This Supplement supplements the Pricing Supplement dated November 01, 2000, and relates to the Debt Securities described below (the "Bonds"). You should read it together with the Offering Circular dated January 23, 2001 (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 offered by this Supplement, when issued, will form a single issue with the $3,500,000,000.00 aggregate principal amount of such Bonds (the "Outstanding Bonds") that we issued in one or more prior transactions. With the exception of the terms set forth below, the Bonds will have the terms set forth in the Pricing Supplement dated November 01, 2000, a copy of which is attached.

The Bonds, together with 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: 6.625% Bonds Due November 15, 2030

2.

Aggregate Principal Amount: $250,000,000.00 ($3,750,000,000.00 aggregate principal amount outstanding when combined with the Outstanding Bonds)

3.

Issue Date: October 25, 2001

4.

Interest

a.

Interest Commencement Date: May 15, 2001

______________ 
"Benchmark Bonds" is a registered mark of Fannie Mae. 
 
 
 
 
 

Offering

1.

Pricing Date:

October 23, 2001

2.

Method of Distribution:

X Principal

__ Non-underwritten

3.

Dealers

Underwriting Commitment

Credit Suisse First Boston Corporation

$ 83,000,000

Deutsche Bank Alex. Brown Inc.

83,000,000

Salomon Smith Barney Inc.

84,000,000

Total

$ 250,000,000

a.

Representatives:

Credit Suisse First Boston Corporation Deutsche Banc Alex. Brown Inc. Salomon Smith Barney Inc.

b.

Stabilizing Manager:

Salomon Smith Barney Inc.

4.

Offering Price:

X

Fixed Offering Price: 107.228% of principal amount, plus accrued interest from May 15, 2001

__

Variable Price Offering

5.

Dealer Purchase Price: 106.953% of principal amount, plus accrued interest from May 15, 2001

a.

Concession:

N/A

b.

Reallowance:

N/A

Settlement

1.

Settlement Date:

October 25, 2001

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

ANNEX 1

To Supplement Dated October 23, 2001

To Pricing Supplement Dated November 01, 2000

Issue (Title): 6.625% Bonds Due November 15, 2030

UNITED STATES TAXATION

 

In the opinion of Arnold & Porter, special tax counsel to Fannie Mae, the following paragraph, when read in conjunction with the discussion under "United States Taxation" in the Offering Circulars, correctly describes the principal United States federal tax treatment of investors who purchase the Bonds. The discussion does not purport to deal with all tax consequences applicable to all categories of investors, some of which may be subject to special rules.

Issue Price of the Bonds

Arnold & Porter, special tax counsel to Fannie Mae, has given Fannie Mae their written legal opinion that the Bonds offered through this Supplement should be considered part of the same issue as Fannie Mae's 6.625% Bonds Due November 15, 2030, issued November 03, 2000. Therefore, the issue price of the Bonds offered through this Supplement should be U.S. $986.88 per U.S. $1,000 principal amount (the issue price on November 03, 2000), and holders of the Bonds should not be required to accrue any original issue premium on the Bonds. Because the Bonds are being offered at U.S. $1,072.28 per U.S. $1,000 principal amount, purchasers may acquire the Bonds at a market premium. See "United States Taxation-U.S. Persons-Debt Securities Purchased for Less Than Their Issue Price" in the Offering Circular.