This Pricing Supplement relates to the Debt Securities described below (the "Bonds"). You should read it together with the Offering Circular dated April 01, 2008 (the "Offering Circular"), relating to the Universal Debt Facility of the Federal National Mortgage Association ("Fannie Mae"). Unless defined below, capitalized terms have the meanings we gave to them in the Offering Circular.

The Bonds, and interest thereon, are not guaranteed by the United States and do not constitute a debt or obligation of the United States or of any agency or instrumentality thereof other than Fannie Mae.

Certain Securities Terms

1.

Title:

5.057% Bonds Due December 08, 2028

2.

Form:

Fed Book-Entry Securities

3.

Specified Payment Currency

a.

Interest:

U.S. dollars

b.

Principal:

U.S. dollars

4.

Aggregate Original Principal Amount:

$250,000,000.00

5.

Issue Date:

May 23, 2008

6.

Maturity Date:

December 08, 2028

Amount Payable on the Maturity Date:

100.00% of principal amount

7.

Subject to Redemption Prior to Maturity Date

__

No

X

Yes; in whole or in part, at our option, on December 08, 2016 at a redemption price of 100% of the principal amount redeemed, plus accrued interest thereon to the date of redemption.

8.

Interest Category:

Fixed Rate Securities

9.

Interest

a.

Frequency of Interest Payments:

semiannually

b.

Interest Payment Dates:

the 8th day of each June and December

c.

First Interest Payment Date:

December 08, 2008

d.

Interest rate per annum:

5.057%

Additional Information Relating to the Bonds

1.

Identification Number(s)

a.

CUSIP:

31398ARG9

b.

ISIN:

US31398ARG93

c.

Common Code:

036458372

2.

Listing Application

	X No
	__ Yes

3.

Eligibility for Stripping on the Issue Date

	X No
	__ Yes

___ Minimum Principal Amount: _____________

Offering

1.

Pricing Date:

May 09, 2008

2.

Method of Distribution:

X Principal

__ Non-underwritten

3.

Dealer:

J.P. Morgan Securities Inc.

4.

Offering Price:

X

Fixed Offering Price: 100.00% of principal amount, plus accrued interest, if any, from the Settlement Date

__

Variable Price Offering

5.

Dealer Purchase Price: 100.00% of principal amount

a.

Concession:

N/A

b.

Reallowance:

N/A

6.

Proceeds to Fannie Mae:

$250,000,000.00

Settlement

1.

Settlement Date:

May 23, 2008

2.

Settlement Basis:

delivery versus payment

3.

Settlement Clearing System:

U.S. Federal Reserve Banks