,682	)		1,531		284,191		282,586		31,230		114,137		712,145
March 2007		1,342		(5,496	)		(3,599	)		1,411		277,848		285,304		31,118		118,537		712,806
April 2007		588		(2,111	)		(3,591	)		2,519		275,253		286,262		30,896		118,176		710,586
YTD 2007	$	3,379	$	(18,941	)	$	(14,890	)	$	6,949	$	275,253	$	286,262	$	30,896	$	118,176	$	710,586

TABLE 6. LIQUID INVESTMENTS ($ in Millions)¹

	Liquid Investments
	End Balance
April 2006	$	61,675
May 2006		57,425
June 2006		68,218
July 2006		61,535
August 2006		67,794
September 2006		48,778
October 2006		52,229
November 2006		51,792
December 2006		57,819
Full Year 2006	$	57,819
January 2007	$	57,484
February 2007		68,959
March 2007		66,830
April 2007		57,355
YTD 2007	$	57,355

TABLE 7. DEBT ACTIVITY ($ in Millions)⁶

	Original Maturity		Original Maturity > 1 Year
	£ 1 Year				Maturities and								Total Debt
	End Balance		Issuances		Redemptions			Repurchases			End Balance		Outstanding
April 2006	$	163,753	$	16,837	$	(9,886	)	$	(571	)	$	618,087	$	781,840
May 2006		169,499		9,070		(12,778	)		(2,063	)		612,316		781,815
June 2006		175,329		26,993		(21,030	)		(1,903	)		616,376		791,705
July 2006		168,783		12,944		(13,064	)		(1,705	)		614,551		783,334
August 2006		160,315		17,571		(7,938	)		(1,125	)		623,059		783,374
September 2006		152,743		10,271		(19,047	)		(424	)		613,858		766,601
October 2006		152,136		13,403		(12,717	)		(5,208	)		609,336		761,472
November 2006		152,146		12,450		(15,231	)		(606	)		605,949		758,096
December 2006		168,623		15,510		(14,664	)		(1,035	)		605,760		774,384
Full Year 2006	$	168,623	$	181,313	$	(153,743	)	$	(15,513	)	$	605,760	$	774,384
January 2007	$	161,731	$	19,970	$	(19,991	)	$	(592	)	$	605,147	$	766,877
February 2007		164,969		17,129		(16,527	)		(328	)		605,420		770,389
March 2007		160,901		22,013		(15,859	)		(290	)		611,284		772,185
April 2007		159,782		17,049		(16,720	)		(82	)		611,531		771,313
YTD 2007	$	159,782	$	76,160	$	(69,097	)	$	(1,292	)	$	611,531	$	771,313

TABLE 8. INTEREST RATE RISK DISCLOSURE

	Effective
	Duration Gap
	(in months)
April 2006		1
May 2006		0
June 2006		(1	)
July 2006		(1	)
August 2006		(1	)
September 2006		0
October 2006		0
November 2006		0
December 2006		0
January 2007		0
February 2007		0
March 2007		(1	)
April 2007		0

TABLE 9. SERIOUS DELINQUENCY RATES

	Conventional Single-Family7									Multifamily
	Non-Credit			Credit
	Enhanced8			Enhanced9			Total10			Total11
March 2006		0.39	%		1.85	%		0.67	%		0.30	%
April 2006		0.37	%		1.79	%		0.64	%		0.21	%
May 2006		0.35	%		1.74	%		0.62	%		0.16	%
June 2006		0.35	%		1.70	%		0.60	%		0.21	%
July 2006		0.35	%		1.73	%		0.61	%		0.16	%
August 2006		0.34	%		1.73	%		0.60	%		0.16	%
September 2006		0.35	%		1.74	%		0.61	%		0.12	%
October 2006		0.35	%		1.76	%		0.62	%		0.09	%
November 2006		0.36	%		1.78	%		0.63	%		0.09	%
December 2006		0.37	%		1.81	%		0.65	%		0.08	%
January 2007		0.38	%		1.86	%		0.66	%		0.10	%
February 2007		0.38	%		1.84	%		0.66	%		0.10	%
March 2007		0.35	%		1.74	%		0.62	%		0.09	%

ADDITIONAL INFORMATION

As previously announced, on May 23, 2006, Fannie Mae agreed to a consent order issued by its regulator, OFHEO. Under the consent order, Fannie Mae may not increase its “mortgage portfolio” assets above the amount shown in its December 31, 2005 minimum capital report, except under specified circumstances at the discretion of OFHEO. Fannie Mae believes it is in compliance with the terms of its consent order with OFHEO.

