2017SecondQuarterCreditSupplement

Transcription

1 SecondQuarterCreditSupplement August3, FannieMae.TrademarksofFannieMae.

2 ThispresentationincludesinformationaboutFannieMae,includinginformationcontainedin FannieMae squarterlyreportonform 10-Q forthequarterendedjune30,,the Form 10-Q. Someofthetermsusedinthesematerialsaredefinedanddiscussedmore fulyintheform 10-Q andinfanniemae sform 10-KfortheyearendedDecember 31,,the Form 10-K. Thesematerialsshouldbereviewedtogetherwiththe Form 10-Q andtheform 10-K,copiesofwhichareavailablethroughthe SECFilings pageinthe AboutUs/InvestorRelations sectionoffanniemae swebsiteat Someoftheinformationinthispresentationisbaseduponinformationthatwereceivedfrom third-partysourcessuchasselersandservicersofmortgageloans.althoughwegeneraly considerthisinformationreliable,wedonotindependentlyverifyalreportedinformation... Duetorounding,amountsreportedinthispresentationmaynotaddtototalsindicated(or 10).. Unlessotherwiseindicateddatalabeledas YTD isasofjune30,orforthefirst sixmonthsof. FannieMae.TrademarksofFannieMae.

3 HomePrices TableofContents HomePriceGrowth/DeclineRatesintheU.S. 3 OneYearHomePriceChangeasof 4 HomePriceChangeFrom 2006Through 5 CreditProfileofFannieMaeSingle-FamilyLoans CreditCharacteristicsofSingle-FamilyBusinessAcquisitions 6 CreditRiskProfileSummaryofSingle-FamilyBusinessAcquisitions 7 CertainCreditCharacteristicsofSingle-FamilyBusinessAcquisitions: Single-FamilyBusinessAcquisitionsbyLoanPurpose 9 CreditCharacteristicsofSingle-FamilyConventionalGuarantyBookofBusinessbyOriginationYear 10 CreditCharacteristicsofSingle-FamilyConventionalGuarantyBookofBusinessbyCertainProductFeatures 11 GeographicCreditProfileofFannieMaeSingle-FamilyLoansandForeclosedProperties(REO) CreditCharacteristicsofSingle-FamilyConventionalGuarantyBookofBusinessandSingle-FamilyRealEstateOwned(REO)inSelectStates SeriouslyDelinquentLoanandREO EndingInventorySharebySelectStates Single-FamilyShortSalesandREO SalesPricestoUnpaidPrincipalBalance(UPB)ofMortgageLoans 14 WorkoutsofFannieMaeSingle-FamilyLoans Single-FamilyLoanWorkouts 15 Re-performanceRatesofModifiedSingle-FamilyLoans 16 AdditionalCreditInformationforFannieMaeSingle-FamilyLoans CreditLossConcentrationofSingle-FamilyConventionalGuarantyBookofBusiness 17 CumulativeDefaultRatesofSingle-FamilyConventionalGuarantyBookofBusinessbyOriginationYear 18 CreditProfileofFannieMaeMultifamilyLoans MultifamilyCreditProfilebyLoanAtributes SeriousDelinquencyRatesofMultifamilyBookofBusiness 21 CumulativeCreditLossRatesofMultifamilyGuarantyBookofBusinessByAcquisitionYear 22 FannieMae.TrademarksofFannieMae. 2

4 HomePriceGrowth/DeclineRatesintheU.S. FannieMaeHomePriceIndex % % % 4.6% 5.8% 3.7% % -4.7% -4.2% -3.5% % * S&P/Case-ShilerIndex * 1.7% -5.4% % -4.1% -3.9% 6.5% 1 4.5% 5.2% 5.4% *Year-to-dateasofJune. *Year-to-dateasof.Ascomparison,FannieMae'sindexforthesameperiodis. Basedonourhomepriceindex,weestimatethathomepricesonanationalbasisincreasedby2.6% inthesecondquarterofandby3.7% inthefirsthalfof,folowingincreasesof5.8% in,4.6% in,and4.2% in2014.weestimatethat,inthesecondquarterof,homepricesonanationalbasis surpassedthepeakpreviouslyreachedinthethirdquarterof2006forthefirsttime,exceedingtheprevious2006peakbyanestimated2.4%.ourhomeprice estimatesarebasedonpreliminarydataandaresubjecttochangeasadditionaldatabecomeavailable. Note:EstimatebasedonpurchasetransactionsinFannie-FreddieacquisitionandpublicdeeddataavailablethroughtheendofJune.Includingsubsequentdatamayleadtomaterialydiferentresults. FannieMae.TrademarksofFannieMae. 3

5 OneYearHomePriceChangeasof NC 2.5% WA 10.8% 3.6% CA 7.1% 19.6% IA 3.7% IL 3.4% 3.8% IN 4.8% KS 3.5% LA 3.3% ME 4.7% MO 4.6% MS 1.8% ND NM 3.6% OH 4.8% OK PA 4.3% 3. SD 4.4% VA 3.2% 3.5% WV 2.2% WY AL 3.5% AR 3.1% CO 9.1% 2.9% FL 6.9% GA 6.9% ID 7.2% KY 5.8% MI 8.6% 2.3% MN 5.5% 2.1% MT 5.2% NE 5.7% NV 8.1% NY 5.1% 5.2% OR 9.2% 1.8% SC 5.1% 1.2% TN 7.9% TX 5.5% 6.1% UT 8.5% 1.2% WI 5.2% 1.8% AZ 7.9% 2.5% State:FL GrowthRate:6.9% UPB% : UnitedStates:5.5% Source:FannieMae.HomepriceestimatesarebasedonpurchasetransactionsinFannie-FreddieacquisitionandpublicdeeddataavailablethroughtheendofJune.UPBestimatesarebasedondata availablethroughtheendofjune.includingsubsequentdatamayleadtomaterialydiferentresults. UPB% referstounpaidprincipalbalanceofloansonpropertiesintheapplicablestateasapercentageofunpaidprincipalbalanceofsingle-familyconventionalguarantybookofbusinessforwhichfannie Maehasaccesstoloan-levelinformation. FannieMae.TrademarksofFannieMae. 4 AK - Growth Rate UPB% CT DC DE MA MD NH NJ RI VT 3.7% 2.9% 6.3% 7.7% 2.3% 5.5% 2.6% 11.4% HI 6.3% StateGrowthRate Below to5% 5% to1 1 andabove

