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Press Release

Fannie Mae Corrects Subtypes of Certain MBS Pools

January 4, 2006

Janis Smith


Fannie Mae (FNM/NYSE) today announced it has corrected subtypes of certain adjustable-rate Mortgage-Backed Securities (MBS) pools. For a list of the affected MBS pools see Attachment A: List of MBS Pools with Subtype Corrections.

Fannie Mae is reviewing additional pools. For a list of these MBS pools see Attachment B: List of Pools Ineligible for Megas and REMICs. Each of these pools will not be eligible for delivery into a Fannie Mega® pool or REMIC until the review is complete.

We expect to complete our review of all pools by the end of January 2006. As we complete the individual pool reviews, we will clear pools for Mega and REMIC eligibility. Weekly updates to both of the above lists will be posted to Fannie Mae's Mortgage-Backed Securities "Headlines" page at

If you are an investor in any of the Fannie Mae securities listed on the attachments and you have further questions, please contact Fannie Mae's Fixed-Income Investor Marketing at 1-800-237-8627.

Fannie Mae is a New York Stock Exchange Company. It operates pursuant to a federal charter. 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 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.

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 the applicable Fannie Mae Base Prospectus and prospectus supplements 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.

Fannie Mega is a trademark of Fannie Mae. Unauthorized use of this mark is prohibited.