Fannie Mae 2013-078Fannie Mae Trust 2013-78 The Certificates We, the Federal National Mortgage...

Prospectus Supplement(To REMIC Prospectus dated August 1, 2012)

$248,802,690

Guaranteed REMIC Pass-Through Certificatesand

Guaranteed Pass-Through CertificatesFannie Mae Trust 2013-78

The Certificates

We, the Federal National Mortgage Associa-tion (Fannie Mae), will issue the classes ofcertificates listed in the chart on this cover.

Payments to Certificateholders

We will make monthly payments on the certifi-cates. You, the investor, will receive

• interest accrued on the balance of your cer-tificate, and

• principal to the extent available for pay-ment on your class.

We will pay principal at rates that may varyfrom time to time. We may not pay principalto certain classes for long periods of time.

The Fannie Mae Guaranty

We will guarantee that required payments ofprincipal and interest on the certificates areavailable for distribution to investors on time.

The Trust and its Assets

The trust assets will be divided into threegroups.

• Group 1 and Group 2 will each consist ofFannie Mae MBS.

• Group 3 will consist of Fannie Mae MBS.

The mortgage loans underlying the FannieMae MBS are first lien, single-family, fixedrate loans. The mortgage loans underlying theGroup 3 MBS have loan-to-value ratios inexcess of 125%.

Tax Treatment

• Group 1 and Group 2 will together betreated as a REMIC for tax purposes.

• Group 3 will be treated as a grantor trust fortax purposes.

Class Group

OriginalClass

BalancePrincipalType(1)

InterestRate

InterestType(1)

CUSIPNumber

FinalDistribution

Date

AE(2) . . . . 1 $82,018,880 PT 1.5% FIX 3136AFKB9 July 2028AI(2) . . . . . 1 54,679,253(3) NTL 4.5 FIX/IO 3136AFKC7 July 2028

GA(2) . . . . 2 16,957,000 PAC 3.0 FIX 3136AFKD5 July 2043GC . . . . . . 2 53,000,000 PAC 2.0 FIX 3136AFKE3 September 2040GL . . . . . . 2 11,546,000 PAC 3.0 FIX 3136AFKF0 July 2043JF(2) . . . . . 2 11,245,342 SUP (4) FLT 3136AFKG8 July 2043SJ(2) . . . . . 2 7,658,000 TAC (4) INV 3136AFKH6 July 2043SK(2) . . . . 2 1,713,118 SUP (4) INV 3136AF K J 2 July 2043IG . . . . . . 2 17,666,666(3) NTL 3.0 FIX/IO 3136AFKK9 September 2040

B(5) . . . . . 3 64,664,350 PT 2.0 FIX 3136AFKL7 July 2033BI(5) . . . . . 3 27,713,292(3) NTL 3.5 FIX/IO 3136AFKM5 July 2033

R . . . . . . 1,2 0 NPR 0 NPR 3136AFKN3 July 2043RL . . . . . . 1,2 0 NPR 0 NPR 3136AFKP8 July 2043

(1) See “Description of the Certificates—Class Definitions andAbbreviations” in the REMICprospectus.

(2) These classes are exchangeable forRCR certificates.

(3) Notional principal balances. These classes are interest onlyclasses. See page S-6 for a description of how their notionalprincipal balances are calculated.

(4) Based on LIBOR.(5) These classes are exchangeable for RCR certificates or for

the Group 3 Mega.

If you own certificates of certain classes, you can exchange them for certificates of the correspond-ing RCR classes to be delivered at the time of exchange. The A, AB, G, JA, JS, BD, BG, BH andBT Classes are the RCR classes. For a more detailed description of the RCR classes, see Sched-ule 1 attached to this prospectus supplement and “Description of the Certificates—Combinationand Recombination—RCR Certificates” in the REMIC prospectus.

If you own certificates of the B and BI Classes, you can exchange them for a proportionate share ofMega Certificate AL3806 (CUSIP Number 3138ELGQ0) to be delivered at the time of exchange.See “Description of the Certificates—Exchanges of B and BI Classes for Interests in the Group 3Mega” in this prospectus supplement.

Because the mortgage loans underlying the Group 3 MBS have loan-to-value ratios in excess of125%, the certificates representing interests in the Group 3 MBS are not eligible assets for aREMIC. See “Certain Additional Federal Income Tax Consequences” in this prospectus supple-ment and “Material Federal Income Tax Consequences—Special Tax Attributes” in the MBS Pro-spectus.

The dealer will offer the certificates from time to time in negotiated transactions at varying prices.We expect the settlement date to be June 28, 2013.

Carefully consider the risk factors on page S-7 of this prospectus supplement and starting on page 13 of the REMIC prospectus.Unless you understand and are able to tolerate these risks, you should not invest in the certificates.

You should read the REMIC prospectus as well as this prospectus supplement.

The certificates, together with interest thereon, are not guaranteed by the United States and do not constitute a debt or obligation of theUnited States or any agency or instrumentality thereof other than Fannie Mae.

The certificates are exempt from registration under the Securities Act of 1933 and are “exempted securities” under the SecuritiesExchange Act of 1934.

June 24, 2013

TABLE OF CONTENTS

Page

AVAILABLE INFORMATION . . . . . . S- 3SUMMARY . . . . . . . . . . . . . . . . . . . . . . . . S- 4ADDITIONAL RISK FACTORS . . . . . S- 7DESCRIPTION OF THE

CERTIFICATES . . . . . . . . . . . . . . . . . S- 7GENERAL . . . . . . . . . . . . . . . . . . . . . . . . S- 8

Structure . . . . . . . . . . . . . . . . . . . . . . S- 8Fannie Mae Guaranty . . . . . . . . . . . S- 8Characteristics of Certificates . . . . . S- 8Authorized Denominations . . . . . . . S- 9Trust Agreement Amendments . . . . S- 9

THE MBS . . . . . . . . . . . . . . . . . . . . . . . . S- 9DISTRIBUTIONS OF INTEREST . . . . . . . . S-10

General . . . . . . . . . . . . . . . . . . . . . . . . S-10Delay Classes and No-Delay

Classes . . . . . . . . . . . . . . . . . . . . . . S-10DISTRIBUTIONS OF PRINCIPAL . . . . . . . S-10EXCHANGES OF B AND BI CLASSES

FOR INTERESTS IN THE GROUP 3MEGA . . . . . . . . . . . . . . . . . . . . . . . . . . S-11General . . . . . . . . . . . . . . . . . . . . . . . . S-11Procedures . . . . . . . . . . . . . . . . . . . . . S-11Additional Considerations . . . . . . . . S-11

STRUCTURING ASSUMPTIONS . . . . . . . . S-12Pricing Assumptions . . . . . . . . . . . . . S-12Prepayment Assumptions . . . . . . . . . S-12Principal Balance Schedules . . . . . . S-12

YIELD TABLES . . . . . . . . . . . . . . . . . . . . S-13General . . . . . . . . . . . . . . . . . . . . . . . . S-13The Inverse Floating Rate Classes . . S-14The Fixed Rate Interest Only

Classes . . . . . . . . . . . . . . . . . . . . . . S-15WEIGHTED AVERAGE LIVES OF THE

CERTIFICATES . . . . . . . . . . . . . . . . . . . S-16

Page

DECREMENT TABLES . . . . . . . . . . . . . . . S-16CHARACTERISTICS OF THE RESIDUAL

CLASSES . . . . . . . . . . . . . . . . . . . . . . . S-20CERTAIN ADDITIONAL FEDERAL

INCOME TAX CONSEQUENCES . . S-20U.S. TREASURY CIRCULAR 230

NOTICE . . . . . . . . . . . . . . . . . . . . . . . . S-20REMIC ELECTIONS AND SPECIAL TAX

ATTRIBUTES . . . . . . . . . . . . . . . . . . . . S-20TAXATION OF BENEFICIAL OWNERS OF

REGULAR CERTIFICATES . . . . . . . . . . S-21TAXATION OF BENEFICIAL OWNERS OF

RESIDUAL CERTIFICATES . . . . . . . . . S-21TAXATION OF THE GRANTOR TRUST . . S-21TAXATION OF BENEFICIAL OWNERS OF

GRANTOR TRUST CERTIFICATES . . . S-21General . . . . . . . . . . . . . . . . . . . . . . . . S-21Stripped Bonds and Stripped

Coupons . . . . . . . . . . . . . . . . . . . . . S-22Expenses of the Grantor Trust . . . . . S-23Exchanges . . . . . . . . . . . . . . . . . . . . . S-24Sales and Other Dispositions of

Grantor Trust Certificates . . . . . . S-24Special Tax Attributes . . . . . . . . . . . S-24Information Reporting and Backup

Withholding for Grantor TrustCertificates . . . . . . . . . . . . . . . . . . . S-25

Foreign Investors in Grantor TrustCertificates . . . . . . . . . . . . . . . . . . . S-25

TAXATION OF BENEFICIAL OWNERS OF

RCR CERTIFICATES . . . . . . . . . . . . . . S-26PLAN OF DISTRIBUTION . . . . . . . . . S-26LEGAL MATTERS . . . . . . . . . . . . . . . . S-26SCHEDULE 1 . . . . . . . . . . . . . . . . . . . . . A- 1PRINCIPAL BALANCE

SCHEDULES . . . . . . . . . . . . . . . . . . . B- 1

S-2

AVAILABLE INFORMATION

You should purchase the certificates only if you have read and understood this prospectussupplement and the following documents (the “Disclosure Documents”):

• our Prospectus for Fannie Mae Guaranteed REMIC Pass-Through Certificates datedAugust 1, 2012 (the “REMIC Prospectus”);

• our Prospectus for Fannie Mae Guaranteed Pass-Through Certificates (Single-FamilyResidential Mortgage Loans) dated

O March 1, 2013, for all MBS issued on or after March 1, 2013,

O February 1, 2012, for all MBS issued on or after February 1, 2012 and prior to March 1,2013,

O July 1, 2011, for all MBS issued on or after July 1, 2011 and prior to February 1, 2012,

O June 1, 2009, for all MBS issued on or after January 1, 2009 and prior to July 1, 2011,

O April 1, 2008, for all MBS issued on or after June 1, 2007 and prior to January 1,2009, or

O January 1, 2006, for all other MBS

(as applicable, the “MBS Prospectus”);

• if you are purchasing certificates of the B or BI Class or a related RCR certificate, ourProspectus for Fannie Mae Guaranteed MBS Pass-Through Securities (Mega Certificates)dated February 1, 2012, as supplemented by a prospectus supplement relating to MegaCertificate Number AL3806 (together, the “Mega Prospectus”); and

• any information incorporated by reference in this prospectus supplement as discussedbelow and under the heading “Incorporation by Reference” in the REMIC Prospectus.

For a description of current servicing policies generally applicable to existing Fannie MaeMBS pools, see “Yield, Maturity and Prepayment Considerations” in the MBS Prospectus datedMarch 1, 2013.

The MBS Prospectus and the Mega Prospectus are incorporated by reference in thisprospectus supplement. This means that we are disclosing information in those documents byreferring you to them. Those documents are considered part of this prospectus supplement, so youshould read this prospectus supplement, and any applicable supplements or amendments,together with those documents.

You can obtain copies of the Disclosure Documents by writing or calling us at:

Fannie MaeMBS Helpline3900 Wisconsin Avenue, N.W., Area 2H-3SWashington, D.C. 20016(telephone 1-800-237-8627).

In addition, the Disclosure Documents, together with the class factors, are available on ourcorporate Web site at www.fanniemae.com.

You also can obtain copies of the REMIC Prospectus, the MBS Prospectus and the MegaProspectus by writing or calling the dealer at:

RBS Securities Inc.Prospectus Department600 Washington Blvd.Stamford, Connecticut 06901(telephone 203-897-2318).

S-3

SUMMARY

This summary contains only limited information about the certificates. Statisticalinformation in this summary is provided as of June 1, 2013. You should purchase thecertificates only after reading this prospectus supplement and each of the additionaldisclosure documents listed on page S-3. In particular, please see the discussion of riskfactors that appears in each of those additional disclosure documents.

Assets Underlying Each Group of Classes

Group Assets

1 Group 1 MBS2 Group 2 MBS3 Group 3 MBS

Group 1, Group 2 and Group 3

Characteristics of the MBS

ApproximatePrincipalBalance

Pass-Through

Rate

Range of WeightedAverage Coupons

or WACs(annual percentages)

Range of WeightedAverage RemainingTerms to Maturity

or WAMs(in months)

Group 1 MBS $ 82,018,880 4.50% 4.75% to 7.00% 121 to 180Group 2 MBS $102,119,460 3.00% 3.25% to 5.50% 241 to 360Group 3 MBS $ 64,664,350 3.50% 3.75% to 6.00% 181 to 240

Assumed Characteristics of the Underlying Mortgage Loans

PrincipalBalance

OriginalTerm toMaturity

(in months)

RemainingTerm toMaturity

(in months)Loan Age

(in months)Interest

Rate

Group 1 MBS $ 82,018,880 180 148 26 4.873%Group 2 MBS $102,119,460 360 358 0 3.715%Group 3 MBS $ 64,664,350 240 228 9 4.138%

The actual remaining terms to maturity, loan ages and interest rates of most of the mortgageloans underlying the MBS will differ from those shown above, and may differ significantly. See“Risk Factors—Risks Relating to Yield and Prepayment—Yield—Yields on and weighted averagelives of the certificates are affected by actual characteristics of the mortgage loans backing theseries trust assets” in the REMIC Prospectus.

Each of the mortgage loans underlying the Group 3 MBS has a loan-to value ratio greaterthan 125%.

Settlement Date

We expect to issue the certificates on June 28, 2013.

Distribution Dates

We will make payments on the certificates on the 25th day of each calendar month, or on thenext business day if the 25th day is not a business day.

S-4

Record Date

On each distribution date, we will make each monthly payment on the certificates to holdersof record on the last day of the preceding month.

Book-Entry and Physical Certificates

We will issue the classes of certificates in the following forms:

Fed Book-Entry Physical

All classes of certificates other than the R and RL Classes R and RL Classes

Exchanging Certificates for RCR Certificates

If you own certificates of a class designated as “exchangeable” on the cover of this prospectussupplement, you will be able to exchange them for a proportionate interest in the related RCRcertificates. Schedule 1 lists the available combinations of the certificates eligible for exchangeand the related RCR certificates. You can exchange your certificates by notifying us and paying anexchange fee. We will deliver the RCR certificates upon such exchange.

We will apply principal and interest payments from exchanged trust certificates to thecorresponding RCR certificates, on a pro rata basis, following any exchange.

Exchanging Certificates of the B and BI Classes for the Group 3 Mega

If you own certificates of the B and BI Classes, you will be able to exchange them for a propor-tionate interest in the Mega certificate specified on the cover of this prospectus supplement (the“Group 3 Mega”). You can exchange your certificates by notifying us and paying an exchange fee.The interest in the Group 3 Mega delivered in the exchange may be exchanged back into the certifi-cates of the B and BI Classes that were surrendered.

Interest Rates

During each interest accrual period, the fixed rate classes will bear interest at the applicableannual interest rates listed on the cover of this prospectus supplement or on Schedule 1.