6 SC 5.7% 1.2% PA 7.1% 3. NC 7.6% 2.5% AZ -19.3% 2.5% FL -2 NV -24.8% CA -7.5% 19.6% IN 12.9% KS 16.2% KY 14.6% LA 19. MT 21.4% ND 53.7% NE 2 OK 17.9% OR % SD 27.9% TN 16. TX 35.5% 6.1% UT 22.4% 1.2% WA 15.7% 3.6% WY 16.7% CO 38.5% 2.9% IA 17.3% IL -9.8% 3.8% VA -6.5% 3.5% MI - 2.3% NM -1.9% AL 3.4% GA ID 4.8% ME 2.4% MN 2.3% 2.1% MS NY 2.9% 5.2% OH 2.2% WI 4.1% 1.8% AR 6.8% WV 7.6% MO 7. State:FL GrowthRate:-2 UPB% : UnitedStates:2.4% HomePriceChangeFrom 2006Through Weestimatethat,inthesecondquarterof,homepricesonanationalbasissurpassedthepeakpreviouslyreachedinthethirdquarterof2006forthefirst time,exceedingtheprevious2006peakbyanestimated2.4%. Source:FannieMae.HomepriceestimatesarebasedonpurchasetransactionsinFannie-FreddieacquisitionandpublicdeeddataavailablethroughtheendofJune.UPBestimatesarebasedondata availablethroughtheendofjune.includingsubsequentdatamayleadtomaterialydiferentresults. UPB% referstounpaidprincipalbalanceofloansonpropertiesintheapplicablestateasapercentageofunpaidprincipalbalanceofsingle-familyconventionalguarantybookofbusinessforwhichfanniemae hasaccesstoloan-levelinformation. FannieMae.TrademarksofFannieMae. 5 AK 11.4% HI Growth Rate UPB% CT DC DE MA MD NH NJ RI VT 3.7% 2.9% -12.1% -16.1% -3.8% -15.5% -13.4% 47.5% -17.1% StateGrowthRate Below -15% -15% to-5% -5% to to5% 5% to1 1 andabove

7 Single-Family Acquisitions Excl. Single-Family Acquisitions Excl. FulYear Single-Family Acquisitions Excl. Single-Family Acquisitions Excl. Single-Family Acquisitions Excl. Single-Family Acquisitions Excl. UnpaidPrincipalBalance(UPB)($B) WeightedAverageOriginationNoteRate 4.25% $ % $ $ $ % $ % $ % $ % $ % $ % $ % $ % $135.0 <= % to % to % to % to10 >10 WeightedAverageOriginationLTVRatio 76.3% 19.2% % % 76.1% 18.8% % 12.1% 16.8% 73.3% 14.8% % 14.4% % 14.5% % 14.5% 21.7% 73.6% 14.8% 11.5% 38.8% 14.5% % 14.6% 11.6% 38.1% 14.5% % % % 71.9% % % 73.9% 15.5% 11.7% 38.4% 14.2% % 15.3% 11.8% 37.8% 14.3% % 16.3% 12.2% 39.7% 13.8% % % 38.9% 13.9% 18.5% OriginationLoan-to-Value(LTV)Ratio < to< to< to<740 >=740 WeightedAverageFICO CreditScore % 22.6% 12.8% % 22.6% 13.1% 5.2% % 1 4.7% % 22.1% % % % % % 19.8% 1 3.3% % 19.8% 1 3.6% % 19.9% 1 3.6% % 19.9% 1 3.9% % % 3.8% % % 4.2% FICO CreditScores CreditCharacteristicsofSingle-FamilyBusinessAcquisitions Fixed-rate Adjustable-rate Alt-A InterestOnly Investor Condo/Co-op Refinance 37.1% 9.9% 6.7% 3.4% 96.6% % 96.6% 53.4% 9.9% 7.3% 2.2% 97.8% 55.4% 9.8% 7.7% 2.1% 97.9% % 1.6% 98.4% 55.7% 9.6% % 98.5% 6 9.4% 5.5% 98.9% 61.2% 9.4% 5.7% 98.9% 51.5% 9.5% 5.2% 1.6% 98.4% % 5.4% 1.6% 98.4% % 1.5% 98.5% 53.4% 9.9% 6.1% 1.5% 98.5% CertainCharacteristics Purchase Cash-outrefinance Otherrefinance 16.9% % 19.4% 19.6% % 24.7% 46.6% 31.8% 23.6% 44.6% 33.9% % 19.3% 44.3% 38.6% 21.5% 39.9% % % 48.5% 35.2% 17.8% % 19.2% 48.7% % 46.6% LoanPurpose Percentagecalculatedbasedonunpaidprincipalbalanceofloansattimeofacquisition.Single-familybusinessacquisitionsrefertosingle-familymortgageloansweacquirethroughpurchaseorsecuritizationtransactions. Single-familybusinessacquisitionsfortheapplicableperiodexcludingloansacquiredunderourinitiative,whichincludestheHomeAfordableRefinanceProgram ( HARP ).Ourinitiativeprovidesexpandedrefinance opportunitiesforeligiblefanniemaeborowers,andmayinvolvetherefinanceofexistingfanniemaeloanswithhighloan-to-valueratios,includingloanswithloan-to-valueratiosinexcessof10. FICO creditscoreisasofloanorigination,asreportedbytheselerofthemortgageloan. NewlyoriginatedAlt-Aloansfortheapplicableperiodsconsistoftherefinanceofexistingloansunderourinitiative.ForadescriptionofourAlt-Aloanclassificationcriteria,refertoFannieMae sform 10-K. Single-FamilyAcquisitions 4.9% 6.9% 22.8% Single-FamilyAcquisitions 4.6% 6.3% 23.7% Single-FamilyAcquisitions California Texas Florida 6.8% 7.6% 18.9% Single-FamilyAcquisitions 5.4% 7.1% 23. Single-FamilyAcquisitions 5.1% 6.9% 22.9% Single-FamilyAcquisitions % 2 FannieMae.TrademarksofFannieMae. 6 AcquisitionPeriod Top3GeographicConcentrations

