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Understanding Fannie Mae as a Securities Issuer Related Links In: Mortgage-Backed Securities Understanding Fannie Mae Mortgage-Backed Securities Fannie Mae provides the following information to help users develop a further understanding of the mortgage-backed securities Fannie Mae issues. We also give information about the company's financial performance, as well as introductions to the two categories of securities we issue -- debt securities and mortgage-backed securities. Congress originally created Fannie Mae as a government agency in 1938 to establish a national secondary market for government-insured mortgages. Since then, the company has evolved into a shareholder-owned, private corporation supporting the secondary market for conventional and government loans. It continues to operate under a congressional charter with oversight from the U.S. Department of Housing and Urban Development and the U.S. Treasury. Our two primary lines of business: Portfolio Investment, in which the company buys mortgages and mortgage-backed securities as investments and funds those purchases with debt. By doing so, it expands the total amount of funds available to finance housing in the United States. Credit Guaranty, which involves guaranteeing the credit performance of single-family and multifamily loans for a fee. When Fannie Mae guarantees a security, it is important to note that the guaranty is based on the financial health of the corporation and is not backed by the full faith and credit of the U.S. government. Among the other securities-related information offered: Understanding Fannie Mae Understanding Fannie Mae provides a brief introduction to the company and its commitment to working with lenders to make sure they have access to mortgage funds. SEC Filings SEC Filings provide access to filings with the Securities and Exchange Commission (SEC), including annual and quarterly reports, current reports, and proxy statements, among other documents. Fannie Mae voluntarily registered, effective March 31, 2003, with the SEC under the Securities Exchange Act of 1934. Documents relating to periods prior to SEC registration, including the most recent Annual Report on Form 10-K and certain reports filed with the SEC subsequent thereto, can also be accessed through the SEC Filings page. Annual Reports & Proxy Statements The proxy statement (PDF) is an annual document sent to shareholders to provide material facts concerning matters on which shareholders vote, such as the election of the Board of Directors, appointment of auditors, and certain compensation plans. Proxy statements for the 2000 and later annual meetings of shareholders can also be accessed through the SEC Filings page. Monthly Financial Summary The monthly financial summary is available every month and summarizes year-to-date activity for mortgage commitments, purchases and sales, portfolio growth rate, liquidation, net interest margin, delinquency rates, interest-rate risk disclosures, and mortgage-backed securities. A detailed discussion of Fannie Mae's duration gap is also included. Understanding Fannie Mae Debt Understanding Fannie Mae Debt provides a brief introduction to how Fannie Mae obtains the funds to finance its mortgage purchases and other business activities. In short, Fannie Mae does so by selling debt securities in the capital markets, allowing the company to achieve its mission of providing capital for low-, moderate-, and middle-income housing.

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