Federal National Mortgage Association · OTC:FNMA

Federal National Mortgage Association — Federal National Mortgage Association Fannie MAE (Fnma, Fnmag, Fnmah, Fnmai, Fnmaj, Fnmak, Fnmal, Fnmam, Fnman, Fnmao, Fnmas, Fnmat, Fnmfm, Fnmfn) — Q2 2024 Earnings Presentation

24 slides from Federal National Mortgage Association's earnings presentation, Jul 30, 2024

1. Slide 1: Financial Supplement Q2 2024

   © 2024 Fannie Mae DRAFT Financial Supplement Q2 2024 July 30, 2024 EXHIBIT 99.2

2. Slide 2: Notes and terms used in presentation

   Q2 2024 Financial Supplement 2© 2024 Fannie Mae DRAFT ▪ Some of the terms and other information in this presentation are defined and discussed more fully in Fannie Mae's Form 10-Q for the quarter ended June 30, 2024 ("Q2 2024 Form 10-Q") and Form 10-K for the year ended December 31, 2023 ("2023 Form

3. Slide 3: Table of Contents

   Q2 2024 Financial Supplement 3© 2024 Fannie Mae DRAFTTable of Contents Overview Corporate Financial Highlights 5 Guaranty Book of Business Highlights 6 Interest Income and Liquidity Management 7 Key Market Economic Indicators 8 Single-Family Business Single-Family Highlights 10 Credit Characteristic

4. Slide 4: Overview

   © 2024 Fannie Mae DRAFT Overview

5. Slide 5: Corporate Financial Highlights

   Q2 2024 Financial Supplement 5© 2024 Fannie Mae DRAFT Net income Net income increased $164 million in the second quarter of 2024 compared with the first quarter of 2024, primarily driven by increases in net interest income and benefit for credit losses. Net interest income Net interest income increa

6. Slide 6: Guaranty Book of Business Highlights

   Q2 2024 Financial Supplement 6© 2024 Fannie Mae DRAFT U P B (D ol la rs in tr illi on s) $3.6 $3.9 $4.1 $4.1 $4.1 $0.4 $0.4 $0.4 $0.5 $0.5 $3.2 $3.5 $3.6 $3.6 $3.6 2020 2021 2022 2023 Q2 YTD 2024 $0.0 $1.0 $2.0 $3.0 $4.0 $5.0 Guaranty Book of Business Highlights Outstanding Guaranty Book of Business

7. Slide 7: Interest Income and Liquidity Management

   Q2 2024 Financial Supplement 7© 2024 Fannie Mae DRAFTInterest Income and Liquidity Management Components of Net Interest Income Net Worth of Fannie Mae Aggregate Indebtedness of Fannie Mae(10) Corporate Liquidity Portfolio N et In te re st In co m e (D ol la rs in b illi on s) $24.9 $29.6 $29.4 $28.

8. Slide 8: Key Market Economic Indicators

   Q2 2024 Financial Supplement 8© 2024 Fannie Mae DRAFT State Growth Rate: 0.00% to 2.49% 2.50% to 4.99% 5.00% to 7.49% >7.50% 30-year FRM rate(12) 30-year Fannie Mae MBS par coupon rate 10-year Treasury Rate R at e (a s of p er io d en d) 6.7% 3.9% 3.5% 3.7% 3.8% 4.1% (1.1)% 5.4% 0.7% 3.1% 1.4% 2.8%

9. Slide 9: Single-Family Business

   © 2024 Fannie Mae DRAFT Single-Family Business

10. Slide 10: Single-Family Highlights

    Q2 2024 Financial Supplement 10© 2024 Fannie Mae DRAFT Fannie Mae 28% Freddie Mac 28% Ginnie Mae 36% Private-label securities 8% U P B (D ol la rs in b illi on s) $3,630 $3,636 $3,638 $3,631 $3,625 46.8 47.0 47.2 47.4 47.6 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 $0 $1,000 $2,000 $3,000 $4,000 0 10 2

11. Slide 11: Credit Characteristics of Single-Family Conventional Loan Acquisitions

    Q2 2024 Financial Supplement 11© 2024 Fannie Mae DRAFT S ha re o f A cq ui si tio ns 30% 33% 62% 86% 86% 51% 43% 13% 4% 5%19% 24% 25% 10% 9% 2020 2021 2022 2023 Q2 YTD 2024 0% 25% 50% 75% 100% W ei gh te d- Av er ag e FI C O C re di t S co re FIC O C redit S core < 680 760 756 747 755 758 4.0% 6.0%

12. Slide 12: Credit Characteristics of Single-Family Conventional Guaranty Book of Business

    Q2 2024 Financial Supplement 12© 2024 Fannie Mae DRAFT S er io us D el in qu en cy R at e (% ) 2.87% 1.25% 0.65% 0.55% 0.48% 2020 2021 2022 2023 Q2 YTD 2024 0% 1% 2% 3% Certain Credit Characteristics of Single-Family Conventional Guaranty Book of Business by Origination Year and Loan Features(4)(19)