8 CreditRiskProfileSummaryofSingle-FamilyBusinessAcquisitions FortheSixMonths EndedJune30, <=6 CreditProfileforSingle-FamilyAcquisitions OriginationLTVRatio FortheSixMonths OriginationLTVRatio OriginationLTVRatio Changein 60.01% 80.01% EndedJune30, 60.01% 80.01% Acquisitions 60.01% 80.01% to8 to10 >10 Total <=6 to8 to10 >10 Total Profile <=6 to8 to10 >10 Total FICO CreditScore >= to< to< % 5.7% % 2.8% % 1.2% 59.1% 35.4% 5.1% FICO CreditScore >= to< to< % % 17.6% 2.5% 15.8% 10.8% 1.2% % 4.6% FICO CreditScore >= to< to< % -2.1% % 1.9% <620 <620 < Total 19.2% 51.8% 28.7% 10 Total 18.6% 53.1% 27.8% 10 Total -1.2% 0.8% - FortheSixMonths EndedJune30, FICO CreditScore >= to< to<660 <=6 12.2% 5.4% 31.4% 18.3% 2.8% 14.5% 9.7% 1.9% 1.8% CreditProfileforSingle-FamilyAcquisitions(Excluding) OriginationLTVRatio OriginationLTVRatio OriginationLTVRatio FortheSixMonths Changein 60.01% 80.01% EndedJune30, 60.01% 80.01% Acquisitions 60.01% 80.01% to8 to95% >95% Total <=6 to8 to95% >95% Total Profile <=6 to8 to95% >95% Total 59.9% 35.2% 4.8% FICO CreditScore >= to< to< % 4.7% 0.8% 33.8% 17.7% 2.4% 15.2% 9.8% 62.6% 33.2% 4.2% FICO CreditScore >= to< to< % % -2.6% Total 18.6% 52.4% 25.1% 3.8% 10 Total 18.1% % 10 Total -1.5% -0.8% 1.8% Percentagecalculatedbasedonunpaidprincipalbalanceofloansattimeofacquisition.Single-familybusinessacquisitionsrefertosingle-familymortgageloansweacquirethroughpurchaseorsecuritization transactions. FICO creditscoreisasofloanorigination,asreportedbytheselerofthemortgageloan.fico creditscoresatoriginationbelow620primarilyconsistoftherefinanceofexistingloansunderour initiative,whichincludesthehomeafordablerefinanceprogram ( HARP ).OurinitiativeprovidesexpandedrefinanceopportunitiesforeligibleFannieMaeborowers,andmayinvolvetherefinance ofexistingfanniemaeloanswithhighloan-to-valueratios,includingloanswithloan-to-valueratiosinexcessof10. Single-familybusinessacquisitionsfortheapplicableperiodexcludingloansacquiredunderourinitiative,whichincludesHARP. FannieMae.TrademarksofFannieMae. 7

9 CertainCreditCharacteristicsofSingle-FamilyBusinessAcquisitions:2006- OriginationLTVRatio OriginationLoan-to-Value(OLTV)Ratio 2 15% 1 5% % ofsingle-familybusinessacquisitions FICO CreditScore * * FICO CreditScore 2 15% 1 5% % ofsingle-familybusinessacquisitions WeightedAverageOriginationLTVRatio OriginationLTV>9 WeightedAverageFICO CreditScore FICO CreditScore<620 ProductFeature % ofsingle-familybusinessacquisitions ShareofSingle-FamilyBusinessAcquisitions: Fixed-rateProduct * % ofsingle-familybusinessacquisitions ShareofSingle-FamilyBusinessAcquisitions: LoanPurpose-Purchase * *Year-to-datethroughJune30,. Percentagecalculatedbasedonunpaidprincipalbalanceofloansattimeofacquisition.Single-familybusinessacquisitionsrefertosingle-familymortgageloansweacquirethroughpurchaseorsecuritization transactions. FICO creditscoreisasofloanorigination,asreportedbytheselerofthemortgageloan.loansacquiredafter2009withfico creditscoresatoriginationbelow620primarilyconsistoftherefinanceofexisting. loansunderourinitiative,whichincludesharp. FannieMae.TrademarksofFannieMae. 8

10 % ofsingle-familybusinessacquisitions 1% 1% 2% 3% 3% 4% 6% 14% 16% 1 1 6% 9% 9% 14% 14% 43% 52% 48% 36% 48% 55% 52% 54% 53% 44% 45% 52% 3 21% 24% 23% Single-FamilyBusinessAcquisitionsbyLoanPurpose HARP Acquisitions(ExcludingHARP) RefinanceAcquisitions(Excluding) PurchaseAcquisitions 2010 HARP (Excl. HARP) 2011 HARP (Excl. HARP) 2012 HARP (Excl. HARP) 2013 HARP (Excl. HARP) 2014 HARP (Excl. HARP) HARP (Excl. HARP) HARP (Excl. HARP) HARP (Excl. HARP) UnpaidPrincipalBalance(UPB)($B) WeightedAverageOriginationNoteRate 4.68% $ $ % $ % $ % $ % $ $ % $ % % % $ % $ % $ % $ % $ %.5 CreditCharacteristicsofSingle-FamilyBusinessAcquisitionsUndertheInitiative Ourinitiative,whichstartedinApril2009,includestheHomeAfordableRefinanceProgram ( HARP ).OurinitiativeprovidesexpandedrefinanceopportunitiesforeligibleFannieMae borowers,andmayinvolvetherefinanceofexistingfanniemaeloanswithhighloan-to-valueratios,includingloanswithloan-to-valueratiosinexcessof10. FICO creditscoreisasofloanorigination,asreportedbytheselerofthemortgageloan. FannieMae.TrademarksofFannieMae. 9 <= % to105% % to125% >125% WeightedAverageOriginationLTVRatio 62.3% % 94.4% % 11.9% 88.1% % 57.2% % % 58.4% % 9.9% 16.9% 73.3% % % 5.4% 13.5% % % 4.7% 12.8% 82.5% OriginationLTVRatio < to< to<740 >=740 WeightedAverageFICO CreditScore % 23.9% 2.4% 1.4% % 33.1% 3.6% % 1.7% % 32.6% 3.8% 2.1% % % 2.9% % 33.8% % % 31.9% 6.9% 5.3% % 38.7% 9.5% 6.7% % 11.2% 9.3% % % % 34.4% 1 8.8% % % 9.5% % 37.5% 11.6% 9.2% % 44.9% 15.3% 9.1% % % 9.4% % 15.2% 8.8% FICO CreditScores *Year-to-datethroughJune30,. AcquisitionYear * * Acquisitions

