Fannie Mae’s Single-Family and Multifamily businesses acquire mortgage loans and pool them into Mortgage-Backed Securities (MBS). These securities are backed by ownership interests in either individual loans or pools of residential mortgages and are guaranteed by Fannie Mae for timely payment of principal and interest. The certificates and payments of principal and interest are not guaranteed by the U.S. Government and do not constitute a debt or obligation of the United States and are the sole responsibility of Fannie Mae. As such, Fannie Mae applies rigorous underwriting standards to assess loan quality and mitigate risk to investors. Historically, MBS issued directly by Fannie Mae have not been rated by any major rating agency. However, on January 9, 2026, Moody’s Ratings ("Moody’s") assigned a provisional (P)Aa1 senior secured shelf rating and a Aa1(cr) long-term Counterparty Risk Assessment to Fannie Mae, and also noted that Fannie Mae's outlook remains stable. In its announcement, Moody's noted that the "(P)Aa1 senior secured shelf rating is representative of the creditworthiness of Fannie Mae's mortgage-backed securities (MBS) programs." Standard & Poor's and Fitch have not announced any similar ratings actions at this time. Securities collateralized by Fannie Mae MBS are generally considered high quality, and senior tranches of such securities are often rated AAA, though ratings depend on the specific structure and issuer. In addition, Fannie Mae MBS are assigned a 20% risk-based weighting under Basel accounting rules, which determine capital reserve requirements for banking entities. A 20% risk weighting places Fannie Mae MBS in an asset category generally considered to be of very high credit quality. Our Single-Family business supports mortgage market liquidity by acquiring loans from lenders and securitizing them into Fannie Mae MBS. We also issue structured MBS and actively trade Agency MBS. A single-family loan is secured by a property with four or fewer residential units. We primarily securitize and purchase conventional fixed-rate or adjustable-rate, first-lien mortgage loans, or mortgage-related securities backed by these loans. We also securitize or purchase government-insured or guaranteed loans – including Federal Housing Administration (FHA), U.S. Department of Veterans Affairs (VA), Rural Development Housing and Community Facilities Program of the U.S. Department of Agriculture - and other mortgage-related securities. Learn more about Single-Family MBS We provide liquidity to the commercial mortgage market by acquiring multifamily loans primarily from our Delegated Underwriting and Servicing (DUS®) lender partners. These loans are secured by properties such as apartment buildings, manufactured housing communities, seniors housing, student housing, affordable housing, and cooperatives with five or more units. Fannie Mae securitizes those loans into Fannie Mae DUS MBS, which lenders auction to market. We buy and sell DUS MBS in the secondary market and enable investors to create structured securities backed by DUS MBS. Learn more about Multifamily MBS Mortgage-Backed Securities Single-Family Multifamily Structured Transactions Products Contact Information Structured Transactions Products Contact Information Why invest in Fannie Mae? Fannie Mae MBS offers investors high-quality assets with attractive yields to fit various portfolio needs or investment strategies. Investors should exercise care to fully understand the value of any mortgage-backed investment and diligently review the applicable disclosure documents. Investors may want to work with their investment advisors to identify the potential risks versus reward of investing in MBS. Fannie Mae MBS offers investors high-quality assets with attractive yields to fit various portfolio needs or investment strategies. Investors should exercise care to fully understand the value of any mortgage-backed investment and diligently review the applicable disclosure documents. Investors may want to work with their investment advisors to identify the potential risks versus reward of investing in MBS. Structured Transactions and Supers Fannie Mae Supers® (Supers ) are single-class, pass-through, TBA-eligible securities backed by existing UMBS and/or Supers. The securities that back Supers may be issued and guaranteed by either Fannie Mae or Freddie Mac. Fannie Mae Supers® (Supers ) are single-class, pass-through, TBA-eligible securities backed by existing UMBS and/or Supers. The securities that back Supers may be issued and guaranteed by either Fannie Mae or Freddie Mac. A Real Estate Mortgage Investment Conduit (REMIC) is a multiclass mortgage-related security in which interest and principal payments from the mortgage-related assets serving as collateral are structured into separately traded securities called classes. Each class receives a distinct allocation of cash flows, which can vary by coupon rate, average life, prepayment sensitivity, and final maturity. Fannie Megas® (Megas) are single-class, pass-through securities that are not TBA-eligible. They are backed by existing Fannie Mae non-TBA MBS and/or other Megas. All underlying securities are issued and guaranteed by Fannie Mae.

Fannie Megas® (Megas) are single-class, pass-through securities that are not TBA-eligible. They are backed by existing Fannie Mae non-TBA MBS and/or other Megas. All underlying securities are issued and guaranteed by Fannie Mae. Stripped mortgage-backed securities (SMBS) are multiclass, pass-through, grantor trust securities created by "stripping apart" the principal and interest payments from the underlying mortgage-related collateral into two or more classes of securities. In another type of SMBS transaction, excess servicing is stripped from base servicing on loans backing Fannie Mae MBS and issued solely as interest-only (IO) bond. Structured Transactions and Supers Overview of tools We provide the following disclosure tools for mortgage-backed securities issued by Fannie Mae. Access disclosure data for Single-Family securities, including at-issuance and monthly data, Legal documents, and consumable data files. Access disclosure data for Multifamily securities, including at-issuance and monthly data, Legal documents, and consumable data files. Data Dynamics ® Access a range of MBS analytics including robust prepayment data available through customized dashboards. Investor Resources 2026 Holiday Calendar and Disclosure Schedule ARM MBS Subtypes Single-Family MBS Disclosures Guide View additional resources Quick Securities Locator Search for disclosure and related documents for a security. Search by: Security Identifier (e.g., BD3584) CUSIP (e.g., 3140FA6Z0) Trust Identifier (e.g., 2019-005, TR000425)