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 December 28, 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:

$15,000,000.00

5.

Issue Date:

December 30, 2014

6.

Maturity Date:

December 28, 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 December 28, 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 28th day of each June and December

c.

First Interest Payment Date:

June 28, 2015

d.

Interest rate per annum:

1.625%

Additional Information Relating to the Notes

1.

Identification Number(s)

a.

CUSIP:

3136G2C39

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:

December 23, 2014

2.

Method of Distribution:

X Principal

__ Non-underwritten

3.

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

Incapital, LLC

SunTrust Robinson Humphrey, Inc. Vining-Sparks IBG, Limited Partnership

a.

Representative(s):

Incapital, LLC

b.

Stabilizing Manager:

Incapital, LLC

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: 99.885% of principal amount

a.

Concession:

N/A

b.

Reallowance:

N/A

6.

Proceeds to Fannie Mae:

$14,982,750.00

Settlement

1.

Settlement Date:

December 30, 2014

2.

Settlement Basis:

delivery versus payment

3.

Settlement Clearing System:

U.S. Federal Reserve Banks