11 OveralBook OriginationYear & Earlier UnpaidPrincipalBalance(UPB)($B) ShareofSingle-FamilyConventionalGuarantyBook AverageUnpaidPrincipalBalance SeriousDelinquencyRate WeightedAverageOriginationLTVRatio OriginationLTVRatio>9 WeightedAverageMark-to-MarketLTVRatio Mark-to-MarketLTVRatio>10 and<=125% Mark-to-MarketLTVRatio>125% WeightedAverageFICO CreditScore FICO <620 InterestOnly NegativeAmortizing Fixed-rate PrimaryResidence Condo/Co-op CreditEnhanced CumulativeDefaultRate 36.6% 9.3% 88.4% 94.6% 1.5% 1.9% % 16.5% 74.8% 1.01% $164,659 10, % 9.2% 89.4% % 9.4% % 5.1% 59.4% 14.4% 75.3% 4.09% $99, % $ % 3.6% 8.6% % % 6.4% 69.5% 0.87% $134, % $ % 8.1% 89.1% 96.7% 0.8% % $137, % $ % 8.3% 86.9% 96.2% 0.8% % 12.2% % $138,204 $ % 8.7% 88.6% 98.1% % % 0.29% $170, % $ % % % % 53.2% % 0.4 $167, % $ % 9.7% 85.8% 96.1% 1.5% % 76.9% 0.46% $171, % % 9.7% 88.1% 97.8% % 75.1% 0.23% 00,571 1 $ % 9.5% % % 15.3% 73.6% 0.07% 24, % $ % 9.8% 88.3% % 17.8% 75.3% 0.01% 20, % $179.8 Excludesnon-FannieMaesecuritiesheldinportfolioandthoseAlt-AandsubprimewrapsforwhichFannieMaedoesnothaveloan-levelinformation.FannieMaehadaccesstodetailedloan-levelinformation forapproximately99% ofitssingle-familyconventionalguarantybookofbusinessasofjune30,. FICO creditscoreisasofloanorigination,asreportedbytheselerofthemortgageloan.loansacquiredafter2009withfico creditscoresatoriginationbelow620primarilyconsistoftherefinanceofexisting loansunderourinitiative,whichincludesharp. Percentageofloansinoursingle-familyconventionalguarantybookofbusiness,measuredbyunpaidprincipalbalance,includedinanagreementusedtoreducecreditriskbyrequiringcolateral,letersof credit,mortgageinsurance,corporateguarantees,inclusioninacreditrisktransfertransactionreferencepool,orotheragreementthatprovidesforourcompensationtosomedegreeintheeventofafinancial lossrelatingtotheloan.becauseweincludeloansinreferencepoolsforourconnecticutavenuesecurities andcreditinsurancerisktransfer creditrisktransfertransactionsonalaggedbasis(typicaly aboutsixmonthstooneyearafterweinitialyacquiretheloans),weexpectthepercentageofourandsingle-familyloanacquisitionswithcreditenhancementwilincreaseinthefuture. Defaultsincludeloanforeclosures,shortsales,salestothirdpartiesatthetimeofforeclosureanddeeds-in-lieuofforeclosure.CumulativeDefaultRateisthetotalnumberofsingle-familyconventionalloansin theguarantybookofbusinessoriginatedintheidentifiedyearthathavedefaulted,dividedbythetotalnumberofsingle-familyconventionalloansintheguarantybookofbusinessoriginatedintheidentified year.for2008andearliercumulativedefaultrates,refertoslide18. FannieMae.TrademarksofFannieMae. 10. CreditCharacteristicsofSingle-FamilyConventionalGuarantyBookofBusinessbyOriginationYear AsofJune30,

12 CategoriesNotMutualyExclusive InterestOnly Loans Loanswith FICO <620 LoanswithFICO 620and <660 Loanswith OriginationLTV Ratio>9 LoanswithFICO <620 and OriginationLTV Ratio>9 Alt-ALoans IncludingHARP UnpaidPrincipalBalance(UPB)($B) ShareofSingle-FamilyConventionalGuarantyBook AverageUnpaidPrincipalBalance SeriousDelinquencyRate AcquisitionYears WeightedAverageOriginationLTVRatio OriginationLTVRatio>9 WeightedAverageMark-to-MarketLTVRatio Mark-to-MarketLTVRatio>10 and<=125% Mark-to-MarketLTVRatio>125% WeightedAverageFICO CreditScore FICO <620 Fixed-rate PrimaryResidence Condo/Co-op CreditEnhanced 11.6% 9.3% 84.2% % % 3.1% 59.1% 38.7% 86.2% 0.72% $142, % $ % 9.4% % 3.3% % 7.3% 66.1% 17.3% 79.1% 56.5% 4.52% $142, % $ % 93.9% % 13.2% 83.5% % 28.1% 7.25% $129,826 $ % 9.5% 93.8% 97.1% 3.5% % 4.1% 79.3% % 6.8% 1.6 $173, % $ % % 89.8% % 63.8% 22.1% 78.5% 23.3% 3.54% $137, % $ % 4.7% 94.2% 85.3% % 5.9% 65.3% % 6.24% $115, % $ % 14.2% % 1.7% % 72.3% 8.4% 74.3% 81.9% 5. 23, % $41.0 Loanswithmultipleproductfeaturesareincludedinalapplicablecategories. FICO creditscoreisasofloanorigination,asreportedbytheselerofthemortgageloan. ForadescriptionofourAlt-Aloanclassificationcriteria,refertoFannieMae sform 10-K. Ourinitiative,whichstartedinApril2009,includestheHomeAfordableRefinanceProgram ( HARP ).OurinitiativeprovidesexpandedrefinanceopportunitiesforeligibleFannieMae borowers,andmayinvolvetherefinanceofexistingfanniemaeloanswithhighloan-to-valueratios,includingloanswithloan-to-valueratiosinexcessof10. Thesubtotaliscalculatedbycountingaloanonlyonceevenifitisincludedinmultiplecategories. Excludesnon-FannieMaesecuritiesheldinportfolioandthoseAlt-AandsubprimewrapsforwhichFannieMaedoesnothaveloan-levelinformation.FannieMaehadaccesstodetailedloan-levelinformation forapproximately99% ofitssingle-familyconventionalguarantybookofbusinessasofjune30,. Percentageofloansinoursingle-familyconventionalguarantybookofbusiness,measuredbyunpaidprincipalbalance,includedinanagreementusedtoreducecreditriskbyrequiringcolateral,letersof credit,mortgageinsurance,corporateguarantees,inclusioninacreditrisktransfertransactionreferencepool,orotheragreementthatprovidesforourcompensationtosomedegreeintheeventofafinancial lossrelatingtotheloan. FannieMae.TrademarksofFannieMae. 11 Subtotalof CertainProduct Features 4 8.6% % 5.9% % 2.9% 66.8% 51.7% 86.3% 13.7% 1.96% $150, % $900.9 CreditCharacteristicsofSingle-FamilyConventionalGuarantyBookofBusinessbyCertainProductFeatures (5) (6) (7). (6) (6) (7) AsofJune30, (5)