The “gross mortgage portfolio” balances set forth in this monthly summary report represent unpaid principal balances, which represent statistical measures rather than amounts computed in accordance with GAAP. “Mortgage portfolio” assets that are reported to OFHEO under the consent order reflect GAAP adjustments, including market valuation adjustments, allowance for loan losses, impairments and unamortized premiums and discounts. These adjustments are not reflected in the “gross mortgage portfolio” amounts shown in this report.

We expect that some of the information in this monthly summary report will change when the financial statements and related audits for current and prior periods are completed. Management believes that the information may be useful to investors for comparing current business activities with those of prior periods and for reviewing trends in our business, notwithstanding that information may change, perhaps materially, from what is reported herein. Issues that will cause some of this information to change include those related to our securities accounting, loan accounting, consolidation and amortization.

Numbers may not sum due to rounding. See Endnotes and Glossary on Page 3. Page 2 of 3

ENDNOTES

1.	The end balances and business activity in this report represent unpaid principal balances (“UPB”), which do not reflect, for example, market valuation adjustments, allowance for loan losses, impairments, unamortized premiums and discounts and the impact of consolidation of variable interest entities.
2.	Includes capitalized interest.
3.	Includes Fannie Mae mortgage-backed securities (“Fannie Mae MBS”) issued from Fannie Mae’s portfolio. See Table 5 for monthly activity and balances for Fannie Mae MBS held in the mortgage portfolio.
4.	Represents new Fannie Mae MBS created from mortgage loans previously held in the mortgage portfolio. These amounts, included in the Issuance balance in Table 4, have been transferred from mortgage loans to securities, and may be included in sales.
5.	In this table, non-agency securities that Fannie Mae has guaranteed are included with non-Fannie Mae mortgage securities. These securities are sometimes referred to as “private label wraps.”
6.	Reported amounts represent the unpaid principal balance at each reporting period or, in the case of the long-term zero coupon bonds, at maturity. Unpaid principal balance does not reflect the effect of currency adjustments, debt basis adjustments, amortization of discounts, premiums, and issuance costs.
7.	Includes conventional single-family loans three months or more past due or in foreclosure process as a percent of the total number of conventional single-family loans. These rates are based on conventional single-family mortgage loans and exclude reverse mortgages and non-Fannie Mae mortgage securities held in our portfolio.
8.	Loans without primary mortgage insurance and/or other credit enhancements.
9.	Loans with primary mortgage insurance and/or other credit enhancements.
10.	Total conventional single-family serious delinquency rate includes non-credit enhanced and credit enhanced loans.
11.	Includes multifamily loans and securities 60 days or more past due and is calculated based on UPB of delinquent multifamily loans owned by Fannie Mae or underlying Fannie Mae guaranteed securities divided by the UPB of multifamily loans owned by Fannie Mae or underlying Fannie Mae guaranteed securities. Data for 2006 have been revised from amounts previously reported to conform to current presentation.

GLOSSARY

General
 
Information Changes.Amounts and rates for 2006 reflect data reclassifications, definitional changes and corrections as well as revisions to this presentation. As a result, these amounts and rates may differ from and may not be shown on a comparable basis to those previously reported in Fannie Mae’s Monthly Summary reports.

Compounded Growth Rate.Monthly growth rates are compounded to provide an annualized rate of growth.

Table 1
Total Book of Business.Sum of the Gross Mortgage Portfolio balance and Total Fannie Mae MBS and Other Guarantees balance, less Fannie Mae MBS held in the mortgage portfolio.

New Business Acquisitions.Sum of MBS issuances and Mortgage Portfolio purchases less Fannie Mae MBS purchases and securitizations of mortgage loans previously held in portfolio.

Table 2
Portfolio Commitments.Represents mandatory commitments entered into during the month. Fannie Mae enters into forward commitments to purchase mortgage securities and mortgage loans, or to sell mortgage securities, for the mortgage portfolio.

Purchase commitments typically require mandatory delivery and are subject to the payment of pair-off fees for non-delivery.

