This Pricing Supplement relates to the Debt Securities described below (the "Notes"). You should read it together with the Offering Circular dated May 09, 2012 (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 Notes, 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:

Step Rate Notes Due December 06, 2018

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:

$50,000,000.00

5.

Issue Date:

December 06, 2012

6.

Maturity Date:

December 06, 2018

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 the following dates at a redemption price of 100% of the principal amount redeemed, plus accrued interest thereon to the date of redemption.

December 06, 2013 December 06, 2016

8.

Interest Category:

Step Rate Securities

9.

Interest

a.

Frequency of Interest Payments:

semiannually

b.

Interest Payment Dates:

the 6th day of each June and December

c.

First Interest Payment Date:

June 06, 2013

d

The interest rate on the outstanding principal amount will be as follows:

from and including

to but excluding

interest rate per annum

December 06, 2012

December 06, 2013

0.75%

December 06, 2013

December 06, 2016

1.00%

December 06, 2016

December 06, 2018

2.00%

Additional Information Relating to the Notes

1.

Identification Number(s)

a.

CUSIP:

3136G06J5

b.

ISIN:

N/A

c.

Common Code:

N/A

2.

Listing Application

	X No
	__ Yes

3.

Eligibility for Stripping on the Issue Date

	X No
	__ Yes

___ Minimum Principal Amount: _____________

Offering

1.

Pricing Date:

November 08, 2012

2.

Method of Distribution:

X Principal

__ Non-underwritten

3.

The following dealers have agreed, jointly and severally, to purchase all of the Notes:

Hapoalim Securities USA

RBC Capital Markets, LLC

a.

Representative(s):

Hapoalim Securities USA

b.

Stabilizing Manager:

Hapoalim Securities USA

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: 99.825% of principal amount

a.

Concession:

N/A

b.

Reallowance:

N/A

6.

Proceeds to Fannie Mae:

$49,912,500.00

Settlement

1.

Settlement Date:

December 06, 2012

2.

Settlement Basis:

delivery versus payment

3.

Settlement Clearing System:

U.S. Federal Reserve Banks