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Press Release

Fannie Mae Sets Effective Date of June 1, 2007 for Its Updated Single-Family MBS Master Trust Agreement

May 29, 2007

Alfred King

202-752-6136

Janis Smith

202-752-6673

WASHINGTON, DC -- Fannie Mae (FNM/NYSE) today announced that the effective date for its updated Single-Family MBS Master Trust Agreement will be June 1, 2007. All single-family mortgage-backed securities issued on or after that date will conform to the terms of the new Master Trust Agreement. The new document, which will be used for securitizations of fixed-rate and adjustable rate mortgages, has been posted to:

In connection with this new Single-Family MBS Master Trust Agreement, Fannie Mae also has published a new MBS Prospectus for Single-Family pools that will apply to all single-family mortgage-backed securities issued on or after June 1, 2007. This new MBS Prospectus also has been posted to:

Fannie Mae also announced that it is continuing its comprehensive review of other trust documents, and will make updates to these documents and servicing requirements in the future.

The updated Single-Family MBS Master Trust Agreement also includes clarifications for servicing MBS mortgage loans that will apply generally to all loans in Fannie Mae MBS, whether the security is based on the current Trust Indentures or the new Master Trust Agreement. The applicable Trust Indenture or Master Trust Agreement is the legal document that contains the terms and conditions of our MBS trusts and Fannie Mae's various responsibilities. Fannie Mae expects all servicers to have in place, by the effective date, the business processes necessary to comply with the terms of the Master Trust Agreement.

In addition to incorporating key servicing requirements, the Master Trust Agreement also more clearly describes Fannie Mae's role as issuer, master servicer, guarantor, and trustee; clarifies a servicer's role as the "Direct Servicer;" and better reflects current market practices.

Fannie Mae is a shareholder-owned company with a public mission. We exist to expand affordable housing and bring global capital to local communities in order to serve the U.S. housing market. Fannie Mae has a federal charter and operates in America's secondary mortgage market to ensure that mortgage bankers and other lenders have enough funds to lend to home buyers at low rates. Our job is to help those who house America.