13 Midwest Northeast Southeast Southwest West % 36.5% 17.3% , ,824 3,496 8,628 9,227 7,196 1,233 1,654 3,808 3,289 3, ,388 3,106 2,556 2, % 0.69% 1.17% 1.85% 0.94% % 27.5% % 2.1% 1.4% 51.2% 59.1% 61.9% 58.9% 62.2% 28.1% 17.1% 22.1% % $793.9 $484.9 $625.0 $508.1 $415.7 Regions Basedontheunpaidprincipalbalance(UPB)ofthesingle-familyconventionalguarantybookofbusinessasofJune30,.Excludesnon-FannieMaesecuritiesheldinportfolioandthoseAlt-Aand subprimewrapsforwhichfanniemaedoesnothaveloan-levelinformation.fanniemaehadaccesstodetailedloan-levelinformationforapproximately99% ofitssingle-familyconventionalguarantybookof businessasofjune30,. Seriouslydelinquentloans referstosingle-familyconventionalloansthatare90daysormorepastdueorintheforeclosureprocess. Seriouslydelinquentloanshare referstothepercentageofour single-familyseriouslydelinquentloanpopulationintheapplicablestateorregion. Seriousdelinquencyrate referstothenumberofsingle-familyconventionalloansthatwereseriouslydelinquentinthe applicablestateorregion,dividedbythenumberofloansinoursingle-familyconventionalguarantybookofbusinessinthatstateorregion. Measuredfrom theborowers lastpaidinstalmentontheirmortgagestowhentherelatedpropertieswereaddedtoourreo inventoryforforeclosurescompletedduringthefirstsixmonthsof.home EquityConversionMortgages(HECMs)insuredbyHUDareexcludedfrom thiscalculation. Expressedasapercentageofcreditlossesforthesingle-familyguarantybookofbusiness.Creditlossesconsistof(a)charge-ofs,netofrecoveriesand(b)foreclosedpropertyexpense(income),adjustedto excludetheimpactoffairvaluelossesresultingfrom credit-impairedloansacquiredfrom MBStrusts.Forinformationontotalcreditlosses,refertoFannieMae sform 10-Q. SelectstatesrepresentthetoptenstatesinUPBofthesingle-familyconventionalguarantybookofbusinessasofJune30,. Forinformationonwhichstatesareincludedineachregion,refertothesingle-familymortgagecreditriskmanagementdiscussioninFannieMae sform 10-Q. FannieMae.TrademarksofFannieMae. 12 CreditCharacteristicsofSingle-FamilyConventionalGuarantyBookofBusinessandSingle-FamilyRealEstate Owned(REO)inSelectStates SFConventionalGuarantyBookofBusiness asofjune30, SeriouslyDelinquentLoans asofjune30, RealEstateOwned(REO) CreditLoss (5) (6) AlStates ,371 13,068 9, % % 10,827.6 UnpaidPrincipal Balance(UPB) ($B) Shareof Single-Family Conventional GuarantyBook Weighted Average Mark-to-Market LTVRatio Mark-to-Market LTV>10 Seriously DelinquentLoan Share Serious Delinquency Rate Acquisitions (#ofproperties) Dispositions (#ofproperties) REO Ending Inventory asof6/30/17 AverageDaysto Foreclosure % ofytd CreditLosses California Texas Florida NewYork Ilinois NewJersey Washington Virginia Pennsylvania Colorado 4.8% 1.7% 12.8% % 8.8% ,066 1, ,907 1, , ,046 2,107 1,940 2, , , , , % 1.42% 0.68% 0.58% 2.49% 1.28% 2.21% 1.51% 0.62% 0.43% % 7.7% 5.5% 9.7% 9.6% 4.2% 5.8% 1.2% % 1.7% 4.5% 53.3% 62.3% % % % 57.8% 49.3% 2.9% % 3.6% 3.7% 3.8% 5.2% 6.1% 19.6% $82.5 $84.1 $98.0 $101.7 $105.5 $107.6 $146.2 $159.7 $173.8 $554.3 (6) SelectStates (5) Total

14 Basedonstateswiththelargestvolumeofseriouslydelinquentloansinoursingle-familyconventionalguarantybookofbusinessasofJune30,. Seriouslydelinquentloanshare referstothepercentageofoursingle-familyseriouslydelinquentloanpopulationintheapplicablestate. ShareofREO endinginventorycalculatedasthenumberofpropertiesinthesingle-familyreo endinginventoryforthestatedividedbythetotalnumberofsingle-familypropertiesinthereo endinginventory forthespecifiedtimeperiod. 0K 40K 80K 120K 160K 200K 240K 280K 320K 360K SDQ Volume 5% 1 15% 2 25% 174K 9.7% 7.7% 9.6% 5.8% % 5.5% 14.1% 5.2% SeriouslyDelinquentLoanSharebySelectStates California Florida Ilinois NewJersey NewYork SDQ Volume 0K 20K 40K 60K 80K 100K REO EndingInventory 5% 1 15% 2 25% 31K 3.8% 6.2% 4.2% 9.7% 1 6.7% 21.7% 9.2% 3.5% REO EndingInventorySharebySelectStates California Florida Ilinois NewJersey NewYork REO EndingInventory. SeriouslyDelinquentLoanandREO EndingInventorySharebySelectStates FannieMae.TrademarksofFannieMae. 13

