Fannie Mae Prices $584 million Multifamily DUS REMIC under its GeMS(TM) Program

By Fannie Mae, PRNE
Tuesday, May 17, 2011

WASHINGTON, May 18, 2011 - Fannie Mae (OTC Bulletin Board: FNMA) priced its first Multifamily DUS
REMIC in 2011 totaling $584 million under its Fannie Mae Guaranteed
Multifamily Structures (Fannie Mae GeMS(TM)) program on Tuesday, May 17,
. Structure details for the multi-tranche offering are included in the
table below.

    Class       CUSIP        Original     Weighted      Coupon
                               Face        Average
      A1      31397UPD5     $30,225,000     4.09        1.981%
      A2      31397UPE5      59,800,000     8.76        3.607%
      A3      31397UPF0     353,842,465     9.84        3.763%
      FA      31397UPG8     140,122,610     9.31       1mo L+45,
                                                        7% Cap
      SA      31397UPH6     140,122,610     9.31        6.353%
       X      31397UPJ2     583,990,075     9.31        0.272%
    Total                  $583,990,075

    Class       CUSIP       Coupon Type        Spread        Price
      A1      31397UPD5      Fixed Rate         S+45          99.5
      A2      31397UPE5      Fixed Rate         S+67          99.5
      A3      31397UPF0      Fixed Rate         S+65          99.5
      FA      31397UPG8    Floating Rate        L+45           100
      SA      31397UPH6   Inverse Interest   Not offered   Not offered
       X      31397UPJ2    Interest Only     Not offered   Not offered

    Collateral:                           109 DUS Pools
    Geographic Distribution:              NY (22.9%), CA (18.7%), TX (10.7%)
    Debt Service Coverage Ratio (DSCR):   1.79x
    Loan-to-Value (LTV):                  62%
    Settlement Date:                      5/27/2011

    Lead Manager:                         Credit Suisse
    Co-Managers:                          Amherst Securities Group, L.P. and
                                          Deutsche Bank Securities

For additional information, please refer to the Fannie Mae GeMS REMIC
Term Sheet (FNA 2011-M1
available on Fannie Mae's Basics of Multifamily MBS
site at

Certain statements in this release may be considered forward-looking
statements within the meaning of federal securities laws. In addition, not
all securities will have the characteristics discussed in this release.
Before investing in any Fannie Mae issued security, you should read the
prospectus and prospectus supplement pursuant to which such security is
offered. You should also read our most current Annual Report on Form 10-K and
our reports on Form 10-Q and Form 8-K filed with the U.S. Securities and
Exchange Commission ("SEC") available on the Investors page of our Web site
at and on the SEC's Web site at

Fannie Mae exists to expand affordable housing and bring global capital
to local communities in order to serve the U.S. housing market. Fannie Mae
has a federal charter and operates in America's secondary mortgage market to
enhance the liquidity of the mortgage market by providing funds to mortgage
bankers and other lenders so that they may lend to home buyers. Our job is to
help those who house America.

Katherine Constantinou, +1-202-752-5403

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