CUSIP Number:		3135A0N70

Title:

5.00% Notes Due September 28, 2011

This Pricing Supplement relates to the issue of Fannie Mae Investment Notes described below (the " Notes "). You should read it together with the Offering Circular, dated October 17, 2005 (the "Offering Circular"), and the Offering Circular Supplement, dated October 24, 2005 (the "Supplement"), relating to the Universal Debt Facility of the Federal National Mortgage Association ("Fannie Mae"). Capitalized terms used in this Pricing Supplement have the meanings we gave to them in the Offering Circular, unless we specify otherwise.

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

You should read and understand the following discussion of certain risk factors before purchasing the Notes. You also should read and understand the more complete discussion of risk factors that appears in the Offering Circular beginning on page 7. The following discussion, the Supplement and the Risk Factors section in the Offering Circular may not describe all of the risks and investment considerations (including those relating to your particular circumstances) of an investment in the Notes .

Risk Factors

You should consult your own financial and legal advisors about:

*		the risks of an investment in the Notes (for example, the risks associated with the Notes' redemption feature and Survivor's Option (as defined in the Supplement));

*		the suitability of your investing in the Notes in light of your particular situation;

*		the appropriate tools to analyze a possible investment in the Notes; and

*		possible economic and interest rate scenarios and other factors that may affect your investment in the Notes.

 

You should not purchase the Notes unless you understand, can evaluate and are able to bear all risks of an investment in the Notes. These risks include the risks that the Notes may not be readily saleable, that the value of the Notes will fluctuate over time, and that such fluctuations may be significant and could result in significant losses to you. These risks are especially important to understand if circumstances arise that will not permit you to hold the Notes until the Maturity Date. If you sell a Note prior to the Maturity Date, you may receive sales proceeds (less applicable transaction costs) that are less than the amount you originally invested.

Our ability to redeem the Notes before the Maturity Date is likely to affect the market value of the Notes. During any period when we may elect to redeem the Notes, the Notes' market value generally will not rise substantially above the price at which we may redeem the Notes because of the increased likelihood of redemption. This also may be true prior to any redemption period.

We may be expected to redeem the Notes when our cost of borrowing is lower than the interest rate on the Notes. Because we are most likely to redeem the Notes when interest rates have fallen, principal is likely to be returned to you upon redemption at a time when prevailing interest rates are lower. Therefore, you generally would not be able to reinvest redemption proceeds at an effective interest rate as high as the interest rate on the Notes, and your reinvestment might be at a significantly lower rate. You should consider the related reinvestment risk in light of other investments available to you at that time.

If you are considering purchasing Notes at a premium (or a discount), you should consider the risk that a redemption relatively early (or late) following issuance of the Notes could result in an actual yield that is lower than your anticipated yield.

If we redeem a portion of the Notes, the market for the Notes remaining outstanding may not be very liquid.

We will have a discretionary right to limit the aggregate principal amount of Notes subject to that Survivor's Option that may be exercised in any calendar year. We also will have the discretionary right to limit the aggregate principal amount of Notes subject to the Survivor's Option that may be exercised in any calendar year on behalf of any individual deceased beneficial owner of Notes. Accordingly, we cannot assure you that exercise of a Survivor's Option for the desired amount will be permitted in any single calendar year. Furthermore, a Survivor's Option may not be exercised until at least twelve months following the issue date of the Note.

You should consult your own financial and legal advisors about the suitability of your investing in the Notes in light of your particular situation (for example, if you need to receive the principal amount on the Maturity Date or need to receive fixed interest payments until the Maturity Date, the Notes may not be an appropriate investment for you because of the Notes' redemption feature).

CUSIP Number:

3135A0N70

Certain Securities Terms

1.

Title:

5.00% Notes Due September 28, 2011

2.

Aggregate Original Principal Amount:

$8,361,000.00

3.

Issue Date:

March 30, 2007

4.

Maturity Date:

September 28, 2011

5.

Subject to Redemption by Fannie Mae Prior to Maturity Date

__

No

X

Yes; in whole or in part, at our option, at any time (and from time to time) on or after March 28, 2008 at a redemption price of 100% of the principal amount redeemed, plus accrued interest thereon to the date of redemption.

6.

Survivor's Option:

__

No

X

Yes; additional details about the Survivor's Option are set forth in Annex A to the Supplement, and the form to be used to exercise the Survivor's Option is attached as Annex B to the Supplement.

7.

Interest

a.

Frequency of Interest Payments:

semiannually

b.

Interest Payment Dates:

the 28th day of each March and September

c.

First Interest Payment Date:

September 28, 2007

d.

Interest rate per annum:

5.00%

Accrual Method

The accrual method for the Notes is "30/360."  The 30-day basis for these Notes is ISDA 30, which is the standard specified by the International Swaps and Derivatives Association.  See "Description of the Debt Securities--Accrual Methods" in the Offering Circular for a discussion of the "30/360" accrual method.

Offering

1.

Pricing Date:

March 22, 2007

2.

Fixed Offering Price:

100.00

% of principal amount, plus accrued interest, if any, from the Settlement Date

3.

Dealer Purchase Price: 99.3125% of principal amount

a.

Concession:

0.625%

b.

Reallowance:

0.50%

c.

Proceeds to Fannie Mae:

$8,303,518.13

Settlement

1.

Settlement Date:

March 30, 2007

2.

Settlement Basis:

delivery versus payment

3.

Settlement Clearing System:

DTC

4.

Form:

Global Book-Entry Securities

Global Agent - Survivor's Option

Effective October 1, 2006, The Bank of New York Company, Inc. ("Bank of New York") will act as Fannie Mae's Global Agent with regard to the exercise of the Survivor's Option for the Notes. The contact information for Bank of New York with regard to the Survivor's Option for the Notes has changed.

Bank of New York's new contact information is as follows:

Telephone:

1-800-516-8216

email:

[email protected]

By registered mail:

By courier or overnight delivery:

Bank of New York

Bank of New York

WSS - Survivor Option Processing

WSS - Survivor Option Processing

PO Box 2320

2001 Bryan Street - 9th Floor

Dallas, TX 75221-2320

Dallas, TX 75201