During the initial interest accrual period, the floating rate and inverse floating rate classes willbear interest at the initial interest rates listed below. During each subsequent interest accrualperiod, the floating rate and inverse floating rate classes will bear interest based on the formulasindicated below, but always subject to the specified maximum and minimum interest rates:

Class

InitialInterest

Rate

MaximumInterest

Rate

MinimumInterest

Rate

Formula forCalculation of

Interest Rate(1)

JF . . . . . . . . . . . . . . . . . . . . . . . . . 1.1930% 5.50% 1.00% LIBOR + 100 basis pointsSJ . . . . . . . . . . . . . . . . . . . . . . . . . 5.1684% 5.40% 0.00% 5.40% � (1.2 × LIBOR)SK . . . . . . . . . . . . . . . . . . . . . . . . . 5.1684% 5.40% 0.00% 5.40% � (1.2 × LIBOR)JS . . . . . . . . . . . . . . . . . . . . . . . . . 5.1684% 5.40% 0.00% 5.40% � (1.2 × LIBOR)

(1) We will establish LIBOR on the basis of the “BBA Method.”

S-5

Notional Classes

The notional principal balances of the notional classes specified below will equal the percen-tages of the outstanding balances specified below immediately before the related distribution date:

Class

AI . . . . . . . . . . . . . . . . . . . . . . 66.6666662603% of the AE ClassIG . . . . . . . . . . . . . . . . . . . . . . 33.3333320755% of the GC ClassBI . . . . . . . . . . . . . . . . . . . . . . 42.8571415316% of the B Class

Distributions of Principal

For a description of the principal payment priorities, see “Description of the Certificates—Distributions of Principal” in this prospectus supplement.

Weighted Average Lives (years)*

PSA Prepayment AssumptionGroup 1 Classes 0% 100% 327% 700% 1000%

AE, AI, A and AB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.8 5.3 3.2 1.7 1.1

PSA Prepayment AssumptionGroup 2 Classes 0% 100% 125% 225% 325% 400% 800% 1200%

GA . . . . . . . . . . . . . . . . . . . . . 25.2 13.9 11.5 3.0 3.0 3.0 1.9 1.5GC and IG . . . . . . . . . . . . . . 12.5 4.7 4.2 4.2 4.2 4.2 2.8 2.2GL . . . . . . . . . . . . . . . . . . . . . 22.4 11.9 11.7 11.7 11.7 11.7 6.0 3.9JF, JA and JS . . . . . . . . . . . 28.5 22.6 20.8 13.9 6.1 2.4 1.1 0.9SJ . . . . . . . . . . . . . . . . . . . . . . 28.2 21.3 19.4 11.9 4.0 2.7 1.3 1.0SK . . . . . . . . . . . . . . . . . . . . . 29.8 28.1 27.3 22.4 15.8 1.4 0.5 0.4G . . . . . . . . . . . . . . . . . . . . . . 27.0 18.7 16.6 9.0 4.7 2.7 1.5 1.1

PSA Prepayment AssumptionGroup 3 Classes 0% 100% 190% 400% 600%

B, BI, BD, BG, BH and BT . . . . . . . . . . . . . . . . . . . . . 12.0 7.6 5.9 3.6 2.6

* Determined as specified under “Yield, Maturity and Prepayment Considerations—Weighted Average Livesand Final Distribution Dates” in the REMIC Prospectus.

S-6

ADDITIONAL RISK FACTORS

In the future we may be unable to establishLIBOR on the basis of the BBA Method. OnSeptember 28, 2012, Britain’s Financial ServicesAuthority recommended that the BBA beremoved from its rate-setting responsibility andproposed additional reforms in connection withthe determination of LIBOR. If in the future theBBA is no longer calculating the interestsettlement rate for one-month U.S. dollardeposits, or if for any other reason we areunable to establish LIBOR on the basis of theBBA Method on any index determination date,we will establish LIBOR based on the LIBOMethod as described under “Description of theCertificates—Distributions on Certificates—Interest Distributions—Indices for Floating RateClasses and Inverse Floating Rate Classes” inthe REMIC Prospectus. We can provide noassurance as to which entity or entities willassume responsibility for setting the applicablerates in the future. In addition, we can provideno assurance that LIBOR for any distributiondate accurately represents the offered rateapplicable to loans in U.S. dollars for aone-month period between leading Europeanbanks or that LIBOR’s prominence as abenchmark interest rate will be preserved.

Mortgage loans with loan-to-value ratiosgreater than 125% may have differentprepayment and default characteristics thanconforming mortgage loans generally.

The Group 3 MBS are backed by mortgageloans with loan-to-value ratios greater than125% (a “very high LTV loan”). Althoughinformation is limited regarding the default andprepayment rates for very high LTV loans, it ispossible that loans of this type may experiencerates of default and voluntary prepayment thatdiffer from otherwise comparable loans withlower loan-to-value ratios.

Very high LTV loans may be eligible forrefinancing under the federal Home AffordableRefinancing Program (“HARP”) and ourRefi Plus program. Moreover, our mortgageseller/servicers are permitted to solicit refinanc-ings of very high LTV loans even if the relatedseller/servicers are not soliciting refinancingsfrom borrowers more generally, so long as theyare also soliciting eligible borrowers whosemortgage loans are owned or guaranteed byFreddie Mac. If very high LTV loans arerefinanced, the weighted average life of yourcertificates may be reduced and, in the case ofinterest only certificates, as well as certainother classes of certificates purchased at apremium, your yield may be adversely affected.

In addition, very high LTV loans mayalready have been refinanced. A refinanced veryhigh LTV loan is likely to have a lower interestrate than the predecessor loan, which mayenable the related borrower to continue to makemonthly principal and interest payments. Inthat case, the weighted average life of yourcertificates may be extended and, in the case ofprincipal only certificates, as well as certainother classes of certificates purchased at adiscount, your yield may be adversely affected.

In general, very high LTV loans may beviewed as posing a greater risk of default thanloans with lower loan-to-value ratios becauseborrowers may decide that it is not in theireconomic interest to continue making monthlypayments. To the extent the very high LTVloans go into default, the weighted average lifeof your certificates may be reduced and, in thecase of interest only certificates, as well ascertain other classes of certificates purchased ata premium, your yield may be adverselyaffected. See “Description of the Certificates—The MBS” in this prospectus supplement.

DESCRIPTION OF THE CERTIFICATES

The material under this heading describes the principal features of the Certificates. You willfind additional information about the Certificates and the Group 3 Mega in the other sections ofthis prospectus supplement, as well as in the additional Disclosure Documents and theTrust Agreements. If we use a capitalized term in this prospectus supplement without defining it,you will find the definition of that term in the applicable Disclosure Document or in the applicableTrust Agreement.

S-7

General

Structure. We will issue the Guaranteed REMIC Pass-Through Certificates in Group 1 andGroup 2 (the “REMIC Certificates”) pursuant to a trust agreement dated as of May 1, 2010 and asupplement thereto dated as of June 1, 2013 (the “Issue Date”). We will issue the Combinable andRecombinable REMIC Certificates related to the REMIC Certificates pursuant to a separate trustagreement dated as of May 1 , 2010 and a supplement thereto dated as of the Issue Date. We willissue the Guaranteed Pass-Through Certificates in Group 3, the related Combinable andRecombinable Grantor Trust Certificates and the Group 3 Mega (together, the “Group 3Certificates”) pursuant to a separate trust agreement dated as of the Issue Date. The REMICCertificates and Guaranteed Pass-Through Certificates in Group 3 are referred to collectively asthe “Trust Certificates.” The Combinable and Recombinable Certificates are referred to collec-tively as the “RCR Certificates,” and together with the Trust Certificates are referred to as the“Certificates.” The trust agreements and supplements are referred to collectively as the “TrustAgreements.” We will execute the Trust Agreements in our corporate capacity and as trustee (insuch capacity, the “Trustee”). In general, the term “Classes” includes all classes of Certificates.

The Certificates in Group 1, Group 2 and Group 3 will represent beneficial ownership inter-ests in three respective groups of Fannie Mae Guaranteed Mortgage Pass-Through Certificates(the “Group 1 MBS,” “Group 2 MBS” and “Group 3 MBS,” and together the “MBS”).

Each MBS represents a beneficial ownership interest in a pool of first lien, one- to four-family(“single-family”), fixed-rate residential mortgage loans (the “Mortgage Loans”) having the charac-teristics described in this prospectus supplement.

The trust related to the REMIC Certificates will include the “Lower Tier REMIC” and the“Upper Tier REMIC” as “real estate mortgage investment conduits” (each, a “REMIC”) under theInternal Revenue Code of 1986, as amended (the “Code”). The trust related to the Group 3 Certifi-cates will be treated as a grantor trust for tax purposes (the “Grantor Trust”).

The following chart contains information about the assets, the “regular interests” and the“residual interests” of each REMIC. The REMIC Certificates other than the R and RL Classes arecollectively referred to as the “Regular Classes” or “Regular Certificates,” and the R and RL Classesare collectively referred to as the “Residual Classes” or “Residual Certificates.”

REMIC Designation AssetsRegularInterests

ResidualInterest

Lower Tier REMIC . . . . . . . Group 1 MBS and Group 2MBS

Interests in the Lower TierREMIC other than theRL Class (the “Lower TierRegular Interests”)

RL

Upper Tier REMIC . . . . . . . Lower Tier Regular Interests REMIC Certificates otherthan the R and RL Classes

R

Fannie Mae Guaranty. For a description of our guaranties of the Certificates, the Group 3Mega and the MBS, see the applicable discussions appearing under the heading “Fannie MaeGuaranty” in the REMIC Prospectus, the Mega Prospectus and the MBS Prospectus. Our guaran-ties are not backed by the full faith and credit of the United States.

Characteristics of Certificates. Except as specified below, we will issue the Certificates inbook-entry form on the book-entry system of the U.S. Federal Reserve Banks. Entities whosenames appear on the book-entry records of a Federal Reserve Bank as having had Certificatesdeposited in their accounts are “Holders” or “Certificateholders.”

S-8

We will issue the Residual Certificates in fully registered, certificated form. The “Holder” or“Certificateholder” of a Residual Certificate is its registered owner. A Residual Certificate can betransferred at the corporate trust office of the Transfer Agent, or at the office of the TransferAgent in New York, New York. U.S. Bank National Association in Boston, Massachusetts will bethe initial Transfer Agent. We may impose a service charge for any registration of transfer of aResidual Certificate and may require payment to cover any tax or other governmental charge. Seealso “—Characteristics of the Residual Classes” below.

Authorized Denominations. We will issue the Certificates in the following denominations:

Classes Denominations

Interest Only and Inverse FloatingRate Classes

$100,000 minimum plus whole dollar increments

All other Classes (except the R andRL Classes)

$1,000 minimum plus whole dollar increments

Trust Agreement Amendments. For a description of the required level of Certificateholderconsent for amendments to the trust agreement relating to the Group 1 and Group 2 Classes, see“The Trust Documents—Amendment” in the REMIC Prospectus. The trust agreement related tothe Group 3 Certificates provides that any amendment that requires the consent of holders of theGroup 3 Certificates will require the consent of all holders of the Group 3 Certificates.

The MBS

The MBS provide that principal and interest on the related Mortgage Loans are passed throughmonthly. The Mortgage Loans underlying the MBS are conventional, fixed-rate, fully-amortizingmortgage loans secured by first mortgages or deeds of trust on single-family residential properties.These Mortgage Loans have original maturities of up to 15 years in the case of the Group 1 MBS; up to30 years in the case of the Group 2 MBS; and up to 20 years in the case of the Group 3 MBS.

In addition, the pools of mortgage loans backing the Group 2 MBS have been designated as poolsthat include “jumbo-conforming” or “high balance” mortgage loans as described further under “TheMortgage Loans—Special Feature Mortgage Loans—Loans with Original Principal BalancesExceeding our Traditional Conforming Loan Limits” in the MBS Prospectus dated March 1, 2013. Forperiodic updates to that description, please refer to the Pool Prefix Glossary available on our Web siteat www.fanniemae.com. For additional information about the particular pools underlying the Group 2MBS, see the Final Data Statement for the Trust and the related prospectus supplement for eachMBS. See also “Risk Factors—Risks Relating to Yield and Prepayment—Refinancing of Loans; Sale ofProperty—“Jumbo-conforming” mortgage loans, which have original principal balances that exceed ourtraditional conforming loan limits, may prepay at different rates than conforming balance mortgageloans generally” in the MBS Prospectus dated March 1, 2013.

Furthermore, each Mortgage Loan underlying the Group 3 MBS is a very high LTV loan witha loan-to-value ratio greater than 125%. Borrowers may be eligible to refinance very high LTVloans if we purchased those loans on or before May 31, 2009. For a description of very high LTVloans, see “The Mortgage Loans—High Loan-to-Value Mortgage Loans” in the MBS Prospectusdated March 1, 2013. See also “Additional Risk Factors—Mortgage loans with loan-to-value ratiosgreater than 125% may have different prepayment and default characteristics than conformingmortgage loans generally” in this prospectus supplement.

For additional information, see “Summary—Group 1, Group 2 and Group 3—Characteristics ofthe MBS” in this prospectus supplement and “The Mortgage Loan Pools” and “Yield, Maturity andPrepayment Considerations” in the MBS Prospectus.

S-9

Distributions of Interest

General. The Certificates will bear interest at the rates specified in this prospectus supple-ment. The Group 3 Mega will bear interest at an annual rate of 3.5%. Interest to be paid on eachCertificate on a Distribution Date will consist of one month’s interest on the outstanding balance ofthat Certificate immediately prior to that Distribution Date.

The Floating Rate and Inverse Floating Rate Classes will bear interest at interest rates basedon LIBOR. We currently establish LIBOR on the basis of the “BBA Method.” See “Additional RiskFactors—In the future we may be unable to establish LIBOR on the basis of the BBA Method” inthis prospectus supplement.

Delay Classes and No-Delay Classes. The “Delay” Classes and “No-Delay” Classes are setforth in the following table:

Delay Classes No-Delay Classes

All interest-bearing Classes —

See “Description of the Certificates—Distributions on Certificates—Interest Distributions” in theREMIC Prospectus.

Distributions of Principal

On the Distribution Date in each month, we will make payments of principal on the Classes ofCertificates as described below. Following any exchange of Certificates for RCR Certificates or theGroup 3 Mega, we will apply principal payments from the exchanged Certificates to thecorresponding RCR Certificates or to the Group 3 Mega, as applicable, on a pro rata basis.

• Group 1

⎫⎬⎭The Group 1 Principal Distribution Amount to AE until retired. Pass-ThroughClass

The “Group 1 Principal Distribution Amount” is the principal then paid on the Group 1 MBS.

• Group 2

The Group 2 Principal Distribution Amount in the following priority:

⎫⎬⎭

1. To the Aggregate Group to its Planned Balance. PAC Groupand Class

2. To GA to its Planned Balance.

⎫⎬⎭3. — 54.5454554274% to JF until retired, and Support Class

— 45.4545445726% as follows:

⎫⎬⎭first, to SJ to its Targeted Balance; TAC Class

⎫⎬⎭second, to SK until retired; and Support Class

⎫⎬⎭third, to SJ until retired. TAC Class

⎫⎬⎭

4. To GA until retired. PAC Classand Group

5. To the Aggregate Group to zero.


The “Aggregate Group” consists of the GC and GL Classes. On each Distribution Date, we willapply payments of principal of the Aggregate Group to GC and GL, in that order, until retired.