15 Single-FamilyShortSalesandREO SalesPricestoUnpaidPrincipalBalance(UPB)ofMortgageLoans REO DirectSaleDispositions:SalesPricestoUPB ShortSales:SalesPricestoUPB % 81.9% 82.3% % 79.9% % % 82.4% 82.5% 79.3% 79.7% % % 74.1% 75.2% 72.4% 72.6% 73.1% 73.6% 73.6% 74.1% 73.8% 73.5% 72.5% 72.6% 73.3% 74.6% 73.7% 74.1% 69.8% % 75.3% 6 6 REO GrossSales/UPB REO NetSales/UPB ShortSalesGrossSales/UPB ShortSalesNetSales/UPB NetSalesPricestoUPBTrendsforTop10States REO NetSales PricestoUPB Florida 79.5% % % ShortSales NetSales PricestoUPB Florida 71.8% 73.1% 73.4% 74.3% 77.5% NewJersey % % 65.2% NewJersey 64.9% 65.8% 65.1% 62.5% 64. Ilinois 63.2% 64.3% 63.3% 64.7% 62.5% Ilinois 65.8% % 7 7 Ohio 62.4% 59.2% 58.1% 58.6% 6 California 81.2% 80.8% 81.4% 81.9% 84.1% NewYork 64.5% 68.2% 66.9% 68.3% 7 NewYork 71.6% 72.9% 74.8% 74.7% 73.1% Michigan 65.7% % 68. Maryland 70.8% 70.8% Pennsylvania 66.6% % % Nevada 74.4% 74.3% 73.3% % California 86.6% 88.1% 87.2% 88.3% 87.7% Arizona 79.1% % 8 8 Maryland 73.8% 69.3% % Virginia % 78.2% 79.5% 8 Texas 98.9% % 9 9 Pennsylvania 73.6% 75.3% 73.7% 72.5% 74.3% IncludesREO propertiesthathavebeensoldtoathirdparty(excludingpropertiesthathavebeenrepurchasedbytheseler/servicer,acquiredbyamortgageinsurancecompany,orredeemedbyaborower). SalesPricestoUPBarecalculatedasthesum ofsalesproceedsreceiveddividedbytheaggregateunpaidprincipalbalance(upb)oftherelatedloans.grosssalespricerepresentsthecontractsaleprice.net salespricerepresentsthecontractsalepricelesscharges/creditspaidbyorduetotheselerorotherpartiesatclosing. Thestatesshownhadthegreatestvolumeofpropertiessoldinthefirstsixmonthsofineachrespectivecategory. FannieMae.TrademarksofFannieMae. 14

16 Single-FamilyLoanW orkouts HomeRetentionSolutions ForeclosureAlternatives 35K 35K 30K 29K 2K 28K 2K 30K #ofloans 25K 20K 15K 27K 26K 24K 1K 20K 1K 22K 1K 23K 2K 22K 2K 19K 2K 22K 2K 23K 2K #ofloans 25K 20K 15K 10K 22K 19K 21K 21K 21K 17K 20K 22K 10K 5K 5K 6K 2K 6K 2K 6K 2K 5K 5K 4K 4K 2K 2K 2K 1K 4K 3K 3K 1K 1K 0K 0K 4K 4K 4K 3K 3K 3K 3K 2K 2K 2K Modifications RepaymentPlansandForbearancesCompleted ShortSales Deeds-in-Lieu Consistsof(a)modifications,whichdonotincludetrialmodifications,loanstocertainborowerswhohavereceivedbankruptcyreliefthatareaccountedforastroubleddebtrestructurings,orrepaymentplans orforbearancesthathavebeeninitiatedbutnotcompletedand(b)repaymentplansandforbearancescompleted. Consistsof(a)shortsales,inwhichtheborower,workingwiththeservicerandFannieMae,selsthehomepriortoforeclosureforlessthantheamountowedtopayoftheloan,accruedinterestandother expensesfrom thesaleproceedsand(b)deeds-in-lieuofforeclosure,whichinvolvetheborower svoluntarilysigningovertitletotheproperty.. FannieMae.TrademarksofFannieMae. 15

17 Re-performanceRatesofModifiedSingle-FamilyLoans Modifications 28,861 25,908 26,700 26,214 22,199 19,099 20,899 21,278 20,802 17,325 19,928 % CurentorPaidOf 3MonthsPostModification 79% 8 79% 77% 76% 78% 79% 77% 75% 77% 79% 6MonthsPostModification 74% 74% 72% 69% 69% 72% 7 68% 69% 71% 9MonthsPostModification 71% 7 68% 65% 12MonthsPostModification 69% 64% 64% 66% 66% 15MonthsPostModification 66% 66% 64% 62% 64% 65% 18MonthsPostModification 65% 64% 63% 65% 21MonthsPostModification 68% 66% 65% 65% 65% 24MonthsPostModification 68% 68% Modificationsreflectpermanentmodificationswhichdoesnotincludeloanscurentlyintrialmodifications. Definedastotalnumberofcompletedmodificationsforthetimeperiodsnoted. FannieMae.TrademarksofFannieMae. 16

