This Pricing Supplement relates to the Debt Securities described below (the "Bonds"). 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 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:

Step Rate Bonds Due June 21, 2027

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:

June 21, 2012

6.

Maturity Date:

June 21, 2027

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.

June 21, 2013 September 21, 2013 December 21, 2013 March 21, 2014 June 21, 2014 September 21, 2014 December 21, 2014 March 21, 2015 June 21, 2015 September 21, 2015 December 21, 2015 March 21, 2016 June 21, 2016 September 21, 2016 December 21, 2016 March 21, 2017 June 21, 2017 September 21, 2017 December 21, 2017 March 21, 2018 June 21, 2018 September 21, 2018 December 21, 2018 March 21, 2019 June 21, 2019 September 21, 2019 December 21, 2019 March 21, 2020 June 21, 2020 September 21, 2020 December 21, 2020 March 21, 2021 June 21, 2021 September 21, 2021 December 21, 2021 March 21, 2022 June 21, 2022 September 21, 2022 December 21, 2022 March 21, 2023 June 21, 2023 September 21, 2023 December 21, 2023 March 21, 2024 June 21, 2024 September 21, 2024 December 21, 2024 March 21, 2025 June 21, 2025 September 21, 2025 December 21, 2025 March 21, 2026 June 21, 2026 September 21, 2026 December 21, 2026 March 21, 2027

8.

Interest Category:

Step Rate Securities

9.

Interest

a.

Frequency of Interest Payments:

semiannually

b.

Interest Payment Dates:

the 21st day of each June and December

c.

First Interest Payment Date:

December 21, 2012

d

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

from and including

to but excluding

interest rate per annum

June 21, 2012

June 21, 2013

1.00%

June 21, 2013

June 21, 2017

3.00%

June 21, 2017

June 21, 2022

4.00%

June 21, 2022

June 21, 2027

5.50%

Additional Information Relating to the Bonds

1.

Identification Number(s)

a.

CUSIP:

3136G0MW8

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:

May 31, 2012

2.

Method of Distribution:

X Principal

__ Non-underwritten

3.

Dealer:

Stifel Nicolaus & Company, Incorporated

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: 99.80% of principal amount

a.

Concession:

N/A

b.

Reallowance:

N/A

6.

Proceeds to Fannie Mae:

$49,900,000.00

Settlement

1.

Settlement Date:

June 21, 2012

2.

Settlement Basis:

delivery versus payment

3.

Settlement Clearing System:

U.S. Federal Reserve Banks