The Aggregate Group has a principal balance equal to the aggregate principal balance of theClasses included in the Aggregate Group.

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• Group 3

⎫⎬⎭The Group 3 Principal Distribution Amount to B until retired. Pass-ThroughClass


Exchanges of B and BI Classes for Interests in the Group 3 Mega

General. You are permitted to exchange on the book-entry system of the U.S. Federal ReserveBanks a specified percentage interest in each of the B and BI Classes for the same percentageinterest in the Group 3 Mega. The percentage interest must be identical with respect to each ofthe B and BI Classes in any such exchange. Following any such exchange, you may subsequentlyexchange a percentage interest in the Group 3 Mega for the same percentage interest in each ofthe B and BI Classes in the same manner. This process may occur repeatedly.

Procedures. If a Holder wishes to exchange a percentage interest in the B and BI Classes for thesame percentage interest in the Group 3 Mega (or vice versa), the Holder must notify our StructuredTransactions Department through one of our “REMIC Dealer Group” dealers (in writing or electroni-cally) no later than two business days before the proposed exchange date. The exchange date can beany business day of the month, subject to our approval. The notice must specify the percentageinterest of the B and BI Classes and Group 3 Mega to be exchanged, and the proposed exchange date.Cancellation of an exchange requires Fannie Mae’s consent.

In connection with each exchange transaction, the Holder must pay us an exchange fee.Certificateholders should contact the Structured Transactions Group [email protected] or (202) 752-7875 for a determination of the exchangefee. In no event, however, will our fee be less than $2,000.

We will make the first distribution on the B and BI Classes or the Group 3 Mega received bythe Holder in any exchange transaction on the Distribution Date in the calendar month immedi-ately following the month in which the exchange occurred. We will make that distribution to theHolder of record as of the close of business on the last day of the month of the exchange.

Additional Considerations. You should consider a number of factors that will limit a Holder’sability to effect any exchange of the B and BI Classes or the Group 3 Mega:

• At the time of the proposed exchange, a Holder must own both of the B and BI Classes inthe specified percentage interest necessary to make the desired exchange.

• A Holder that does not own both of the B and BI Classes may be unable to obtain bothClasses in the specified percentage interest necessary to effect the desired exchange.

• If, as a result of a proposed exchange, a Holder would hold a Certificate of the BI Class inan amount less than the applicable minimum denomination for that Class, the Holderwill be unable to effect the proposed exchange.

• A Holder of Certificates of the B or BI Class may refuse to sell them at a reasonable price(or any price) or may be unable to sell them.

• Certain Certificates of the B and BI Classes may have been purchased and placed intoother financial structures and thus be unavailable.

• Principal distributions will decrease the amounts available for exchange over time.

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Structuring Assumptions

Pricing Assumptions. Except where otherwise noted, the information in the tables in thisprospectus supplement has been prepared based on the following assumptions (the “PricingAssumptions”):

• the Mortgage Loans underlying the MBS have the original terms to maturity, remainingterms to maturity, loan ages and interest rates specified under “Summary—Group 1,Group 2 and Group 3—Assumed Characteristics of the Underlying Mortgage Loans” in thisprospectus supplement;

• the Mortgage Loans prepay at the constant percentages of PSA specified in the related tables;

• the settlement date for the Certificates is June 28, 2013; and

• each Distribution Date occurs on the 25th day of a month.

The actual remaining terms to maturity, loan ages and interest rates of most of the mortgageloans underlying the MBS will differ from the assumed characteristics shown in the Summary, andmay differ significantly. See “Risk Factors—Risks Relating to Yield and Prepayment—Yield—Yieldson and weighted average lives of the certificates are affected by actual characteristics of the mortgageloans backing the series trust assets” in the REMIC Prospectus.

Prepayment Assumptions. The prepayment model used in this prospectus supplement isPSA. For a description of PSA, see “Yield, Maturity and Prepayment Considerations—PrepaymentModels” in the REMIC Prospectus. It is highly unlikely that prepayments will occur at anyconstant PSA rate or at any other constant rate.

Principal Balance Schedules. The Principal Balance Schedules are set forth beginning onpage B-1 of this prospectus supplement. The Principal Balance Schedules were prepared based onthe Pricing Assumptions and the assumption that the related Mortgage Loans prepay at aconstant rate within the applicable “Structuring Ranges” or at the “Structuring Speed” specified inthe chart below. The “Effective Range” for the Aggregate Group or the GA Class is the range ofprepayment rates (measured by constant PSA rates) that would reduce the Aggregate Group orthe GA Class to its scheduled balance each month based on the Pricing Assumptions. We have notprovided separate schedules for the individual Classes included in the Aggregate Group. However,those Classes are designed to receive principal distributions in the same fashion as if separateschedules had been provided (with schedules based on the same underlying assumptions thatapply to the Aggregate Group schedule). If such separate schedules had been provided for theindividual Classes included in the Aggregate Group, we expect that the effective ranges for thoseClasses would not be narrower than that shown below for the Aggregate Group.

Group and Classes Structuring Ranges and Speed Initial Effective Ranges

Aggregate Group Planned Balances Between 125% and 400% PSA Between 125% and 400% PSAGA Class Planned Balances Between 225% and 400% PSA Between 225% and 400% PSASJ Class Targeted Balances 325% PSA N/A

The Aggregate Group consists of the GC and GL Classes.

See “—Decrement Tables” below for the percentages of original principal balances of theindividual Classes included in the Aggregate Group that would be outstanding at various constantPSA rates, including the upper and lower bands of the Structuring Range, based on the PricingAssumptions.

We cannot assure you that the balance of the Aggregate Group or either Class willconform on any Distribution Date to the balance specified in the Principal BalanceSchedules or that distributions of principal of the Aggregate Group or either Class willbegin or end on the Distribution Dates specified in the Principal Balance Schedules.

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If you are considering the purchase of a PAC or TAC Class, you should first take into accountthe considerations set forth below.

• We will distribute any excess of principal distributions over the amount necessary to reduce theAggregate Group or a Class to its scheduled balance in any month. As a result, the likelihood ofreducing the Aggregate Group or a Class to its scheduled balance each month will not beimproved by the averaging of high and low principal distributions from month to month.

• Even if the related Mortgage Loans prepay at rates falling within the applicableStructuring Ranges or Effective Ranges, principal distributions may be insufficient toreduce the Aggregate Group or the GA Class to their scheduled balances each month ifprepayments do not occur at a constant PSA rate.

• The actual Effective Ranges at any time will be based upon the actual characteristics of therelated Mortgage Loans at that time, which are likely to vary (and may vary considerably)from the Pricing Assumptions. As a result, the actual Effective Ranges will likely differfrom the Initial Effective Ranges specified above. For the same reason, the AggregateGroup and the GA Class might not be reduced to their scheduled balances each month evenif the related Mortgage Loans prepay at a constant PSA rate within the applicable InitialEffective Ranges. This is so particularly if the rates fall at the lower or higher end of theapplicable ranges.

• The actual Effective Ranges may narrow, widen or shift upward or downward to reflectactual prepayment experience over time.

• The principal payment stability of the Aggregate Group and the GA Class will be supportedby one or more other Classes. When the related supporting Class or Classes are retired, theAggregate Group or the GA Class, if still outstanding, may no longer have an EffectiveRange, and will be much more sensitive to prepayments of the related Mortgage Loans.

Yield Tables

General. The tables below illustrate the sensitivity of the pre-tax corporate bond equivalentyields to maturity of the applicable Classes to various constant percentages of PSA and, wherespecified, to changes in the Index. The tables below are provided for illustrative purposesonly and are not intended as a forecast or prediction of the actual yields on the appli-cable Classes. We calculated the yields set forth in the tables by

• determining the monthly discount rates that, when applied to the assumed streams ofcash flows to be paid on the applicable Classes, would cause the discounted presentvalues of the assumed streams of cash flows to equal the assumed aggregate purchaseprices of those Classes, and

• converting the monthly rates to corporate bond equivalent rates.

These calculations do not take into account variations in the interest rates at which you couldreinvest distributions on the Certificates. Accordingly, these calculations do not illustrate thereturn on any investment in the Certificates when reinvestment rates are taken into account.

We cannot assure you that

• the pre-tax yields on the applicable Certificates will correspond to any of the pre-taxyields shown here, or

• the aggregate purchase prices of the applicable Certificates will be as assumed.

In addition, it is unlikely that the Index will correspond to the levels shown here. Furthermore,because some of the Mortgage Loans are likely to have remaining terms to maturity shorter or longerthan those assumed and interest rates higher or lower than those assumed, the principal payments

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on the Certificates are likely to differ from those assumed. This would be the case even if all Mort-gage Loans prepay at the indicated constant percentages of PSA. Moreover, it is unlikely that

• the Mortgage Loans will prepay at a constant PSA rate until maturity,

• all of the Mortgage Loans will prepay at the same rate, or

• the level of the Index will remain constant.

The Inverse Floating Rate Classes. The yields on the Inverse Floating Rate Classeswill be sensitive in varying degrees to the rate of principal payments (includingprepayments) of the related Mortgage Loans and to the level of the Index. The Mort-gage Loans generally can be prepaid at any time without penalty. In addition, the rateof principal payments (including prepayments) of the Mortgage Loans is likely to vary,and may vary considerably, from pool to pool.

Changes in the Index may not correspond to changes in prevailing mortgage interest rates. Itis possible that lower prevailing mortgage interest rates, which might be expected to result infaster prepayments, could occur while the level of the Index increased.

The information shown in the following yield tables has been prepared on the basis of thePricing Assumptions and the assumptions that

• the interest rates for the Inverse Floating Rate Classes for the initial Interest AccrualPeriod are the rates listed in the table under “Summary—Interest Rates” in thisprospectus supplement and for each following Interest Accrual Period will be based onthe specified levels of the Index, and

• the aggregate purchase prices of those Classes (expressed in each case as a percentageof original principal balance) are as follows:

Class Price*

SJ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 95.500%SK . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 92.000%JS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 94.875%

* The prices do not include accrued interest. Accrued interest has been addedto the prices in calculating the yields set forth in the tables below.

Sensitivity of the SJ Class to Prepayments and LIBOR(Pre-Tax Yields to Maturity)

PSA Prepayment AssumptionLIBOR 50% 100% 125% 225% 325% 400% 800% 1200%

0.100% . . . . . . . . . . . . . . . . 5.7% 5.7% 5.7% 5.8% 6.6% 7.1% 8.9% 10.0%0.193% . . . . . . . . . . . . . . . . 5.5% 5.6% 5.6% 5.7% 6.5% 7.0% 8.8% 9.9%2.193% . . . . . . . . . . . . . . . . 3.0% 3.1% 3.1% 3.2% 4.0% 4.6% 6.4% 7.5%4.500% . . . . . . . . . . . . . . . . 0.2% 0.2% 0.2% 0.4% 1.2% 1.8% 3.6% 4.8%

Sensitivity of the SK Class to Prepayments and LIBOR(Pre-Tax Yields to Maturity)


0.100% . . . . . . . . . . . . . . . . 5.9% 5.9% 5.9% 6.0% 6.1% 11.6% 21.8% 28.0%0.193% . . . . . . . . . . . . . . . . 5.8% 5.8% 5.8% 5.9% 6.0% 11.5% 21.7% 27.9%2.193% . . . . . . . . . . . . . . . . 3.2% 3.2% 3.2% 3.3% 3.4% 9.0% 19.4% 25.7%4.500% . . . . . . . . . . . . . . . . 0.3% 0.3% 0.3% 0.4% 0.5% 6.2% 16.7% 23.1%

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Sensitivity of the JS Class to Prepayments and LIBOR(Pre-Tax Yields to Maturity)


0.100% . . . . . . . . . . . . . . . . 5.7% 5.7% 5.7% 5.9% 6.4% 7.6% 9.9% 11.4%0.193% . . . . . . . . . . . . . . . . 5.6% 5.6% 5.6% 5.8% 6.3% 7.5% 9.8% 11.3%2.193% . . . . . . . . . . . . . . . . 3.1% 3.1% 3.1% 3.2% 3.8% 5.0% 7.4% 8.9%4.500% . . . . . . . . . . . . . . . . 0.2% 0.2% 0.3% 0.4% 0.9% 2.2% 4.7% 6.3%

The Fixed Rate Interest Only Classes. The yields to investors in the Fixed RateInterest Only Classes will be very sensitive to the rate of principal payments (includingprepayments) of the related Mortgage Loans. The Mortgage Loans generally can beprepaid at any time without penalty. On the basis of the assumptions described below,the yield to maturity on each Fixed Rate Interest Only Class would be 0% if prepay-ments of the related Mortgage Loans were to occur at the following constant rates:

Class % PSA

AI . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 311%IG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 464%BI . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 178%

For any Fixed Rate Interest Only Class, if the actual prepayment rate of the relatedMortgage Loans were to exceed the level specified for as little as one month whileequaling that level for the remaining months, the investors in the applicable Classwould lose money on their initial investments.

The information shown in the following yield tables has been prepared on the basis of the PricingAssumptions and the assumption that the aggregate purchase prices of the Fixed Rate Interest OnlyClasses (expressed in each case as a percentage of the original principal balance) are as follows:

Class Price*

AI . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.6875%IG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.5000%BI . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21.0000%

* The prices do not include accrued interest. Accrued interest has been addedto the prices in calculating the yields set forth in the tables below.

Sensitivity of the AI Class to Prepayments

PSA Prepayment Assumption50% 100% 327% 700% 1000%

Pre-Tax Yields to Maturity . . . . . . 17.8% 14.5% (1.1)% (30.1)% (57.9)%

Sensitivity of the IG Class to Prepayments

PSA Prepayment Assumption50% 100% 125% 225% 325% 400% 800% 1200%

Pre-Tax Yields to Maturity . . . . . . 14.6% 6.7% 2.7% 2.7% 2.7% 2.7% (19.2)% (40.0)%

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Sensitivity of the BI Class to Prepayments

PSA Prepayment Assumption50% 100% 190% 400% 600%

Pre-Tax Yields to Maturity . . . . . . 7.3% 4.5% (0.7)% (13.4)% (26.4)%

Weighted Average Lives of the Certificates

For a description of how the weighted average life of a Certificate is determined, see “Yield,Maturity and Prepayment Considerations—Weighted Average Lives and Final DistributionDates” in the REMIC Prospectus.

In general, the weighted average lives of the Certificates will be shortened if the level ofprepayments of principal of the related Mortgage Loans increases. However, the weighted averagelives will depend upon a variety of other factors, including

• the timing of changes in the rate of principal distributions, and

• the priority sequence of distributions of principal of the Group 2 Classes.

See “—Distributions of Principal” above.

The effect of these factors may differ as to various Classes and the effects on any Class mayvary at different times during the life of that Class. Accordingly, we can give no assurance as tothe weighted average life of any Class. Further, to the extent the prices of the Certificates repre-sent discounts or premiums to their original principal balances, variability in the weightedaverage lives of those Classes of Certificates could result in variability in the related yields tomaturity. For an example of how the weighted average lives of the Classes may be affected atvarious constant prepayment rates, see the Decrement Tables below.

