This Pricing Supplement relates to the Debt Securities described below (the "Notes"). You should read it together with the Offering Circular dated June 11, 2014 (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:

1.625% Notes Due January 21, 2020

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:

$3,000,000,000.00

5.

Issue Date:

January 12, 2015

6.

Maturity Date:

January 21, 2020

Amount Payable on the Maturity Date:

100.00% of principal amount

7.

Subject to Redemption Prior to Maturity Date

X

No

__

Yes

8.

Interest Category:

Fixed Rate Securities

 
 

______________ 
"Benchmark Notes" is a registered trademark of Fannie Mae. 
 
 

9.

Interest

a.

Frequency of Interest Payments:

semiannually

b.

Interest Payment Dates:

the 21st day of each January and July

c.

First Interest Payment Date:

January 21, 2015

d.

Interest rate per annum:

1.625%

10.

Authorized Denominations (if other than minimum denominations of U.S. $1,000.00 and additional increments of U.S. $1,000.00)

a.

Minimum Denominations:

U.S. $2,000.00

b.

Additional Increments:

U.S. $1,000.00

Additional Information Relating to the Notes

1.

Identification Number(s)

a.

CUSIP:

3135G0A78

b.

ISIN:

US3135G0A781

c.

Common Code:

116911302

2.

Listing Application

	__ No
	X Yes Application will be made to list the Notes on the EuroMTF market of the Luxembourg Stock Exchange.

3.

Eligibility for Stripping on the Issue Date

	__ No
	X Yes

X Minimum Principal Amount: $ 1,600,000.00

Offering

1.

Pricing Date:

January 08, 2015

2.

Method of Distribution:

X Principal

__ Non-underwritten

 
 
 
 
 
 
 
 

3.

Dealers

Underwriting Commitment

Barclays Capital Inc.

$ 927,000,000

Deutsche Bank Securities Inc.

926,000,000

J.P. Morgan Securities LLC

927,000,000

CastleOak Securities, L.P.

40,000,000

Daiwa Capital Markets America Inc

40,000,000

First Tennessee Bank National Association

50,000,000

Loop Capital Markets, LLC

50,000,000

Multi-Bank Securities, Inc.

40,000,000

Total

$ 3,000,000,000

a.

Representative(s):

Barclays Capital Inc. Deutsche Bank Securities Inc. J.P. Morgan Securities LLC

b.

Stabilizing Manager:

Barclays Capital Inc.

4.

Offering Price:

X

Fixed Offering Price: 99.899% of principal amount, plus accrued interest, if any, from the Settlement Date

__

Variable Price Offering

5.

Dealer Purchase Price: 99.774% of principal amount

a.

Concession:

N/A

b.

Reallowance:

N/A

6.

Supplemental Plan of Distribution:

See Annex 1

Settlement

1.

Settlement Date:

January 12, 2015

2.

Settlement Basis:

delivery versus payment

3.

Settlement Clearing System:

U.S. Federal Reserve Banks

 
 
 
 
 
 
 
 

	ANNEX 1
	TO PRICING SUPPLEMENT DATED January 08, 2015
	RELATING TO: 1.625% Notes Due January 21, 2020
	SUPPLEMENTAL PLAN OF DISTRIBUTION

We will sell $3,000,000,000.00 principal amount of the Notes to the Dealers listed under "Offering" in this Pricing Supplement at the Dealer Purchase Price specified in this Pricing Supplement. In addition, to facilitate secondary market transactions, from time to time we may sell up to $750,000,000.00 principal amount of the Notes (the "Additional Notes") in connection with agreements by Fannie Mae to repurchase the Additional Notes. The Additional Notes will be held in an account at the Federal Reserve Bank of New York. It is expected that the Additional Notes will be available for sale to approved dealers through a multiple price auction process. We expect that the results of each auction will be posted as soon as possible following the completion of each auction on Bloomberg and Reuters. We may discontinue sales of Additional Notes at any time without notice.

This Pricing Supplement may also be used in connection with the issuance by Fannie Mae of any Additional Notes.