Commitments to Purchase, Net.Represents mandatory commitments to purchase mortgage loans and mortgage securities, net of mortgage loans for which a cash pair-off has been paid. Pair-offs occur when loans are not delivered against mandatory commitments.
Commitments to Sell.Represents mandatory commitments to sell mortgage securities.
Net Retained Commitments.Represents mandatory commitments to purchase, less commitments to sell, net of mortgage loans for which a cash pair-off has been paid.

Table 3
Gross Mortgage Portfolio.End balance represents the unpaid principal balance (“UPB”) of the mortgage portfolio that Fannie Mae holds for investment and liquidity purposes.

Purchases.Acquisition of mortgage loans and mortgage securities for the mortgage portfolio.
Sales.Sales of mortgage securities from the mortgage portfolio.
Liquidations.Represents the total amount of repayments, curtailments, payoffs, and foreclosures on mortgage loans and mortgages underlying securities held in the mortgage portfolio.
Annualized Liquidation Rate.The liquidation rate is calculated as liquidations divided by the prior period ending balance of the mortgage portfolio, annualized.

Table 4
Fannie Mae Guaranteed Securities and Mortgage Loans.Consists of securities and mortgage loans for which Fannie Mae manages credit risk. This table excludes non-Fannie Mae securities held in the mortgage portfolio, which are shown in Table 5.

Total Fannie Mae MBS.Includes Fannie Mae MBS, private label wraps, whole loan REMICs, and Multifamily discount MBS (DMBS) that Fannie Mae guarantees, regardless of whether those MBS are held in the mortgage portfolio or held by investors other than Fannie Mae. If an MBS has been resecuritized into another MBS, the principal amount is only included once in this total.
Issuances.Represents the total amount of Fannie Mae MBS created during the month, including lender-originated issues and Fannie Mae MBS created from mortgage loans previously held in Fannie Mae’s portfolio. Fannie Mae MBS may be held in portfolio after their creation.
Liquidations.Represents the total amount of repayments, curtailments, payoffs, and foreclosures on mortgages underlying Fannie Mae MBS, including Fannie Mae MBS held in the mortgage portfolio.
Other Fannie Mae Guarantees.Outstanding balance of Fannie Mae guarantees, other than Fannie Mae MBS. This primarily includes credit enhancements we provide on multifamily mortgage assets and Ginnie Mae securities.
Annualized Liquidation Rate.The liquidation rate is calculated as liquidations divided by the prior period ending balance of total Fannie Mae MBS, annualized.

Table 5
Mortgage Portfolio Composition.Shows the primary components of Fannie Mae’s mortgage portfolio and activity relating to Fannie Mae MBS held in the mortgage portfolio.

Non-Fannie Mae Agency Securities.Represents mortgage-related securities issued by Freddie Mac and Ginnie Mae.
Non-Fannie Mae Non-Agency Securities.These are commonly referred to as “private-label securities.”

Table 6
Liquid Investments.Liquid investments serve as Fannie Mae’s primary source of liquidity and an investment vehicle for surplus capital. This balance includes high-quality securities that are short-term or readily marketable, such as commercial paper, asset-backed securities and corporate floating-rate notes. The balance shown does not include cash and cash-equivalents, which are also used for liquidity purposes.

Table 7
Debt Activity.For more information about Fannie Mae’s debt activity, please visitwww.fanniemae.com/markets/debt/debt_activity.

Table 8
Effective Duration Gap.The effective duration gap is the daily average of the difference between the duration of Fannie Mae’s assets and liabilities for the reported month. The calculation excludes any interest rate sensitivity of the guarantee business.

The duration gap calculation includes non-mortgage assets and liabilities.

Table 9
Serious Delinquency Rates.A measure of credit performance and indicator of future defaults for the single-family and multifamily mortgage credit books. We classify single-family loans as seriously delinquent when a borrower has missed three or more consecutive monthly payments, and the loan has not been brought current or extinguished through foreclosure, payoff, or other resolution. A loan referred to foreclosure but not yet foreclosed is also considered seriously delinquent. We include all of the conventional single-family loans that we own or that back Fannie Mae MBS in our single-family delinquency rate, including those with substantial credit enhancement. We classify multifamily loans as seriously delinquent when payment is 60 days or more past due.

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

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