Decrement Tables

The following tables indicate the percentages of original principal balances of the specifiedClasses that would be outstanding after each date shown at various constant PSA rates, and thecorresponding weighted average lives of those Classes. The tables have been prepared on the basisof the Pricing Assumptions.

In the case of the information set forth for each Class under 0% PSA, however, we assumedthat the Mortgage Loans have the original and remaining terms to maturity and bear interest atthe annual rates specified in the table below.

Mortgage Loans BackingTrust Assets Specified Below

Originaland

RemainingTerms toMaturity

InterestRates

Group 1 MBS 180 months 7.00%Group 2 MBS 360 months 5.50%Group 3 MBS 240 months 6.00%

It is unlikely that all of the Mortgage Loans will have the loan ages, interest rates or remainingterms to maturity assumed, or that the Mortgage Loans will prepay at any constant PSA level.

In addition, the diverse remaining terms to maturity of the Mortgage Loans could produceslower or faster principal distributions than indicated in the tables at the specified constant PSArates, even if the weighted average remaining term to maturity and the weighted average loanage of the Mortgage Loans are identical to the weighted averages specified in the Pricing Assump-tions. This is the case because pools of loans with identical weighted averages are nonethelesslikely to reflect differing dispersions of the related characteristics.

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Percent of Original Principal Balances Outstanding

AE, AI†, A and AB Classes

PSA PrepaymentAssumption

Date 0% 100% 327% 700% 1000%

Initial Percent . . . . . . . . 100 100 100 100 100June 2014 . . . . . . . . . . . . 96 88 76 55 38June 2015 . . . . . . . . . . . . 92 77 57 30 14June 2016 . . . . . . . . . . . . 87 67 42 16 5June 2017 . . . . . . . . . . . . 83 58 31 8 2June 2018 . . . . . . . . . . . . 77 49 22 4 1June 2019 . . . . . . . . . . . . 72 41 16 2 *June 2020 . . . . . . . . . . . . 66 33 11 1 *June 2021 . . . . . . . . . . . . 60 26 7 1 *June 2022 . . . . . . . . . . . . 53 19 5 * *June 2023 . . . . . . . . . . . . 45 13 3 * *June 2024 . . . . . . . . . . . . 38 7 1 * *June 2025 . . . . . . . . . . . . 29 2 * * *June 2026 . . . . . . . . . . . . 20 0 0 0 0June 2027 . . . . . . . . . . . . 10 0 0 0 0June 2028 . . . . . . . . . . . . 0 0 0 0 0Weighted Average

Life (years)** . . . . . . . 8.8 5.3 3.2 1.7 1.1

GA Class GC and IG† Classes



Date 0% 100% 125% 225% 325% 400% 800% 1200% 0% 100% 125% 225% 325% 400% 800% 1200%

Initial Percent . . . . . . . . 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100June 2014 . . . . . . . . . . . . 100 100 100 92 92 92 92 92 97 94 93 93 93 93 93 93June 2015 . . . . . . . . . . . . 100 100 100 72 72 72 42 0 95 83 81 81 81 81 81 64June 2016 . . . . . . . . . . . . 100 100 100 45 45 45 0 0 92 70 65 65 65 65 40 4June 2017 . . . . . . . . . . . . 100 100 100 25 25 25 0 0 89 57 50 50 50 50 9 0June 2018 . . . . . . . . . . . . 100 100 100 10 10 10 0 0 85 44 36 36 36 36 0 0June 2019 . . . . . . . . . . . . 100 100 100 1 1 1 0 0 82 33 24 24 24 24 0 0June 2020 . . . . . . . . . . . . 100 100 100 0 0 0 0 0 78 22 12 12 12 12 0 0June 2021 . . . . . . . . . . . . 100 100 94 0 0 0 0 0 75 12 3 3 3 3 0 0June 2022 . . . . . . . . . . . . 100 100 85 0 0 0 0 0 71 3 0 0 0 0 0 0June 2023 . . . . . . . . . . . . 100 100 72 0 0 0 0 0 66 0 0 0 0 0 0 0June 2024 . . . . . . . . . . . . 100 94 58 0 0 0 0 0 62 0 0 0 0 0 0 0June 2025 . . . . . . . . . . . . 100 79 43 0 0 0 0 0 57 0 0 0 0 0 0 0June 2026 . . . . . . . . . . . . 100 63 29 0 0 0 0 0 52 0 0 0 0 0 0 0June 2027 . . . . . . . . . . . . 100 48 14 0 0 0 0 0 47 0 0 0 0 0 0 0June 2028 . . . . . . . . . . . . 100 32 0 0 0 0 0 0 41 0 0 0 0 0 0 0June 2029 . . . . . . . . . . . . 100 17 0 0 0 0 0 0 35 0 0 0 0 0 0 0June 2030 . . . . . . . . . . . . 100 2 0 0 0 0 0 0 29 0 0 0 0 0 0 0June 2031 . . . . . . . . . . . . 100 0 0 0 0 0 0 0 22 0 0 0 0 0 0 0June 2032 . . . . . . . . . . . . 100 0 0 0 0 0 0 0 15 0 0 0 0 0 0 0June 2033 . . . . . . . . . . . . 100 0 0 0 0 0 0 0 8 0 0 0 0 0 0 0June 2034 . . . . . . . . . . . . 100 0 0 0 0 0 0 0 * 0 0 0 0 0 0 0June 2035 . . . . . . . . . . . . 100 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0June 2036 . . . . . . . . . . . . 100 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0June 2037 . . . . . . . . . . . . 87 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0June 2038 . . . . . . . . . . . . 57 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0June 2039 . . . . . . . . . . . . 25 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0June 2040 . . . . . . . . . . . . 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0June 2041 . . . . . . . . . . . . 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0June 2042 . . . . . . . . . . . . 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0June 2043 . . . . . . . . . . . . 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Weighted Average

Life (years)** . . . . . . . 25.2 13.9 11.5 3.0 3.0 3.0 1.9 1.5 12.5 4.7 4.2 4.2 4.2 4.2 2.8 2.2

* Indicates an outstanding balance greater than 0% and less than 0.5% of the original principal balance.** Determined as specified under “Yield, Maturity and Prepayment Considerations—Weighted Average Lives and Final

Distribution Dates” in the REMIC Prospectus.† In the case of a Notional Class, the Decrement Table indicates the percentage of the original notional principal balance

outstanding.

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GL Class JF, JA and JS Classes



Date 0% 100% 125% 225% 325% 400% 800% 1200% 0% 100% 125% 225% 325% 400% 800% 1200%

Initial Percent . . . . . . . . 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100June 2014 . . . . . . . . . . . . 100 100 100 100 100 100 100 100 100 100 100 100 94 89 63 36June 2015 . . . . . . . . . . . . 100 100 100 100 100 100 100 100 100 100 100 100 77 61 0 0June 2016 . . . . . . . . . . . . 100 100 100 100 100 100 100 100 100 100 100 100 58 28 0 0June 2017 . . . . . . . . . . . . 100 100 100 100 100 100 100 32 100 100 100 100 46 10 0 0June 2018 . . . . . . . . . . . . 100 100 100 100 100 100 73 9 100 100 100 100 39 2 0 0June 2019 . . . . . . . . . . . . 100 100 100 100 100 100 37 2 100 100 100 100 37 * 0 0June 2020 . . . . . . . . . . . . 100 100 100 100 100 100 19 1 100 100 100 96 34 * 0 0June 2021 . . . . . . . . . . . . 100 100 100 100 100 100 9 * 100 100 100 89 30 * 0 0June 2022 . . . . . . . . . . . . 100 100 85 85 85 85 5 * 100 100 100 82 27 * 0 0June 2023 . . . . . . . . . . . . 100 74 63 63 63 63 2 * 100 100 100 73 23 * 0 0June 2024 . . . . . . . . . . . . 100 46 46 46 46 46 1 * 100 100 100 65 19 * 0 0June 2025 . . . . . . . . . . . . 100 34 34 34 34 34 1 * 100 100 100 56 16 * 0 0June 2026 . . . . . . . . . . . . 100 25 25 25 25 25 * * 100 100 100 49 13 * 0 0June 2027 . . . . . . . . . . . . 100 18 18 18 18 18 * * 100 100 100 42 11 * 0 0June 2028 . . . . . . . . . . . . 100 13 13 13 13 13 * * 100 100 100 35 9 * 0 0June 2029 . . . . . . . . . . . . 100 9 9 9 9 9 * * 100 100 89 30 7 * 0 0June 2030 . . . . . . . . . . . . 100 7 7 7 7 7 * * 100 100 78 25 5 * 0 0June 2031 . . . . . . . . . . . . 100 5 5 5 5 5 * 0 100 90 68 20 4 * 0 0June 2032 . . . . . . . . . . . . 100 3 3 3 3 3 * 0 100 80 59 17 3 * 0 0June 2033 . . . . . . . . . . . . 100 2 2 2 2 2 * 0 100 69 51 14 3 * 0 0June 2034 . . . . . . . . . . . . 100 2 2 2 2 2 * 0 100 60 43 11 2 * 0 0June 2035 . . . . . . . . . . . . 64 1 1 1 1 1 * 0 100 51 36 9 1 * 0 0June 2036 . . . . . . . . . . . . 24 1 1 1 1 1 * 0 100 43 30 7 1 * 0 0June 2037 . . . . . . . . . . . . * * * * * * * 0 100 35 24 5 1 * 0 0June 2038 . . . . . . . . . . . . * * * * * * * 0 100 28 19 4 1 * 0 0June 2039 . . . . . . . . . . . . * * * * * * * 0 100 21 14 3 * * 0 0June 2040 . . . . . . . . . . . . * * * * * * * 0 93 15 10 2 * * 0 0June 2041 . . . . . . . . . . . . * * * * * * * 0 64 9 6 1 * * 0 0June 2042 . . . . . . . . . . . . * * * * * * 0 0 33 4 3 * * * 0 0June 2043 . . . . . . . . . . . . 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Weighted Average

Life (years)** . . . . . . . 22.4 11.9 11.7 11.7 11.7 11.7 6.0 3.9 28.5 22.6 20.8 13.9 6.1 2.4 1.1 0.9

SJ Class SK Class



Date 0% 100% 125% 225% 325% 400% 800% 1200% 0% 100% 125% 225% 325% 400% 800% 1200%

Initial Percent . . . . . . . . 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100June 2014 . . . . . . . . . . . . 100 100 100 100 92 92 77 45 100 100 100 100 100 74 0 0June 2015 . . . . . . . . . . . . 100 100 100 100 72 72 0 0 100 100 100 100 100 8 0 0June 2016 . . . . . . . . . . . . 100 100 100 100 49 35 0 0 100 100 100 100 100 0 0 0June 2017 . . . . . . . . . . . . 100 100 100 100 34 12 0 0 100 100 100 100 100 0 0 0June 2018 . . . . . . . . . . . . 100 100 100 100 26 2 0 0 100 100 100 100 100 0 0 0June 2019 . . . . . . . . . . . . 100 100 100 100 23 * 0 0 100 100 100 100 100 0 0 0June 2020 . . . . . . . . . . . . 100 100 100 95 19 * 0 0 100 100 100 100 100 0 0 0June 2021 . . . . . . . . . . . . 100 100 100 87 15 * 0 0 100 100 100 100 100 0 0 0June 2022 . . . . . . . . . . . . 100 100 100 77 10 * 0 0 100 100 100 100 100 0 0 0June 2023 . . . . . . . . . . . . 100 100 100 67 5 * 0 0 100 100 100 100 100 0 0 0June 2024 . . . . . . . . . . . . 100 100 100 57 1 * 0 0 100 100 100 100 100 0 0 0June 2025 . . . . . . . . . . . . 100 100 100 47 0 * 0 0 100 100 100 100 87 0 0 0June 2026 . . . . . . . . . . . . 100 100 100 37 0 * 0 0 100 100 100 100 72 0 0 0June 2027 . . . . . . . . . . . . 100 100 100 29 0 * 0 0 100 100 100 100 59 0 0 0June 2028 . . . . . . . . . . . . 100 100 100 21 0 * 0 0 100 100 100 100 47 0 0 0June 2029 . . . . . . . . . . . . 100 100 86 14 0 * 0 0 100 100 100 100 38 0 0 0June 2030 . . . . . . . . . . . . 100 100 73 8 0 * 0 0 100 100 100 100 30 0 0 0June 2031 . . . . . . . . . . . . 100 88 61 3 0 * 0 0 100 100 100 100 23 0 0 0June 2032 . . . . . . . . . . . . 100 75 50 0 0 * 0 0 100 100 100 92 18 0 0 0June 2033 . . . . . . . . . . . . 100 63 40 0 0 * 0 0 100 100 100 74 14 0 0 0June 2034 . . . . . . . . . . . . 100 51 31 0 0 * 0 0 100 100 100 59 11 0 0 0June 2035 . . . . . . . . . . . . 100 40 22 0 0 * 0 0 100 100 100 47 8 0 0 0June 2036 . . . . . . . . . . . . 100 30 14 0 0 * 0 0 100 100 100 36 6 0 0 0June 2037 . . . . . . . . . . . . 100 20 7 0 0 * 0 0 100 100 100 28 4 0 0 0June 2038 . . . . . . . . . . . . 100 12 1 0 0 * 0 0 100 100 100 20 3 0 0 0June 2039 . . . . . . . . . . . . 100 3 0 0 0 * 0 0 100 100 77 14 2 0 0 0June 2040 . . . . . . . . . . . . 92 0 0 0 0 * 0 0 100 82 54 9 1 0 0 0June 2041 . . . . . . . . . . . . 56 0 0 0 0 * 0 0 100 51 33 5 1 0 0 0June 2042 . . . . . . . . . . . . 18 0 0 0 0 * 0 0 100 22 14 2 * 0 0 0June 2043 . . . . . . . . . . . . 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Weighted Average

Life (years)** . . . . . . . 28.2 21.3 19.4 11.9 4.0 2.7 1.3 1.0 29.8 28.1 27.3 22.4 15.8 1.4 0.5 0.4


Distribution Dates” in the REMIC Prospectus.