18 Basedontheunpaidprincipalbalance(UPB)ofthesingle-familyconventionalguarantybookofbusinessasofDecember31forthetimeperiodsnoted,withtheexceptionofwhichisasofJune30. Basedonthesingle-familycreditlossesfortheyearendedDecember31forthetimeperiodsnoted,withtheexceptionofwhichisasofJune30.Creditlossesconsistof(a)charge-ofs,netofrecoveriesand(b)foreclosed propertyexpense(income),adjustedtoexcludetheimpactoffairvaluelossesresultingfrom credit-impairedloansacquiredfrom MBStrusts.Doesnotreflecttheimpactofrecoveriesthathavenotbeenalocatedtospecific loans.negativevaluesaretheresultofrecoveriesonpreviouslyrecognizedcreditlosses.beginningin,creditlossesalsoincludetheimpactofourredesignationfrom heldforinvestmenttoheldforsaleofcertain nonperformingandreperformingsingle-familyloansexpectedtobesoldintheforeseeablefuture,aswelasthecharge-ofprovisionsofthefederalhousingfinanceagency sadvisorybuletinab , Frameworkfor AdverselyClassifyingLoans,OtherRealEstateOwned,andOtherAssetsandListingAssetsforSpecialMention. Loanswithmultipleproductfeaturesareincludedinalapplicablecategories.Categoriesarenotmutualyexclusive. FICO creditscoreisasofloanorigination,asreportedbytheselerofthemortgageloan. NewlyoriginatedAlt-Aloansacquiredafter2008consistoftherefinanceofexistingloansunderourInitiative.ForadescriptionofourAlt-Aloanclassificationcriteria,refertoFannieMae sform 10-K. Foradescriptionofoursubprimeloanclassificationcriteria,refertoFannieMae sform 10-K. Selectstatesrepresentthetoptenstateswiththehighestpercentageofsingle-familycreditlossesforthesixmonthsendedJune30,. FannieMae.TrademarksofFannieMae. 17 CreditLossConcentrationofSingle-FamilyConventionalGuarantyBookofBusiness (5) (6) (7) Florida NewJersey NewYork Ilinois California Pennsylvania Maryland Ohio Connecticut Nevada AlOtherStates 5 1.4% 2.2% 2.8% 3.1% % % 1.4% 2.1% 2.8% 3.1% 19.6% 4.1% % 5 2.1% % 4.1% 5.5% % % % 3.9% 51.9% % 3.9% 5.2% 3.8% 52.1% % 3.8% 5.2% 3.7% 35.4% 4.8% 3.3% 1.8% 1.6% 18.4% 9.6% 21.4% 32.1% 3.8% 1.4% 4.1% 3.1% % 12.9% 1.9% 3.7% 28.9% 26.7% 1.4% 2.8% 4.2% 5.9% 4.2% -0.8% 1 4.8% 7.2% 32.6% 18.6% 1.8% 2.3% 2.2% 3.8% 3.4% 1.4% 7.8% 16.4% 21.6% 20.8% 29.5% 1.2% 4.3% 3.9% % 8.7% 18.3% 16.5% 7.9% % 2.8% 3.3% 4.5% 4.8% 8.8% % 12.8% SelectState % ofsingle-familyconventionalguarantybookofbusiness % ofsingle-familycreditlosses NegativeAmortizing InterestOnly FICO <620 FICO 620to<660 OriginationLTVRatio>9 FICO <620andOriginationLTVRatio>9 Alt-A Subprime includingharp 16.5% 12.8% % 3.7% 19.5% 4.7% 15.1% 5.5% 2.6% 2.9% 19.1% 4.2% 15.9% 5.5% 2.5% 2.5% 17.6% 3.7% 16.3% 5.5% 2.3% 2.1% 15.4% 3.1% 16.4% 5.3% 1.7% 14.4% 2.8% 16.5% 5.3% 1.9% 1.5% 3.5% 23.7% 2.3% 16.8% 14.2% 7.8% 21.8% 7.4% % 15.7% % 0.8% % 2.9% 15.3% 17.6% 12.1% 1 7.8% 1.6% 29.3% 16.4% 18.3% % % 3.9% 21.9% % 12.2% 16.3% 1.4% 2 4.3% % 15.7% 2009-YTD &Prior 13.1% 21.7% 65.3% 9.1% 14.7% 76.2% 7.3% 12.2% 8 5.8% % 4.5% 8.1% 87.4% % 88.8% 13.1% 81.8% 5.1% 12.4% 77.6% % 13.3% 12.1% 77.6% % 64.7% % 23.3% Vintage (5) (6) (7) CertainProductFeatures

19 FannieMae.TrademarksofFannieMae. 18 Note:Defaultsincludeloanforeclosures,shortsales,salestothirdpartiesatthetimeofforeclosureanddeeds-in-lieuofforeclosure.CumulativeDefaultRateisthetotalnumberofsingle-familyconventionalloansin theguarantybookofbusinessoriginatedintheidentifiedyearthathavedefaulted,dividedbythetotalnumberofsingle-familyconventionalloansintheguarantybookofbusinessoriginatedintheidentifiedyear. DataasofJune30,isnotnecessarilyindicativeoftheultimateperformanceoftheloansandperformanceislikelytochange,perhapsmaterialy,infutureperiods. Yr1- Yr1- Yr1- Yr1- Yr2- Yr2- Yr2- Yr2- Yr3- Yr3- Yr3- Yr3- Yr4- Yr4- Yr4- Yr4- Yr5- Yr5- Yr5- Yr5- Yr6- Yr6- Yr6- Yr6- Yr7- Yr7- Yr7- Yr7- Yr8- Yr8- Yr8- Yr8- Yr9- Yr9- Yr9- Yr9- Yr10- Yr10- Yr10- Yr10- Yr11- Yr11- Yr11- Yr CumulativeDefaultRate CumulativeDefaultRatesofSingle-FamilyConventionalGuarantyBookofBusinessbyOriginationYear TimeSinceBeginningofOriginationYear

20 LoanCount UPB($B) % ofmultifamily GuarantyBookof Business % DUS Loans % Seriously Delinquent YTD MultifamilyCredit Losses($M) Multifamily CreditLosses($M) Multifamily CreditLosses($M) TotalMultifamilyGuarantyBookofBusiness ($56) ($4) 0.04% ,470 MultifamilyCreditProfilebyLoanA tributes Loansmaturingin Loansmaturingin2018 Loansmaturingin2019 Loansmaturingin2020 Loansmaturingin2021 Othermaturities ($40) ($1) () ($15) ($9) $1 $5 $4 ($3) ($1) () 0.01% 0.01% 0.17% % 0.85% 98% 95% 87% 78% 7% 6% 6% 3% 1% 00.4 $17.2 $14.5 $14.6 $8.8 $1.7 19,711 2,388 2,313 1,938 1, MaturityDates Lessthanorequalto7 Greaterthan7 andlessthanorequalto8 Greaterthan8 ($34) $3 ($7) $3 ($1) 0.17% 0.04% 0.04% 93% 99% 95% 2% 44% 54% $4.6 $113.0 $ ,135 9,866 17,469 OriginationLTVRatio Lessthanorequalto$750K Greaterthan$750Kandlessthanorequalto$3M Greaterthan$3M andlessthanorequalto$5m Greaterthan$5M andlessthanorequalto5m Greaterthan5M ($15) ($60) $9 $9 $1 ($15) $6 $5 0.03% 0.03% 0.07% 0.27% 0.18% 98% 99% 93% 85% 24% 49% 4 5% 5% $125.9 $103.6 $13.9 $12.7 $1.1 2,484 9,486 3,819 8,120 4,561 LoanSizeDistribution (5) (6) Representsthepercentageofloansforagivencategory(row)comprisedofDUSloans,measuredbyunpaidprincipalbalance. Multifamilyloansareclassifiedasseriouslydelinquentwhenpaymentis60daysormorepastdue. Dolaramountofmultifamilycredit-relatedlosses/(gains)fortheapplicableperiodandcategory.Totalcreditlossesforeachperiodmaynottietosum ofalcategoriesduetorounding. Weightedaverageoriginationloan-to-valueratiois asofjune30,. UndertheDelegatedUnderwritingandServicing,orDUS,program,FannieMaeacquiresindividual,newlyoriginatedmortgagesfrom specialyapprovedduslendersusingdusunderwritingstandardsand/ordusloandocuments.becausedus lendersgeneralysharetheriskoflosswithfanniemae,theyareabletooriginate,underwrite,closeandservicemostloanswithoutourpre-review. Multifamilyloanswithanoriginalunpaidbalanceofupto$3milionnationwideorupto$5milioninhighcostmarkets. DUS-SmalBalanceLoans DUS-NonSmalBalanceLoans Total ($54) ($57) $3 ($3) ($6) $3 $1 0.04% 0.03% 0.21% % 5% $ ,324 15,170 7,154 DelegatedUnderwritingandServicing(DUS)Loans Non-DUS-SmalBalanceLoans Non-DUS-NonSmalBalanceLoans Total () ($5) ($1) () $1 ($1) 0.12% % 3% 1% 1% $7.4 $3.8 $3.6 6, ,875 Non-DelegatedUnderwritingandServicing(Non-DUS)Loans LenderRisk-Sharing NoRecoursetotheLender ($32) ($14) $ % 0.05% 73% 98% 5% 95% $ ,904 26,566 LenderRisk-Sharing Fixed Variable (2) ($34) ($6) ($1) $3 0.01% 0.05% 2 8 $ ,457 22,013 InterestRateType FannieMae.TrademarksofFannieMae. 19 (5) (6) (6) AsofJune30,