13. Slide 13: Single-Family Credit Risk Transfer

    Q2 2024 Financial Supplement 13© 2024 Fannie Mae DRAFT U P B (D ol la rs in b illi on s) $86 $82 $67 $63 $213 $121 $51 $206 $290 $58 $142 $322 $187 $83 $45 $73 $57 $338 $445 $182 $205 $535 $308 $134 2018 2019 2020 2021 2022 2023 Q2 YTD 2024 $0 $200 $400 $600 Single-Family Credit Risk Transfer U P B

14. Slide 14: Single-Family Problem Loan Statistics

    Q2 2024 Financial Supplement 14© 2024 Fannie Mae DRAFT U P B (D ol la rs in b illi on s) N um ber of Loan W orkouts $5.3 $8.4 $16.6 $7.3 $4.8 $56.0 $62.1 $18.4 $11.2 $6.4 299.2K 342.7K 167.3K 85.0K 48.6K 2020 2021 2022 2023 Q2 YTD 2024 $0 $20 $40 $60 $80 $100 0K 50K 100K 150K 200K 250K 300K R E O E

15. Slide 15: Single-Family Cumulative Default Rates

    Q2 2024 Financial Supplement 15© 2024 Fannie Mae DRAFT Time Since Beginning of Origination Year C um ul at iv e D ef au lt R at e 2004* 2005* 2006* 2007* 2008* 2009** 2010** 2011** 2012** 2013** 2014** 2015** 2016** 2017** 2018** 2019** 2020** 2021** 2022** 2023** 2024** Y r1 Y r2 Y r3 Y r4 Y r5 Y r

16. Slide 16: Multifamily Business

    © 2024 Fannie Mae DRAFT Multifamily Business

17. Slide 17: Multifamily Highlights

    Q2 2024 Financial Supplement 17© 2024 Fannie Mae DRAFT U P B (D ol la rs in b illi on s) $454.7 $464.7 $470.4 $476.9 $480.1 77.4 76.8 76.1 75.8 75.5 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 $0 $150 $300 $450 0 25 50 75 U P B (D ol la rs in b illi on s) $15.1 $16.4 $11.2 $10.1 $9.3 Q2 2023 Q3 2023 Q4

18. Slide 18: Credit Characteristics of Multifamily Loan Acquisitions

    Q2 2024 Financial Supplement 18© 2024 Fannie Mae DRAFT S ha re o f A cq ui si tio ns 93% 89% 78% 99% 100% 7% 11% 22% 2020 2021 2022 2023 Q2 YTD 2024 0% 20% 40% 60% 80% 100% Credit Characteristics of Multifamily Loan Acquisitions Certain Credit Characteristics of Multifamily Loans by Acquisition Peri

19. Slide 19: Credit Characteristics of Multifamily Guaranty Book of Business

    Q2 2024 Financial Supplement 19© 2024 Fannie Mae DRAFT Certain Credit Characteristics of Multifamily Guaranty Book of Business by Acquisition Year, Asset Class, or Targeted Affordable Segment(5) As of June 30, 2024 Acquisition Year Asset Class or Targeted Affordable Segment Categories are not mutual

20. Slide 20: Multifamily Problem Loan Statistics

    Q2 2024 Financial Supplement 20© 2024 Fannie Mae DRAFT S er io us D el in qu en cy R at e P ercent C riticized0.30% 0.63% 0.71% 0.59% 0.24% 0.10% 0.05% 0.07% 0.05% 0.11% 0.06% 0.04% 0.98% 0.42% 0.24% 0.46% 0.44% 11% 30% 27% 23% 12% 5% 4% 3% 2% 2% 3% 2% 3% 5% 6% 7% 7% 2008 2009 2010 2011 2012 2013 20

21. Slide 21: Endnotes

    © 2024 Fannie Mae DRAFT Endnotes

22. Slide 22: Endnotes

    Q2 2024 Financial Supplement 22© 2024 Fannie Mae DRAFT (1) Includes costs associated with freestanding credit enhancements, which primarily include the company's Connecticut Avenue Securities® and Credit Insurance Risk TransferTM programs, enterprise-paid mortgage insurance, and certain lender risk-

23. Slide 23: Endnotes

    Q2 2024 Financial Supplement 23© 2024 Fannie Mae DRAFT Endnotes (14) Home price estimates are based on purchase transactions in Fannie-Freddie acquisition and public deed data available through the end of June 2024. Including subsequent data may lead to materially different results. Home price growt

24. Slide 24: 24© (28) This chart does not include loans in an active forbearance arrangement, trial

    Q2 2024 Financial Supplement 24© 2024 Fannie Mae DRAFT (28) This chart does not include loans in an active forbearance arrangement, trial modifications, loans to certain borrowers who have received bankruptcy relief and repayment plans that have been initiated but not completed. There were approxima

Federal National Mortgage Association Fannie MAE (Fnma, Fnmag, Fnmah, Fnmai, Fnmaj, Fnmak, Fnmal, Fnmam, Fnman, Fnmao, Fnmas, Fnmat, Fnmfm, Fnmfn) — Q2 2024 Earnings Presentation on 6ix