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G Class


Date 0% 100% 125% 225% 325% 400% 800% 1200%

Initial Percent . . . . . . . . 100 100 100 100 100 100 100 100June 2014 . . . . . . . . . . . . 100 100 100 97 93 90 76 62June 2015 . . . . . . . . . . . . 100 100 100 87 75 66 19 0June 2016 . . . . . . . . . . . . 100 100 100 75 52 36 0 0June 2017 . . . . . . . . . . . . 100 100 100 66 36 17 0 0June 2018 . . . . . . . . . . . . 100 100 100 60 26 6 0 0June 2019 . . . . . . . . . . . . 100 100 100 55 21 1 0 0June 2020 . . . . . . . . . . . . 100 100 100 53 19 * 0 0June 2021 . . . . . . . . . . . . 100 100 97 49 17 * 0 0June 2022 . . . . . . . . . . . . 100 100 93 45 15 * 0 0June 2023 . . . . . . . . . . . . 100 100 87 40 12 * 0 0June 2024 . . . . . . . . . . . . 100 97 81 35 11 * 0 0June 2025 . . . . . . . . . . . . 100 91 75 31 9 * 0 0June 2026 . . . . . . . . . . . . 100 83 68 27 7 * 0 0June 2027 . . . . . . . . . . . . 100 76 61 23 6 * 0 0June 2028 . . . . . . . . . . . . 100 69 55 19 5 * 0 0June 2029 . . . . . . . . . . . . 100 62 49 16 4 * 0 0June 2030 . . . . . . . . . . . . 100 56 43 14 3 * 0 0June 2031 . . . . . . . . . . . . 100 50 38 11 2 * 0 0June 2032 . . . . . . . . . . . . 100 44 33 9 2 * 0 0June 2033 . . . . . . . . . . . . 100 38 28 7 1 * 0 0June 2034 . . . . . . . . . . . . 100 33 24 6 1 * 0 0June 2035 . . . . . . . . . . . . 100 28 20 5 1 * 0 0June 2036 . . . . . . . . . . . . 100 23 16 4 1 * 0 0June 2037 . . . . . . . . . . . . 94 19 13 3 * * 0 0June 2038 . . . . . . . . . . . . 81 15 10 2 * * 0 0June 2039 . . . . . . . . . . . . 66 12 8 1 * * 0 0June 2040 . . . . . . . . . . . . 51 8 5 1 * * 0 0June 2041 . . . . . . . . . . . . 35 5 3 1 * * 0 0June 2042 . . . . . . . . . . . . 18 2 1 * * * 0 0June 2043 . . . . . . . . . . . . 0 0 0 0 0 0 0 0Weighted Average

Life (years)** . . . . . . . 27.0 18.7 16.6 9.0 4.7 2.7 1.5 1.1

B, BI†, BD, BG, BH and BT Classes


Date 0% 100% 190% 400% 600%

Initial Percent . . . . . . . . 100 100 100 100 100June 2014 . . . . . . . . . . . . 97 93 91 84 78June 2015 . . . . . . . . . . . . 94 85 78 64 51June 2016 . . . . . . . . . . . . 91 77 67 46 31June 2017 . . . . . . . . . . . . 88 69 56 34 19June 2018 . . . . . . . . . . . . 85 61 47 24 12June 2019 . . . . . . . . . . . . 81 55 40 17 7June 2020 . . . . . . . . . . . . 77 48 33 13 4June 2021 . . . . . . . . . . . . 73 42 27 9 3June 2022 . . . . . . . . . . . . 69 37 23 6 2June 2023 . . . . . . . . . . . . 65 32 18 4 1June 2024 . . . . . . . . . . . . 60 27 15 3 1June 2025 . . . . . . . . . . . . 55 23 12 2 *June 2026 . . . . . . . . . . . . 49 19 9 1 *June 2027 . . . . . . . . . . . . 43 15 7 1 *June 2028 . . . . . . . . . . . . 37 11 5 1 *June 2029 . . . . . . . . . . . . 31 8 3 * *June 2030 . . . . . . . . . . . . 24 5 2 * *June 2031 . . . . . . . . . . . . 16 3 1 * *June 2032 . . . . . . . . . . . . 8 0 0 0 0June 2033 . . . . . . . . . . . . 0 0 0 0 0Weighted Average

Life (years)** . . . . . . . 12.0 7.6 5.9 3.6 2.6


Distribution Dates” in the REMIC Prospectus.† In the case of a Notional Class, the Decrement Table indicates the percentage of the original notional principal balance

outstanding.

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Characteristics of the Residual Classes

A Residual Certificate will be subject to certain transfer restrictions. See “Description of theCertificates—Special Characteristics of the Residual Certificates” and “Material Federal Income TaxConsequences—Taxation of Beneficial Owners of Residual Certificates” in the REMIC Prospectus.

Treasury Department regulations (the “Regulations”) provide that a transfer of a “noneconomicresidual interest” will be disregarded for all federal tax purposes unless no significant purpose of thetransfer is to impede the assessment or collection of tax. A Residual Certificate will constitute anoneconomic residual interest under the Regulations. Having a significant purpose to impede theassessment or collection of tax means that the transferor of a Residual Certificate had “improperknowledge” at the time of the transfer. See “Description of the Certificates—Special Characteristics ofthe Residual Certificates” in the REMIC Prospectus. You should consult your own tax advisorregarding the application of the Regulations to a transfer of a Residual Certificate.

CERTAIN ADDITIONAL FEDERAL INCOME TAX CONSEQUENCES

The Certificates and payments on the Certificates are not generally exempt from taxation.Therefore, you should consider the tax consequences of holding a Certificate before you acquireone. The tax discussions below do not purport to deal with all federal tax consequences applicableto all categories of beneficial owners, some of which may be subject to special rules. In addition,these discussions may not apply to your particular circumstances for one of the reasons explainedin the REMIC Prospectus and the MBS Prospectus. You should consult your own tax advisorsregarding the federal income tax consequences of holding and disposing of Certificates as well asany tax consequences arising under the laws of any state, local or foreign taxing jurisdiction.

The discussions under the captions “—REMIC Elections and Special Tax Attributes,” “—Taxationof Beneficial Owners of Regular Certificates” and “—Taxation of Beneficial Owners of ResidualCertificates” supplement the discussion under the caption “Material Federal Income TaxConsequences” in the REMIC Prospectus. When read together, these discussions describe the currentfederal income tax treatment of beneficial owners of Certificates of the Group 1 and Group 2 Classes.For a discussion of the current federal income tax treatment of beneficial owners of Certificates of theGroup 3 Classes, see “—Taxation of Beneficial Owners of Grantor Trust Certificates” below.

U.S. Treasury Circular 230 Notice

The tax discussions contained in the REMIC Prospectus (including the sections entitled“Material Federal Income Tax Consequences” and “ERISA Considerations”) and this prospectussupplement were not intended or written to be used, and cannot be used, for the purpose ofavoiding United States federal tax penalties. These discussions were written to support thepromotion or marketing of the transactions or matters addressed in this prospectus supplement.You should seek advice based on your particular circumstances from an independent tax advisor.

REMIC Elections and Special Tax Attributes

We will make a REMIC election with respect to each REMIC set forth in the table under“Description of the Certificates—General—Structure.” The Regular Classes will be designated as“regular interests” and the Residual Classes will be designated as the “residual interests” in theREMICs as set forth in that table. Thus, the REMIC Certificates and any related RCR Certificatesgenerally will be treated as “regular or residual interests in a REMIC” for domestic building and loanassociations, as “real estate assets” for real estate investment trusts, and, except for the ResidualClasses, as “qualified mortgages” for other REMICs. See “Material Federal Income Tax Consequences—REMIC Election and Special Tax Attributes” in the REMIC Prospectus.

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Taxation of Beneficial Owners of Regular Certificates

The Notional Classes will be issued with original issue discount (“OID”), and certain otherClasses of Regular Certificates may be issued with OID. If a Class is issued with OID, a beneficialowner of a Certificate of that Class generally must recognize some taxable income in advance ofthe receipt of the cash attributable to that income. See “Material Federal Income TaxConsequences—Taxation of Beneficial Owners of Regular Certificates—Treatment of OriginalIssue Discount” in the REMIC Prospectus. In addition, certain Classes of Regular Certificates maybe treated as having been issued at a premium. See “Material Federal Income TaxConsequences—Taxation of Beneficial Owners of Regular Certificates—Regular CertificatesPurchased at a Premium” in the REMIC Prospectus.

The Prepayment Assumptions that will be used in determining the rate of accrual of OID willbe as follows:

Group Prepayment Assumption

1 327% PSA2 325% PSA

See “Material Federal Income Tax Consequences—Taxation of Beneficial Owners of RegularCertificates—Treatment of Original Issue Discount” in the REMIC Prospectus. No representationis made as to whether the Mortgage Loans underlying the MBS will prepay at either of thoserates or at any other rate. See “Description of the Certificates—Weighted Average Lives of theCertificates” in this prospectus supplement and “Yield, Maturity and Prepayment Consid-erations—Weighted Average Lives and Final Distribution Dates” in the REMIC Prospectus.

Taxation of Beneficial Owners of Residual Certificates

The Holder of a Residual Certificate will be considered to be the holder of the “residualinterest” in the related REMIC. Such Holder generally will be required to report its daily portionof the taxable income or net loss of the REMIC to which that Certificate relates. In certainperiods, a Holder of a Residual Certificate may be required to recognize taxable income withoutbeing entitled to receive a corresponding amount of cash. Pursuant to the Trust Agreement, wewill be obligated to provide to the Holder of a Residual Certificate (i) information necessary toenable it to prepare its federal income tax returns and (ii) any reports regarding the ResidualClass that may be required under the Code. See “Material Federal Income Tax Consequences—Taxation of Beneficial Owners of Residual Certificates” in the REMIC Prospectus.

Taxation of the Grantor Trust

Dechert LLP, special tax counsel to Fannie Mae, will deliver its opinion that, assumingcompliance with the Trust Agreement, the Grantor Trust will be classified as a grantor trust undersubpart E, part I of subchapter J of the Code and not as an association taxable as a corporation. Abeneficial owner of a Group 3 Certificate will be treated as owning an undivided interest in the relatedMBS, and those Classes will not be treated as regular or residual interests in a REMIC.

Taxation of Beneficial Owners of Grantor Trust Certificates

General. A beneficial owner of a Group 3 Certificate (each, a “Grantor Trust Certificate”) will betreated as owning, pursuant to section 1286 of the Code, “stripped bonds” to the extent of its share ofprincipal payments and “stripped coupons” to the extent of its share of interest payments, as appli-cable. See “—Stripped Bonds and Stripped Coupons” below for a discussion of the application ofsection 1286 to a beneficial owner’s share of principal and interest payments. Fannie Mae intends totreat each Grantor Trust Certificate as a single debt instrument representing rights to future cash-flows from the Group 3 MBS for purposes of information reporting. You should consult your own taxadvisor as to the proper treatment of a Grantor Trust Certificate in this regard.

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Stripped Bonds and Stripped Coupons. Under section 1286 of the Code, a beneficial owner ofa Grantor Trust Certificate must treat the stripped bonds and stripped coupons represented bythe Certificate as a debt instrument originally issued on the date the owner acquires it and ashaving OID equal to the excess, if any, of the “stated redemption price at maturity” of the strippedbonds and stripped coupons over the price paid by the owner to acquire such stripped bonds andstripped coupons. The stated redemption price at maturity of stripped bonds and stripped couponsrepresented by a Grantor Trust Certificate generally is equal to the sum of all distributions to bemade on the stripped bonds and stripped coupons represented by the Certificate. For informationreporting purposes, we intend to treat all principal and interest to be distributed on each GrantorTrust Certificate as included in the stated redemption price at maturity and, as a result, eachGrantor Trust Certificate will be treated as if issued with OID.

The beneficial owner of a Grantor Trust Certificate must include in its ordinary income forfederal income tax purposes, generally in advance of receipt of the cash attributable to thatincome, the sum of the “daily portions” of OID on its Certificate for each day during its taxableyear on which it held that Certificate. The daily portions of OID are determined as follows:

• First, the portion of OID that accrued during each “accrual period” is calculated;

• then, the OID accruing during an accrual period is allocated ratably to each day during theperiod to determine the daily portion of OID.

Final regulations issued by the Treasury Department relating to the tax treatment of debtinstruments with OID (the “OID Regulations”) provide that a holder of a debt instrument may usean accrual period of any length, up to one year, as long as each distribution of principal or interestoccurs on either the final day or the first day of an accrual period. We intend to report OID basedon accrual periods of one month. Each of these accrual periods will begin on a Distribution Dateand end on the day before the next Distribution Date.

Although the matter is not entirely clear, a beneficial owner of a Grantor Trust Certificateshould determine the amount of OID accruing during any accrual period with respect to thatCertificate using the method described in section 1272(a)(6) of the Code. Under section 1272(a)(6),the portion of OID treated as accruing with respect to a Grantor Trust Certificate for any accrualperiod equals the excess, if any, of

• the sum of (A) the present values of all the distributions of principal and interest remainingto be made on that Certificate, if any, as of the end of the accrual period; and (B) thedistributions made on that Certificate during the accrual period of amounts included in thestated redemption price at maturity;

over

• the sum of the present values of all the distributions of principal and interest remaining tobe made on that Certificate as of the beginning of the accrual period.

The present values of the remaining distributions of principal and interest with respect to aGrantor Trust Certificate are calculated based on the following:

• an assumption that the Mortgage Loans underlying the related MBS or Underlying Certifi-cate prepay at a specified rate (the “Prepayment Assumption”),

• the yield to maturity of the stripped bonds and stripped coupons backing the Certificategiving effect to the Prepayment Assumption,

• events (including actual prepayments) that have occurred prior to the end of the accrualperiod, and

• in the case of a Certificate bearing a variable rate of interest, an assumption that the valueof the index upon which the variable rate is based remains the same as its value on thesettlement date.

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Each beneficial owner of a Grantor Trust Certificate must determine its yield to maturitybased on its purchase price for the Certificate. For a particular beneficial owner of a GrantorTrust Certificate, it is not clear whether the Prepayment Assumption used for calculating OIDwould be one determined at the time that Certificate is acquired or would be the original Prepay-ment Assumption for that Certificate. For information reporting purposes, we will use the originalyield to maturity of that Certificate, calculated based on the original Prepayment Assumption.You should consult your own tax advisor regarding the proper method for accruing OID on aGrantor Trust Certificate.

The Code requires that the Prepayment Assumption be determined in the manner prescribedin Treasury Regulations. To date, no such regulations have been promulgated. For informationreporting purposes, we will assume a Prepayment Assumption equal to 190% PSA for the Mort-gage Loans underlying the Group 3 MBS. We make no representation, however, that the relatedMortgage Loans will prepay at that rate or at any other rate. You must make your own decision asto the appropriate prepayment assumption to be used in deciding whether or not to purchase aGrantor Trust Certificate.

If a Grantor Trust Certificate entitles the holder to payments of principal and interest, theIRS could contend that the interest payments on that Certificate should be treated as payments of“qualified stated interest” within the meaning of the OID Regulations. In that case, a beneficialowner would be required to include such payments in income, in accordance with its method ofaccounting, rather than to accrue OID with respect to such payments. If the beneficial owner inthat case had acquired the Certificate for less than its principal amount, such beneficial ownergenerally would have market discount with respect to the Certificate. For a discussion of themarket discount rules, see “Material Federal Income Tax Consequences—Application of RevenueRuling 84-10—Market Discount” in the MBS Prospectus. Further, if the beneficial owner hadpurchased the Certificate for an amount (net of accrued interest) greater than the outstandingprincipal amount of the Certificate, the beneficial owner generally would have premium withrespect to the Certificate in the amount of the excess. Such a purchaser may elect, under section171(c)(2) of the Code, to treat the premium as “amortizable bond premium.”

If a beneficial owner makes this election, the beneficial owner must reduce the amount of anypayment of qualified stated interest that must be included in the beneficial owner’s income for aperiod by the portion of the premium allocable to the period based on the Certificate’s yield tomaturity. Correspondingly, the beneficial owner must reduce its basis in the Certificate by theamount of premium applied to reduce any interest income. The election will also apply to all bondsthe interest on which is not excludible from gross income (“fully taxable bonds”) held by thebeneficial owner at the beginning of the first taxable year to which the election applies and to allfully taxable bonds that it acquires after the beginning of that taxable year. A beneficial ownermay revoke the election only with the consent of the IRS.