21 UPB($B) % ofmultifamily GuarantyBookof Business % DUSLoans % Seriously Delinquent YTDMultifamily CreditLosses($M) Multifamily CreditLosses($M) Multifamily CreditLosses($M) TotalMultifamilyGuarantyBookofBusiness ($56) ($4) 0.04% MultifamilyCreditProfilebyLoanA tributes(cont.) California Texas NewYork Florida Washington $1 ($3) $1 ($6) ($5) % 0.15% % 98% 85% 10 96% 4% 7% 9% 12% 2 $9.7 $ $30.8 $51.5 SelectStates PrivatelyOwnedwithSubsidy ($4) $1 0.03% 96% 13% $32.2 TargetedAfordableSegment DUS:Bank(Direct,OwnedEntity,orSubsidiary) DUS:Non-BankFinancialInstitution Non-DUS:Bank(Direct,OwnedEntity,orSubsidiary) Non-DUS:Non-BankFinancialInstitution Non-DUS:PublicAgency/NonProfit ($12) ($45) () ($5) $3 $4 ($1) % 0.06% 0.02% 5% 1% 10 1% 59% $3.6 $150.6 $102.5 DUS&Non-DUSLenders/Servicers Representsthepercentageofloansforagivencategory(row)comprisedofDUSloans,measuredbyunpaidprincipalbalance. Multifamilyloansareclassifiedasseriouslydelinquentwhenpaymentis60daysormorepastdue. Dolaramountofmultifamilycredit-relatedlosses/(gains)fortheapplicableperiodandcategory.Totalcreditlossesforeachperiodwilnottietosum ofalcategoriesduetorounding. TheMultifamilyAfordableBusinessChannelfocusesonfinancingpropertiesthatareunderanagreementthatprovideslong-term afordability,suchaspropertieswithrentsubsidiesorincomerestrictions. Seehtps:/ FannieMae.TrademarksofFannieMae Priorto2007 ($17) (0) $4 ($1) ($7) ($3) ($1) $3 $1 $1 ($1) $1 0.04% 0.33% 0.09% 0.05% 0.18% 0.03% 0.16% 0.03% 0.02% 0.01% 0.01% % 74% 94% 96% 96% 98% 99% 99% 99% 96% 5% 2% 3% 4% 4% 6% 9% 9% 1 15% 21% 12% $13.6 $4.6 $7.2 $9.8 $10.2 $ $39.7 $54.7 $30.7 ByAcquisitionYear Midwest Northeast Southeast Southwest West ($31) ($11) ($19) $4 $1 ($7) ($7) $6 $1 $3 ($3) $ % 0.04% 0.02% 0.11% 99% 99% 9 99% 27% 23% 25% 16% 9% $70.6 $58.1 $65.6 $ Regions Conventional/Co-op SeniorsHousing ManufacturedHousing StudentHousing ($7) $7 ($56) ($5) ($1) () $ % % 3% 3% 5% 88% $8.5 $8.9 $ AssetClass (5) AsofJune30, (5)

22 SeriousDelinquency 1.6 RatesofMultifamilyBookofBusiness % SeriousDelinquencyRate % 0.71% 0.56% 0.92% 0.59% 0.55% 0.44% % 0.34% % 0.21% 0.21% 0.24% 0.15% 0.18% 0.09% % 0.07% 0.05% 0.05% 0.08% 0.04% 0.08% 0.07% 0.04% 0.06% 0.05% 0.04% MultifamilyTotalSeriousDelinquencyRate DUS SeriousDelinquencyRate Non-DUSSeriousDelinquencyRate Multifamilyloansareclassifiedasseriouslydelinquentwhenpaymentis60daysormorepastdue.Seriousdelinquencyraterepresentstheyear-endpercentageofunpaidprincipalbalancethatisseriously delinquentasofdecember31forthetimeperiodsnoted,withtheexceptionofwhichisasofjune30. UndertheDelegatedUnderwritingandServicing,orDUS,program,FannieMaeacquiresindividual,newlyoriginatedmortgagesfrom specialyapprovedduslendersusingdusunderwritingstandardsand/or. DUSloandocuments.BecauseDUSlendersgeneralysharetheriskoflosswithFannieMae,theyareabletooriginate,underwrite,closeandservicemostloanswithoutourpre-review. FannieMae.TrademarksofFannieMae. 21

23 CumulativeCreditLossRatesofMultifamilyGuarantyBookofBusinessbyAcquisitionYear DUS/Non-DUSCumulativeCreditLossRatesthroughJune30, * CreditLossRate 1.5% 1.4% 0.8% 60 DUSCreditLossRate Non-DUSCreditLossRate MultifamilyTotalCreditLossRate DUS/Non-DUSAcquisitionUnpaidPrincipalBalance($B) $55 UPB($B) $19 $33 $ $46 $34 $19 $17 4 $ $42 $ * *Year-to-datethroughJune30,. AcquisitionYear DUS Non-DUS Cumulativecreditlossrateisthecumulativecreditlosses(gains)throughJune30,onthemultifamilyloansthatwereacquiredintheapplicableperiod,asapercentageofthetotalacquiredunpaid principalbalanceofmultifamilyloansintheapplicableperiod. AcquisitionunpaidprincipalbalancerepresentsthetotalMultifamilyvolumeacquiredthroughpurchaseorsecuritizationtransactionsfortheapplicableperiod. FannieMae.TrademarksofFannieMae. 22