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Press Release

Fannie Mae Continues to Enhance Mortgage-Backed Securities Disclosures

July 29, 2004

Janis Smith

202-752-6673

WASHINGTON, DC -- Fannie Mae (FNM/NYSE), the nation's largest source of financing for home mortgages, today announced that the company has taken additional steps toward enhancing disclosures for its mortgage-backed securities (MBS).

Beginning in August 2004, the company will include data for Mega pools on the monthly Supplemental file and will provide a new file for MBS pools with initial interest only periods. These newly disclosed data will be posted on Pool Data Direct™ and on PoolTalk®.

"We have taken yet another step toward enhancing the transparency in our disclosures," said Denise Grant, vice president for Mortgage-Backed Securities. "Over the last year, we have progressively made enhancements that provide additional MBS information to our investors and the marketplace. The release of these additional data elements for our MBS continues to demonstrate our commitment to providing the information investors want and find useful."

For Mega pools issued on or after May 1, 1996, Fannie Mae will begin disclosing, in quartiles, loan-to-value ratio and credit score. Tabular information will be provided for loan purpose, occupancy type, and property type. Additionally, Fannie Mae will provide the name of the servicer or servicers for Mega pools.

For MBS pools with initial interest only periods, the company will begin providing the weighted average months to scheduled principal amortization, the distribution of loans and the percentage of pool unpaid principal balance, stratified by the number of months to scheduled principal amortization.

Last year, Fannie Mae began disclosing six new data elements and detailed descriptions of the information provided on its corporate Web site for all new and existing MBS issuances. These six elements included loan-to-value ratio, credit score, loan purpose, occupancy type, property type, and servicer. Earlier this year, the company also began providing investors and stakeholders easier access to pool-level data on its mortgage-backed securities through open access to the Pool Data Direct™ section of Fannie Mae's Web site.

Investors and researchers may access the supplemental file and file layouts through the company's Web site at www.fanniemae.com. For answers to questions on the data contained in the monthly MBS file, investors may contact Fannie Mae's Fixed-Income Investor Helpline at 1-800-237-8627.

Fannie Mae is a New York Stock Exchange company and the largest non-bank financial services company in the world. It operates pursuant to a federal charter and is the nation's largest source of financing for home mortgages. Fannie Mae has pledged through its "American Dream Commitment" to expand access to homeownership for millions of first-time home buyers; help raise the minority homeownership rate to at least 55 percent; make homeownership and rental housing a success for millions of families at risk of losing their homes; and expand the supply of affordable housing where it is needed most. Since 1968, Fannie Mae has provided $6 trillion of mortgage financing for more than 60 million families.

Fannie Mae voluntarily registered its common stock with the Securities and Exchange Commission (SEC) under Section 12(g) of the Securities Exchange Act of 1934, on March 31, 2003.

This press release does not constitute an offer to sell or the solicitation of an offer to buy securities of Fannie Mae. Nothing in this press release constitutes advice on the merits of buying or selling a particular investment. Any investment decision as to any purchase of securities referred to herein must be made solely on the basis of information contained in Fannie Mae's Offering Circular dated January 19, 2004, and that no reliance may be placed on the completeness or accuracy of the information contained in this press release.

You should not deal in securities unless you understand their nature and the extent of your exposure to risk. You should be satisfied that they are suitable for you in the light of your circumstances and financial position. If you are in any doubt you should consult an appropriately qualified financial advisor.

PoolTalk is a registered mark and Pool Data Direct is a trademark of Fannie Mae. Unauthorized use of these marks is prohibited.

Style Usage: Fannie Mae's Board of Directors has authorized the company to operate as "Fannie Mae," and the company's stock is now listed on the NYSE as "FNM." In order to facilitate clarity and avoid confusion, news organizations are asked to refer to the company exclusively as "Fannie Mae."