If a beneficial owner does not elect to amortize premium, (i) the beneficial owner must includethe full amount of each payment of qualified stated interest in income, and (ii) the premium mustbe allocated to the principal distributions on the Certificate and, when each principal distributionis received, a loss equal to the premium allocated to that distribution will be recognized. Any taxbenefit from the premium not previously recognized will be taken into account in computing gainor loss upon the sale or disposition of the Certificate.

Because we will treat all Grantor Trust Certificates as being issued with OID (and as notpaying qualified stated interest) for information reporting purposes, you should consult your owntax advisors as to the proper treatment of a Grantor Trust Certificate in this regard.

Expenses of the Grantor Trust. Each beneficial owner of a Grantor Trust Certificate will berequired to include in income its allocable share of the expenses paid by the Grantor Trust. Eachbeneficial owner of a Grantor Trust Certificate can deduct its allocable share of such expenses asprovided in section 162 or section 212 of the Code, consistent with its method of accounting. Fannie

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Mae intends to allocate expenses to beneficial owners in each monthly period in proportion to therespective amounts of income (including any OID) accrued for each Grantor Trust Certificate. Abeneficial owner’s ability to deduct its share of these expenses is limited under section 67 of theCode in the case of (i) estates and trusts, and (ii) individuals owning an interest in a Grantor TrustCertificate directly or through an investment in a “pass-through entity” (other than in connectionwith such individual’s trade or business). Pass-through entities include partnerships, S corpo-rations, grantor trusts, certain limited liability companies and non-publicly offered regulatedinvestment companies, but do not include estates, non-grantor trusts, cooperatives, real estateinvestment trusts and publicly offered regulated investment companies. Generally, such a beneficialowner can deduct its share of these costs only to the extent that these costs, when aggregated withcertain of the beneficial owner’s other miscellaneous itemized deductions, exceed 2% of the beneficialowner’s adjusted gross income. For this purpose, an estate or nongrantor trust computes adjustedgross income in the same manner as in the case of an individual, except that deductions for admin-istrative expenses of the estate or trust that would not have been incurred if the property were notheld in the trust or estate are treated as allowable in arriving at adjusted gross income. In addition,section 68 of the Code may provide for certain limitations on certain itemized deductions otherwiseallowable for a beneficial owner who is an individual. Further, a beneficial owner may not be able todeduct any portion of these costs in computing its alternative minimum tax liability.

Exchanges. A beneficial owner that surrenders the B and BI Classes of Certificates inexchange for the Group 3 Mega will not recognize gain or loss as a result of the exchange. In addi-tion, a beneficial owner that surrenders the Group 3 Mega in exchange for the B and BI Classes ofCertificates will not recognize gain or loss as a result of such exchange.

Sales and Other Dispositions of Grantor Trust Certificates. Upon the sale, exchange or otherdisposition of a Grantor Trust Certificate, a beneficial owner generally will recognize gain or lossequal to the difference between the amount realized upon the disposition and the beneficialowner’s adjusted basis in that Certificate. The adjusted basis of a Grantor Trust Certificategenerally will equal the cost of that Certificate to the beneficial owner, increased by any amountsof OID and market discount included in the beneficial owner’s gross income with respect to thatCertificate, and reduced (but not below zero) by distributions on that Certificate previouslyreceived by the beneficial owner as principal (or as amounts constituting stated redemption priceat maturity) and by any premium that has reduced the beneficial owner’s interest income withrespect to that Certificate. Any such gain or loss generally will be capital gain or loss, except (i) asprovided in section 582(c) of the Code (which generally applies to banks) or (ii) to the extent anygain represents OID or accrued market discount not previously included in income (to whichextent such gain would be treated as ordinary income). Any capital gain (or loss) recognized uponthe sale, exchange or other disposition of a Grantor Trust Certificate will be long-term capital gain(or loss) if at the time of disposition the beneficial owner held that Certificate for more than oneyear. The ability to deduct capital losses is subject to limitations.

Special Tax Attributes. Several sections of the Code provide beneficial treatment to certaintaxpayers that invest in mortgage loans of the type that back or comprise the Grantor Trust Certifi-cates. With respect to these Code sections, no specific legal authority exists regarding whether thecharacter of the Grantor Trust Certificates will be the same as that of the mortgage loans that backor comprise the related MBS or Underlying Certificate. Although the characterization of theGrantor Trust Certificates for these purposes is not entirely clear, to the extent that a MortgageLoan underlying the related MBS or Underlying Certificate has a loan-to-value ratio in excess of100% (that is, the principal balance of the mortgage loan exceeds the fair market value of the realproperty securing the loan), the interest income on the portion of the Mortgage Loan in excess of thevalue of the real property will not be interest on obligations secured by mortgages on real propertywithin the meaning of section 856(c)(3)(B) of the Code and such excess portion will not be a realestate asset within the meaning of section 856(c)(5)(B) of the Code. The excess portion shouldrepresent a “Government security” within the meaning of section 856(c)(4)(A) of the Code. A holder

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of a Grantor Trust Certificate that is a real estate investment trust should consult its tax advisorconcerning the treatment of such excess portion.

It is not certain whether or to what extent a mortgage loan with a loan-to-value ratio inexcess of 100% qualifies as a loan secured by an interest in real property for purposes of section7701(a)(19)(C)(v) of the Code. Even if the property securing the mortgage loan does not meet thistest, the certificates will be treated as “obligations of a corporation which is an instrumentality ofthe United States” within the meaning of section 7701(a)(19)(C)(ii) of the Code. Thus, a GrantorTrust Certificate will be a qualifying asset for a domestic building and loan association.

A mortgage loan with a loan-to-value ratio in excess of 125% is not a “qualified mortgage”within the meaning of section 860G(a)(3) of the Code. Accordingly, a Grantor Trust Certificate willnot be an eligible asset for a REMIC. For a discussion of the special tax characteristics of certaintypes of mortgage loans, see “Material Federal Income Tax Consequences—Special Tax Attrib-utes” in the MBS Prospectus.

Information Reporting and Backup Withholding for Grantor Trust Certificates. For eachdistribution, we will post on our Corporate Web site information that will allow beneficial owners todetermine (i) the portion of such distribution allocable to principal and to interest, (ii) the amount, ifany, of OID and market discount and (iii) the administrative expenses allocable to such distribution.

Payments of interest and principal, as well as payments of proceeds from the sale of theGrantor Trust Certificates, may be subject to the backup withholding tax under section 3406 ofthe Code if the recipient of the payment is not an exempt recipient and fails to furnish certaininformation, including its taxpayer identification number, to us or our agent, or otherwise fails toestablish an exemption from such tax. Any amounts deducted and withheld from such a paymentwould be allowed as a credit against the beneficial owner’s federal income tax. Furthermore,certain penalties may be imposed by the IRS on a holder or owner who is required to supplyinformation but who does not do so in the proper manner.

Foreign Investors in Grantor Trust Certificates. Additional rules apply to a beneficial ownerof a Grantor Trust Certificate that is not a U.S. Person and that is not a partnership (a “Non-U.S.Person”). “U.S. Person” means a citizen or resident of the United States, a corporation (or otherentity taxable as a corporation) created or organized in or under the laws of the United States orany state thereof or the District of Columbia, an estate the income of which is subject to U.S.federal income tax regardless of the source of its income, or a trust if a court within the UnitedStates can exercise primary supervision over its administration and at least one U.S. Person hasthe authority to control all substantial decisions of the trust.

Payments on a Grantor Trust Certificate made to, or on behalf of, a beneficial owner that is aNon-U.S. Person generally will be exempt from U.S. federal income and withholding taxes,provided the following conditions are satisfied:

• the beneficial owner does not hold the Certificate in connection with its conduct of a tradeor business in the United States;

• the beneficial owner is not, with respect to the United States, a personal holding companyor a corporation that accumulates earnings in order to avoid U.S. federal income tax;

• the beneficial owner is not a U.S. expatriate or former U.S. resident who is taxable in themanner provided in section 877(b) of the Code;

• the beneficial owner is not an excluded person (i.e., a 10-percent shareholder of Fannie Maewithin the meaning of section 871(h)(3)(B) of the Code or a controlled foreign corporationrelated to Fannie Mae within the meaning of section 881(c)(3)(C) of the Code);

• the beneficial owner signs a statement under penalties of perjury certifying that it is a Non-U.S. Person and provides its name, address and taxpayer identification number (a “Non-U.S. Beneficial Owner Statement”);

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• the last U.S. Person in the chain of payment to the beneficial owner (the withholding agent)receives such Non-U.S. Beneficial Ownership Statement from the beneficial owner or afinancial institution holding on behalf of the beneficial owner and does not have actualknowledge that such statement is false; and

• the Certificate represents an undivided interest in a pool of mortgage loans all of whichwere originated after July 18, 1984.

That portion of interest income of a beneficial owner who is a Non-U.S. Person on a Certifi-cate that represents an interest in one or more mortgage loans originated before July 19, 1984 willbe subject to a U.S. withholding tax at the rate of 30 percent or lower treaty rate, if applicable.Regardless of the date of origination of the mortgage loans, backup withholding will not apply topayments made to a beneficial owner that is a Non-U.S. Person if the beneficial owner or a finan-cial institution holding on behalf of the beneficial owner provides a Non-U.S. Beneficial Owner-ship Statement to the withholding agent. A Non-U.S. Beneficial Ownership Statement may bemade on an IRS Form W-8BEN or a substantially similar substitute form. The beneficial owner orfinancial institution holding on behalf of the beneficial owner must inform the withholding agentof any change in the information on the statement within 30 days of such change.

Taxation of Beneficial Owners of RCR Certificates

The RCR Classes will be created, sold and administered pursuant to an arrangement that willbe classified as a grantor trust under subpart E, part I of subchapter J of the Code. The RegularCertificates and Grantor Trust Certificates that are exchanged for RCR Certificates set forth inSchedule 1 (including any exchanges effective on the Settlement Date) will be the assets of thetrust, and the RCR Certificates will represent an ownership interest of the underlying RegularCertificates and Grantor Trust Certificates.

Generally, the ownership interest represented by an RCR certificate will be one of two types.A certificate of a Combination RCR Class (a “Combination RCR Certificate”) will represent benefi-cial ownership of undivided interests in one or more underlying Regular Certificates or GrantorTrust Certificates. A certificate of a Strip RCR Class (a “Strip RCR Certificate”) will represent theright to receive a disproportionate part of the principal or interest payments on one or moreunderlying Regular Certificates or Grantor Trust Certificates. All of the RCR Certificates areCombination RCR Certificates.

The discussion under “Material Federal Income Tax Consequences—Taxation of BeneficialOwners of RCR Certificates” in the REMIC Prospectus sets forth the federal income tax treatmentof beneficial owners of the RCR Certificates. For Recombinations involving Grantor Trust Certifi-cates, references in that discussion to “Regular Certificates” should be read to refer to suchGrantor Trust Certificates and the discussion herein under “—Taxation of Beneficial Owners ofGrantor Trust Certificates.”

PLAN OF DISTRIBUTION

We are obligated to deliver the Certificates to RBS Securities Inc. (the “Dealer”) in exchangefor the MBS. The Dealer proposes to offer the Certificates directly to the public from time to timein negotiated transactions at varying prices to be determined at the time of sale. The Dealer mayeffect these transactions to or through other dealers.

LEGAL MATTERS

Katten Muchin Rosenman LLP will provide legal representation for Fannie Mae. Sidley AustinLLP will provide legal representation for the Dealer.

S-26

Schedule 1

Available Recombinations(1)

Trust Certificates RCR Certificates

ClassesOriginalBalances

RCRClasses

OriginalBalances

PrincipalType(2)

InterestRate

InterestType(2)

CUSIPNumber

FinalDistribution

Date

Recombination 1AE $82,018,880 A $82,018,880 PT 2.00% FIX 3136AFKQ6 July 2028AI 9,113,208(3)

Recombination 2AE 82,018,880 AB 82,018,880 PT 1.75 FIX 3136AFKR4 July 2028AI 4,556,604(3)

Recombination 3GA 16,957,000 G 37,573,460 SUP 3.00 FIX 3136AFKS2 July 2043JF 11,245,342SJ 7,658,000SK 1,713,118

Recombination 4JF 11,245,342 JA 20,616,460 SUP 3.00 FIX 3136AFKT0 July 2043SJ 7,658,000SK 1,713,118

Recombination 5SJ 7,658,000 JS 9,371,118 SUP (4) INV 3136AFKU7 July 2043SK 1,713,118

Recombination 6B 64,664,350 BD 64,664,350 PT 2.50 FIX 3136AFKV5 July 2033BI 9,237,763(3)

Recombination 7B 64,664,350 BG 64,664,350 PT 3.00 FIX 3136AFKW3 July 2033BI 18,475,528(3)

Recombination 8B 48,498,262 BH 48,498,262 PT 4.00 FIX 3136AFKX1 July 2033BI 27,713,292(3)

A-1

Trust Certificates RCR Certificates

ClassesOriginalBalances

RCRClasses

OriginalBalances

PrincipalType(2)

InterestRate

InterestType(2)

CUSIPNumber

FinalDistribution

Date

Recombination 9B $64,664,350 BT $64,664,350 PT 3.50% FIX 3136AFKY9 July 2033BI 27,713,292(3)

(1) Trust Certificates and RCR Certificates in any Recombination may be exchanged only in the proportions of original principal or notional principal balances for therelated Classes shown in this Schedule 1 (disregarding any retired Classes). For example, if a particular Recombination includes two Trust Classes and one RCR Classwhose original principal balances shown in the schedule reflect a 1:1:2 relationship, the same 1:1:2 relationship among the original principal balances of those Trustand RCR Classes must be maintained in any exchange. This is true even if, as a result of the applicable payment priority sequence, the relationship between theircurrent principal balances has changed over time. Moreover, if as a result of a proposed exchange, a Certificateholder would hold a Trust Certificate or RCR Certificateof a Class in an amount less than the applicable minimum denomination for that Class, the Certificateholder will be unable to effect the proposed exchange. See“Description of the Certificates—General—Authorized Denominations” in this prospectus supplement.

(2) See “Description of the Certificates—Class Definitions and Abbreviations” in the REMIC Prospectus.(3) Notional principal balances. These Classes are Interest Only Classes. See page S-6 for a description of how their notional principal balances are calculated.(4) For a description of this interest rate, see “Summary—Interest Rates” in this prospectus supplement.

A-2

Principal Balance Schedules

Aggregate Group Planned Balances

DistributionDate

PlannedBalance

Initial Balance . . . . . . $64,546,000.00July 2013 . . . . . . . . . . . 64,368,538.93August 2013 . . . . . . . . 64,169,385.65September 2013 . . . . . 63,948,610.70October 2013 . . . . . . . . 63,706,298.56November 2013 . . . . . 63,442,547.64December 2013 . . . . . . 63,157,470.25January 2014 . . . . . . . 62,851,192.49February 2014 . . . . . . 62,523,854.21March 2014 . . . . . . . . . 62,175,608.94April 2014 . . . . . . . . . . 61,806,623.73May 2014 . . . . . . . . . . 61,417,079.08June 2014 . . . . . . . . . . 61,007,168.80July 2014 . . . . . . . . . . . 60,577,099.84August 2014 . . . . . . . . 60,127,092.13September 2014 . . . . . 59,657,378.44October 2014 . . . . . . . . 59,168,204.14November 2014 . . . . . 58,659,827.03December 2014 . . . . . . 58,132,517.10January 2015 . . . . . . . 57,586,556.31February 2015 . . . . . . 57,022,238.35March 2015 . . . . . . . . . 56,439,868.36April 2015 . . . . . . . . . . 55,839,762.68May 2015 . . . . . . . . . . 55,222,248.55June 2015 . . . . . . . . . . 54,587,663.82July 2015 . . . . . . . . . . . 53,936,356.67August 2015 . . . . . . . . 53,268,685.25September 2015 . . . . . 52,585,017.36October 2015 . . . . . . . . 51,885,730.14November 2015 . . . . . 51,171,209.69December 2015 . . . . . . 50,441,850.72January 2016 . . . . . . . 49,717,740.76February 2016 . . . . . . 48,998,844.04March 2016 . . . . . . . . . 48,285,125.01April 2016 . . . . . . . . . . 47,576,548.37May 2016 . . . . . . . . . . 46,873,079.04June 2016 . . . . . . . . . . 46,174,682.20July 2016 . . . . . . . . . . . 45,481,323.22August 2016 . . . . . . . . 44,792,967.75September 2016 . . . . . 44,109,581.63October 2016 . . . . . . . . 43,431,130.94November 2016 . . . . . 42,757,581.98December 2016 . . . . . . 42,088,901.29January 2017 . . . . . . . 41,425,055.62February 2017 . . . . . . 40,766,011.94March 2017 . . . . . . . . . 40,111,737.44April 2017 . . . . . . . . . . 39,462,199.54May 2017 . . . . . . . . . . 38,817,365.86June 2017 . . . . . . . . . . 38,177,204.25July 2017 . . . . . . . . . . . 37,541,682.77August 2017 . . . . . . . . 36,910,769.68September 2017 . . . . . 36,284,433.47October 2017 . . . . . . . . 35,662,642.82November 2017 . . . . . 35,045,366.65December 2017 . . . . . . 34,432,574.04January 2018 . . . . . . . 33,824,234.32

DistributionDate

PlannedBalance

February 2018 . . . . . . $33,220,317.01March 2018 . . . . . . . . . 32,620,791.81April 2018 . . . . . . . . . . 32,025,628.66May 2018 . . . . . . . . . . 31,434,797.68June 2018 . . . . . . . . . . 30,848,269.18July 2018 . . . . . . . . . . . 30,266,013.69August 2018 . . . . . . . . 29,688,001.91September 2018 . . . . . 29,114,204.77October 2018 . . . . . . . . 28,544,593.36November 2018 . . . . . 27,979,138.97December 2018 . . . . . . 27,417,813.11January 2019 . . . . . . . 26,860,587.44February 2019 . . . . . . 26,307,433.83March 2019 . . . . . . . . . 25,758,324.34April 2019 . . . . . . . . . . 25,213,231.20May 2019 . . . . . . . . . . 24,672,126.85June 2019 . . . . . . . . . . 24,134,983.88July 2019 . . . . . . . . . . . 23,601,775.10August 2019 . . . . . . . . 23,072,473.48September 2019 . . . . . 22,547,052.17October 2019 . . . . . . . . 22,025,484.50November 2019 . . . . . 21,507,743.99December 2019 . . . . . . 20,993,804.31January 2020 . . . . . . . 20,483,639.35February 2020 . . . . . . 19,977,223.13March 2020 . . . . . . . . . 19,481,120.17April 2020 . . . . . . . . . . 18,997,103.71May 2020 . . . . . . . . . . 18,524,883.44June 2020 . . . . . . . . . . 18,064,175.97July 2020 . . . . . . . . . . . 17,614,704.60August 2020 . . . . . . . . 17,176,199.25September 2020 . . . . . 16,748,396.24October 2020 . . . . . . . . 16,331,038.15November 2020 . . . . . 15,923,873.70December 2020 . . . . . . 15,526,657.59January 2021 . . . . . . . 15,139,150.35February 2021 . . . . . . 14,761,118.20March 2021 . . . . . . . . . 14,392,332.93April 2021 . . . . . . . . . . 14,032,571.78May 2021 . . . . . . . . . . 13,681,617.27June 2021 . . . . . . . . . . 13,339,257.12July 2021 . . . . . . . . . . . 13,005,284.09August 2021 . . . . . . . . 12,679,495.90September 2021 . . . . . 12,361,695.08October 2021 . . . . . . . . 12,051,688.86November 2021 . . . . . 11,749,289.07December 2021 . . . . . . 11,454,312.04January 2022 . . . . . . . 11,166,578.48February 2022 . . . . . . 10,885,913.36March 2022 . . . . . . . . . 10,612,145.85April 2022 . . . . . . . . . . 10,345,109.19May 2022 . . . . . . . . . . 10,084,640.59June 2022 . . . . . . . . . . 9,830,581.17July 2022 . . . . . . . . . . . 9,582,775.83August 2022 . . . . . . . . 9,341,073.17September 2022 . . . . . 9,105,325.44

DistributionDate

PlannedBalance

October 2022 . . . . . . . . $ 8,875,388.39November 2022 . . . . . 8,651,121.24December 2022 . . . . . . 8,432,386.56January 2023 . . . . . . . 8,219,050.21February 2023 . . . . . . 8,010,981.29March 2023 . . . . . . . . . 7,808,051.99April 2023 . . . . . . . . . . 7,610,137.58May 2023 . . . . . . . . . . 7,417,116.33June 2023 . . . . . . . . . . 7,228,869.41July 2023 . . . . . . . . . . . 7,045,280.83August 2023 . . . . . . . . 6,866,237.40September 2023 . . . . . 6,691,628.63October 2023 . . . . . . . . 6,521,346.68November 2023 . . . . . 6,355,286.31December 2023 . . . . . . 6,193,344.79January 2024 . . . . . . . 6,035,421.85February 2024 . . . . . . 5,881,419.64March 2024 . . . . . . . . . 5,731,242.67April 2024 . . . . . . . . . . 5,584,797.71May 2024 . . . . . . . . . . 5,441,993.80June 2024 . . . . . . . . . . 5,302,742.15July 2024 . . . . . . . . . . . 5,166,956.11August 2024 . . . . . . . . 5,034,551.11September 2024 . . . . . 4,905,444.62October 2024 . . . . . . . . 4,779,556.09November 2024 . . . . . 4,656,806.90December 2024 . . . . . . 4,537,120.33January 2025 . . . . . . . 4,420,421.53February 2025 . . . . . . 4,306,637.41March 2025 . . . . . . . . . 4,195,696.66April 2025 . . . . . . . . . . 4,087,529.70May 2025 . . . . . . . . . . 3,982,068.62June 2025 . . . . . . . . . . 3,879,247.13July 2025 . . . . . . . . . . . 3,779,000.56August 2025 . . . . . . . . 3,681,265.79September 2025 . . . . . 3,585,981.23October 2025 . . . . . . . . 3,493,086.77November 2025 . . . . . 3,402,523.75December 2025 . . . . . . 3,314,234.93January 2026 . . . . . . . 3,228,164.46February 2026 . . . . . . 3,144,257.82March 2026 . . . . . . . . . 3,062,461.83April 2026 . . . . . . . . . . 2,982,724.59May 2026 . . . . . . . . . . 2,904,995.45June 2026 . . . . . . . . . . 2,829,224.98July 2026 . . . . . . . . . . . 2,755,364.96August 2026 . . . . . . . . 2,683,368.32September 2026 . . . . . 2,613,189.16October 2026 . . . . . . . . 2,544,782.66November 2026 . . . . . 2,478,105.10December 2026 . . . . . . 2,413,113.82January 2027 . . . . . . . 2,349,767.20February 2027 . . . . . . 2,288,024.61March 2027 . . . . . . . . . 2,227,846.43April 2027 . . . . . . . . . . 2,169,193.98May 2027 . . . . . . . . . . 2,112,029.54

B-1

Aggregate Group (Continued)

DistributionDate

PlannedBalance

June 2027 . . . . . . . . . . $ 2,056,316.30July 2027 . . . . . . . . . . . 2,002,018.32August 2027 . . . . . . . . 1,949,100.58September 2027 . . . . . 1,897,528.86October 2027 . . . . . . . . 1,847,269.81November 2027 . . . . . 1,798,290.88December 2027 . . . . . . 1,750,560.30January 2028 . . . . . . . 1,704,047.10February 2028 . . . . . . 1,658,721.04March 2028 . . . . . . . . . 1,614,552.63April 2028 . . . . . . . . . . 1,571,513.08May 2028 . . . . . . . . . . 1,529,574.34June 2028 . . . . . . . . . . 1,488,709.00July 2028 . . . . . . . . . . . 1,448,890.35August 2028 . . . . . . . . 1,410,092.31September 2028 . . . . . 1,372,289.46October 2028 . . . . . . . . 1,335,456.98November 2028 . . . . . 1,299,570.67December 2028 . . . . . . 1,264,606.92January 2029 . . . . . . . 1,230,542.68February 2029 . . . . . . 1,197,355.49March 2029 . . . . . . . . . 1,165,023.42April 2029 . . . . . . . . . . 1,133,525.09May 2029 . . . . . . . . . . 1,102,839.64June 2029 . . . . . . . . . . 1,072,946.70July 2029 . . . . . . . . . . . 1,043,826.44August 2029 . . . . . . . . 1,015,459.49September 2029 . . . . . 987,826.94October 2029 . . . . . . . . 960,910.39November 2029 . . . . . 934,691.85December 2029 . . . . . . 909,153.79January 2030 . . . . . . . 884,279.10February 2030 . . . . . . 860,051.11March 2030 . . . . . . . . . 836,453.53April 2030 . . . . . . . . . . 813,470.51May 2030 . . . . . . . . . . 791,086.56June 2030 . . . . . . . . . . 769,286.57July 2030 . . . . . . . . . . . 748,055.82August 2030 . . . . . . . . 727,379.95September 2030 . . . . . 707,244.93October 2030 . . . . . . . . 687,637.12November 2030 . . . . . 668,543.17December 2030 . . . . . . 649,950.08January 2031 . . . . . . . 631,845.19February 2031 . . . . . . 614,216.12March 2031 . . . . . . . . . 597,050.81April 2031 . . . . . . . . . . 580,337.49May 2031 . . . . . . . . . . 564,064.71June 2031 . . . . . . . . . . 548,221.27July 2031 . . . . . . . . . . . 532,796.27August 2031 . . . . . . . . 517,779.05September 2031 . . . . . 503,159.25October 2031 . . . . . . . . 488,926.75November 2031 . . . . . 475,071.67December 2031 . . . . . . 461,584.40January 2032 . . . . . . . 448,455.55February 2032 . . . . . . 435,675.97March 2032 . . . . . . . . . 423,236.74April 2032 . . . . . . . . . . 411,129.15

DistributionDate

PlannedBalance

May 2032 . . . . . . . . . . $ 399,344.72June 2032 . . . . . . . . . . 387,875.17July 2032 . . . . . . . . . . . 376,712.44August 2032 . . . . . . . . 365,848.66September 2032 . . . . . 355,276.16October 2032 . . . . . . . . 344,987.45November 2032 . . . . . 334,975.25December 2032 . . . . . . 325,232.45January 2033 . . . . . . . 315,752.10February 2033 . . . . . . 306,527.46March 2033 . . . . . . . . . 297,551.92April 2033 . . . . . . . . . . 288,819.07May 2033 . . . . . . . . . . 280,322.63June 2033 . . . . . . . . . . 272,056.50July 2033 . . . . . . . . . . . 264,014.73August 2033 . . . . . . . . 256,191.50September 2033 . . . . . 248,581.16October 2033 . . . . . . . . 241,178.19November 2033 . . . . . 233,977.20December 2033 . . . . . . 226,972.96January 2034 . . . . . . . 220,160.35February 2034 . . . . . . 213,534.38March 2034 . . . . . . . . . 207,090.21April 2034 . . . . . . . . . . 200,823.08May 2034 . . . . . . . . . . 194,728.39June 2034 . . . . . . . . . . 188,801.63July 2034 . . . . . . . . . . . 183,038.42August 2034 . . . . . . . . 177,434.47September 2034 . . . . . 171,985.63October 2034 . . . . . . . . 166,687.83November 2034 . . . . . 161,537.10December 2034 . . . . . . 156,529.60January 2035 . . . . . . . 151,661.55February 2035 . . . . . . 146,929.29March 2035 . . . . . . . . . 142,329.24April 2035 . . . . . . . . . . 137,857.92May 2035 . . . . . . . . . . 133,511.95June 2035 . . . . . . . . . . 129,288.00July 2035 . . . . . . . . . . . 125,182.85August 2035 . . . . . . . . 121,193.37September 2035 . . . . . 117,316.49October 2035 . . . . . . . . 113,549.22November 2035 . . . . . 109,888.65December 2035 . . . . . . 106,331.96January 2036 . . . . . . . 102,876.38February 2036 . . . . . . 99,519.21March 2036 . . . . . . . . . 96,257.84April 2036 . . . . . . . . . . 93,089.72May 2036 . . . . . . . . . . 90,012.34June 2036 . . . . . . . . . . 87,023.29July 2036 . . . . . . . . . . . 84,120.19August 2036 . . . . . . . . 81,300.76September 2036 . . . . . 78,562.73October 2036 . . . . . . . . 75,903.93November 2036 . . . . . 73,322.23December 2036 . . . . . . 70,815.54January 2037 . . . . . . . 68,381.85February 2037 . . . . . . 66,019.19March 2037 . . . . . . . . . 63,725.64

DistributionDate

PlannedBalance

April 2037 . . . . . . . . . . $ 61,499.32May 2037 . . . . . . . . . . 59,338.42June 2037 . . . . . . . . . . 57,241.17July 2037 . . . . . . . . . . . 55,205.82August 2037 . . . . . . . . 53,230.71September 2037 . . . . . 51,314.19October 2037 . . . . . . . . 49,454.65November 2037 . . . . . 47,650.56December 2037 . . . . . . 45,900.38January 2038 . . . . . . . 44,202.65February 2038 . . . . . . 42,555.93March 2038 . . . . . . . . . 40,958.81April 2038 . . . . . . . . . . 39,409.93May 2038 . . . . . . . . . . 37,907.97June 2038 . . . . . . . . . . 36,451.62July 2038 . . . . . . . . . . . 35,039.64August 2038 . . . . . . . . 33,670.79September 2038 . . . . . 32,343.87October 2038 . . . . . . . . 31,057.74November 2038 . . . . . 29,811.24December 2038 . . . . . . 28,603.28January 2039 . . . . . . . 27,432.79February 2039 . . . . . . 26,298.72March 2039 . . . . . . . . . 25,200.05April 2039 . . . . . . . . . . 24,135.78May 2039 . . . . . . . . . . 23,104.96June 2039 . . . . . . . . . . 22,106.65July 2039 . . . . . . . . . . . 21,139.92August 2039 . . . . . . . . 20,203.89September 2039 . . . . . 19,297.69October 2039 . . . . . . . . 18,420.48November 2039 . . . . . 17,571.43December 2039 . . . . . . 16,749.75January 2040 . . . . . . . 15,954.65February 2040 . . . . . . 15,185.38March 2040 . . . . . . . . . 14,441.20April 2040 . . . . . . . . . . 13,721.39May 2040 . . . . . . . . . . 13,025.26June 2040 . . . . . . . . . . 12,352.12July 2040 . . . . . . . . . . . 11,701.31August 2040 . . . . . . . . 11,072.19September 2040 . . . . . 10,464.13October 2040 . . . . . . . . 9,876.52November 2040 . . . . . 9,308.76December 2040 . . . . . . 8,760.29January 2041 . . . . . . . 8,230.53February 2041 . . . . . . 7,718.94March 2041 . . . . . . . . . 7,224.99April 2041 . . . . . . . . . . 6,748.16May 2041 . . . . . . . . . . 6,287.94June 2041 . . . . . . . . . . 5,843.85July 2041 . . . . . . . . . . . 5,415.42August 2041 . . . . . . . . 5,002.16September 2041 . . . . . 4,603.65October 2041 . . . . . . . . 4,219.43November 2041 . . . . . 3,849.08December 2041 . . . . . . 3,492.18January 2042 . . . . . . . 3,148.34February 2042 . . . . . . 2,817.15

B-2

Aggregate Group (Continued)

DistributionDate

PlannedBalance

March 2042 . . . . . . . . . $ 2,498.24April 2042 . . . . . . . . . . 2,191.23May 2042 . . . . . . . . . . 1,895.77June 2042 . . . . . . . . . . 1,611.50

DistributionDate

PlannedBalance

July 2042 . . . . . . . . . . . $ 1,338.08August 2042 . . . . . . . . 1,075.19September 2042 . . . . . 822.48October 2042 . . . . . . . . 579.66

DistributionDate

PlannedBalance

November 2042 . . . . . $ 346.42December 2042 . . . . . . 122.46January 2043 and

thereafter . . . . . . . . 0.00

GA Class Planned Balances

DistributionDate

PlannedBalance

Initial Balance . . . . . . $16,957,000.00July 2013 . . . . . . . . . . . 16,939,951.41August 2013 . . . . . . . . 16,905,842.76September 2013 . . . . . 16,854,692.67October 2013 . . . . . . . . 16,786,550.08November 2013 . . . . . 16,701,494.28December 2013 . . . . . . 16,599,635.06January 2014 . . . . . . . 16,481,112.57February 2014 . . . . . . 16,346,097.31March 2014 . . . . . . . . . 16,194,789.94April 2014 . . . . . . . . . . 16,027,421.03May 2014 . . . . . . . . . . 15,844,250.76June 2014 . . . . . . . . . . 15,645,568.57July 2014 . . . . . . . . . . . 15,431,692.68August 2014 . . . . . . . . 15,202,969.61September 2014 . . . . . 14,959,773.58October 2014 . . . . . . . . 14,702,505.85November 2014 . . . . . 14,431,594.04December 2014 . . . . . . 14,147,491.31January 2015 . . . . . . . 13,850,675.54February 2015 . . . . . . 13,541,648.43March 2015 . . . . . . . . . 13,220,934.51April 2015 . . . . . . . . . . 12,889,080.15May 2015 . . . . . . . . . . 12,546,652.47June 2015 . . . . . . . . . . 12,194,238.19July 2015 . . . . . . . . . . . 11,832,442.48

DistributionDate

PlannedBalance

August 2015 . . . . . . . . $11,461,887.73September 2015 . . . . . 11,083,212.26October 2015 . . . . . . . . 10,697,069.03November 2015 . . . . . 10,304,124.30December 2015 . . . . . . 9,905,056.21January 2016 . . . . . . . 9,515,568.60February 2016 . . . . . . 9,135,507.69March 2016 . . . . . . . . . 8,764,721.86April 2016 . . . . . . . . . . 8,403,061.59May 2016 . . . . . . . . . . 8,050,379.44June 2016 . . . . . . . . . . 7,706,530.05July 2016 . . . . . . . . . . . 7,371,370.08August 2016 . . . . . . . . 7,044,758.19September 2016 . . . . . 6,726,555.03October 2016 . . . . . . . . 6,416,623.19November 2016 . . . . . 6,114,827.21December 2016 . . . . . . 5,821,033.49January 2017 . . . . . . . 5,535,110.36February 2017 . . . . . . 5,256,927.96March 2017 . . . . . . . . . 4,986,358.29April 2017 . . . . . . . . . . 4,723,275.13May 2017 . . . . . . . . . . 4,467,554.06June 2017 . . . . . . . . . . 4,219,072.40July 2017 . . . . . . . . . . . 3,977,709.21August 2017 . . . . . . . . 3,743,345.28September 2017 . . . . . 3,515,863.06

DistributionDate

PlannedBalance

October 2017 . . . . . . . . $ 3,295,146.68November 2017 . . . . . 3,081,081.93December 2017 . . . . . . 2,873,556.19January 2018 . . . . . . . 2,672,458.48February 2018 . . . . . . 2,477,679.36March 2018 . . . . . . . . . 2,289,110.99April 2018 . . . . . . . . . . 2,106,647.03May 2018 . . . . . . . . . . 1,930,182.70June 2018 . . . . . . . . . . 1,759,614.69July 2018 . . . . . . . . . . . 1,594,841.18August 2018 . . . . . . . . 1,435,761.80September 2018 . . . . . 1,282,277.64October 2018 . . . . . . . . 1,134,291.18November 2018 . . . . . 991,706.34December 2018 . . . . . . 854,428.40January 2019 . . . . . . . 722,364.00February 2019 . . . . . . 595,421.15March 2019 . . . . . . . . . 480,821.61April 2019 . . . . . . . . . . 378,527.26May 2019 . . . . . . . . . . 288,169.46June 2019 . . . . . . . . . . 209,388.91July 2019 . . . . . . . . . . . 141,835.43August 2019 . . . . . . . . 85,167.73September 2019 . . . . . 39,053.18October 2019 . . . . . . . . 3,167.64November 2019 and

thereafter . . . . . . . . 0.00

SJ Class Targeted Balances

DistributionDate

TargetedBalance

Initial Balance . . . . . . . $7,658,000.00July 2013 . . . . . . . . . . . . 7,650,236.36August 2013 . . . . . . . . . 7,634,680.14September 2013 . . . . . . 7,611,323.55October 2013 . . . . . . . . . 7,580,180.23November 2013 . . . . . . 7,541,285.46December 2013 . . . . . . . 7,494,696.29January 2014 . . . . . . . . 7,440,491.61February 2014 . . . . . . . 7,378,772.16March 2014 . . . . . . . . . . 7,309,660.41April 2014 . . . . . . . . . . . 7,233,300.43May 2014 . . . . . . . . . . . . 7,149,857.62June 2014 . . . . . . . . . . . 7,059,518.42July 2014 . . . . . . . . . . . . 6,962,489.90August 2014 . . . . . . . . . 6,858,999.27September 2014 . . . . . . 6,749,293.36

DistributionDate

TargetedBalance

October 2014 . . . . . . . . . $6,633,637.98November 2014 . . . . . . 6,512,317.22December 2014 . . . . . . . 6,385,632.68January 2015 . . . . . . . . 6,253,902.63February 2015 . . . . . . . 6,117,461.09March 2015 . . . . . . . . . . 5,976,656.88April 2015 . . . . . . . . . . . 5,831,852.57May 2015 . . . . . . . . . . . . 5,683,423.37June 2015 . . . . . . . . . . . 5,531,756.02July 2015 . . . . . . . . . . . . 5,377,247.58August 2015 . . . . . . . . . 5,220,304.18September 2015 . . . . . . 5,061,339.74October 2015 . . . . . . . . . 4,900,774.67November 2015 . . . . . . 4,739,034.50December 2015 . . . . . . . 4,576,548.50January 2016 . . . . . . . . 4,420,302.22

DistributionDate

TargetedBalance

February 2016 . . . . . . . $4,270,136.18March 2016 . . . . . . . . . . 4,125,894.41April 2016 . . . . . . . . . . . 3,987,424.40May 2016 . . . . . . . . . . . . 3,854,576.99June 2016 . . . . . . . . . . . 3,727,206.35July 2016 . . . . . . . . . . . . 3,605,169.85August 2016 . . . . . . . . . 3,488,328.06September 2016 . . . . . . 3,376,544.64October 2016 . . . . . . . . . 3,269,686.28November 2016 . . . . . . 3,167,622.67December 2016 . . . . . . . 3,070,226.39January 2017 . . . . . . . . 2,977,372.90February 2017 . . . . . . . 2,888,940.44March 2017 . . . . . . . . . . 2,804,809.99April 2017 . . . . . . . . . . . 2,724,865.23May 2017 . . . . . . . . . . . . 2,648,992.45

B-3

SJ Class (Continued)

DistributionDate

TargetedBalance

June 2017 . . . . . . . . . . . $2,577,080.51July 2017 . . . . . . . . . . . . 2,509,020.81August 2017 . . . . . . . . . 2,444,707.19September 2017 . . . . . . 2,384,035.92October 2017 . . . . . . . . . 2,326,905.65November 2017 . . . . . . 2,273,217.31December 2017 . . . . . . . 2,222,874.14January 2018 . . . . . . . . 2,175,781.56February 2018 . . . . . . . 2,131,847.19March 2018 . . . . . . . . . . 2,090,980.78April 2018 . . . . . . . . . . . 2,053,094.16May 2018 . . . . . . . . . . . . 2,018,101.18June 2018 . . . . . . . . . . . 1,985,917.72July 2018 . . . . . . . . . . . . 1,956,461.60August 2018 . . . . . . . . . 1,929,652.56September 2018 . . . . . . 1,905,412.20October 2018 . . . . . . . . . 1,883,663.97November 2018 . . . . . . 1,864,333.12December 2018 . . . . . . . 1,847,346.64January 2019 . . . . . . . . 1,832,633.26February 2019 . . . . . . . 1,820,123.38March 2019 . . . . . . . . . . 1,806,425.23April 2019 . . . . . . . . . . . 1,791,449.17May 2019 . . . . . . . . . . . . 1,775,258.00June 2019 . . . . . . . . . . . 1,757,912.38July 2019 . . . . . . . . . . . . 1,739,470.91August 2019 . . . . . . . . . 1,719,990.20September 2019 . . . . . . 1,699,524.93October 2019 . . . . . . . . . 1,678,127.90November 2019 . . . . . . 1,645,484.25

DistributionDate

TargetedBalance

December 2019 . . . . . . . $1,614,935.21January 2020 . . . . . . . . 1,587,831.75February 2020 . . . . . . . 1,564,086.83March 2020 . . . . . . . . . . 1,540,619.59April 2020 . . . . . . . . . . . 1,516,528.86May 2020 . . . . . . . . . . . . 1,491,853.26June 2020 . . . . . . . . . . . 1,466,630.02July 2020 . . . . . . . . . . . . 1,440,895.05August 2020 . . . . . . . . . 1,414,682.94September 2020 . . . . . . 1,388,027.07October 2020 . . . . . . . . . 1,360,959.58November 2020 . . . . . . 1,333,511.43December 2020 . . . . . . . 1,305,712.45January 2021 . . . . . . . . 1,277,591.35February 2021 . . . . . . . 1,249,175.77March 2021 . . . . . . . . . . 1,220,492.31April 2021 . . . . . . . . . . . 1,191,566.57May 2021 . . . . . . . . . . . . 1,162,423.14June 2021 . . . . . . . . . . . 1,133,085.69July 2021 . . . . . . . . . . . . 1,103,576.97August 2021 . . . . . . . . . 1,073,918.82September 2021 . . . . . . 1,044,132.23October 2021 . . . . . . . . . 1,014,237.34November 2021 . . . . . . 984,253.52December 2021 . . . . . . . 954,199.29January 2022 . . . . . . . . 924,092.47February 2022 . . . . . . . 893,950.10March 2022 . . . . . . . . . . 863,788.55April 2022 . . . . . . . . . . . 833,623.45May 2022 . . . . . . . . . . . . 803,469.79

DistributionDate

TargetedBalance

June 2022 . . . . . . . . . . . $ 773,341.93July 2022 . . . . . . . . . . . . 743,253.56August 2022 . . . . . . . . . 713,217.81September 2022 . . . . . . 683,247.18October 2022 . . . . . . . . . 653,353.64November 2022 . . . . . . 623,548.59December 2022 . . . . . . . 593,842.90January 2023 . . . . . . . . 564,246.95February 2023 . . . . . . . 534,770.58March 2023 . . . . . . . . . . 505,423.20April 2023 . . . . . . . . . . . 476,213.71May 2023 . . . . . . . . . . . . 447,150.60June 2023 . . . . . . . . . . . 418,241.91July 2023 . . . . . . . . . . . . 389,495.25August 2023 . . . . . . . . . 360,917.85September 2023 . . . . . . 332,516.54October 2023 . . . . . . . . . 304,297.75November 2023 . . . . . . 276,267.59December 2023 . . . . . . . 248,431.78January 2024 . . . . . . . . 220,795.73February 2024 . . . . . . . 193,364.49March 2024 . . . . . . . . . . 166,142.83April 2024 . . . . . . . . . . . 139,135.19May 2024 . . . . . . . . . . . . 112,345.73June 2024 . . . . . . . . . . . 85,778.31July 2024 . . . . . . . . . . . . 59,436.55August 2024 . . . . . . . . . 33,323.76September 2024 . . . . . . 7,443.05October 2024 and

thereafter . . . . . . . . . 0.00

B-4

No one is authorized to give information or tomake representations in connection with the Certifi-cates other than the information and representationscontained in or incorporated into this Prospectus Sup-plement and the additional Disclosure Documents. Wetake no responsibility for any unauthorized informationor representation. This Prospectus Supplement and theadditional Disclosure Documents do not constitute anoffer or solicitation with regard to the Certificates if it isillegal to make such an offer or solicitation to you understate law. By delivering this Prospectus Supplement andthe additional Disclosure Documents at any time, no oneimplies that the information contained herein or thereinis correct after the date hereof or thereof.

Neither the Securities and Exchange Commissionnor any state securities commission has approved ordisapproved the Certificates or determined if this Pro-spectus Supplement is truthful and complete. Anyrepresentation to the contrary is a criminal offense.

TABLE OF CONTENTS

Page

Table of Contents . . . . . . . . . . . . . . . . . . . . . . . . . . . S- 2

Available Information . . . . . . . . . . . . . . . . . . . . . . . . S- 3

Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S- 4

Additional Risk Factors . . . . . . . . . . . . . . . . . . . . . . S- 7

Description of the Certificates . . . . . . . . . . . . . . . . . S- 7

Certain Additional Federal Income TaxConsequences . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-20

Plan of Distribution . . . . . . . . . . . . . . . . . . . . . . . . . S-26

Legal Matters . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-26

Schedule 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A- 1

Principal Balance Schedules . . . . . . . . . . . . . . . . . . . B- 1

$248,802,690

Guaranteed REMICPass-Through Certificates

andGuaranteed

Pass-Through Certificates

Fannie Mae Trust 2013-78

PROSPECTUS SUPPLEMENT

June 24, 2013

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