This Pricing Supplement relates to the Debt Securities described below (the "Notes"). You should read it together with the Offering Circular dated January 22, 2002 (the "Offering Circular"), relating to the Universal Debt Facility of the Federal National Mortgage Association ("Fannie Mae"). Unless defined below, capitalized terms have the meanings we gave to them in the Offering Circular.

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.

Certain Securities Terms

1.

Title:

3.875% Notes Due March 15, 2005

2.

Form:

Fed Book-Entry Securities

3.

Specified Payment Currency

a.

Interest:

U.S. dollars

b.

Principal:

U.S. dollars

4.

Aggregate Original Principal Amount:

$6,000,000,000.00

5.

Issue Date:

February 25, 2002

6.

Maturity Date:

March 15, 2005

Amount Payable on the Maturity Date:

100.00% of principal amount

7.

Subject to Redemption Prior to Maturity Date

X

No

__

Yes

8.

Interest Category:

Fixed Rate Securities

 
 
 

______________ 
"Benchmark Notes" is a registered mark of Fannie Mae. 
 

9.

Interest

a.

Frequency of Interest Payments:

semiannually

b.

Interest Payment Dates:

the 15th day of each March and September

c.

First Interest Payment Date:

September 15, 2002

d.

Interest rate per annum:

3.875%

Additional Information Relating to the Notes

1.

Identification Number(s)

a.

CUSIP:

31359MMG5

b.

ISIN:

US31359MMG59

c.

Common Code:

14405933

2.

Listing Application

	__ No
	X Yes:  Luxembourg Stock Exchange

3.

Eligibility for Stripping on the Issue Date

	__No
	X Yes

X  Minimum Principal Amount: $1,600,000.00

Offering

1.

Pricing Date:

February 21, 2002

2.

Method of Distribution:

X Principal

__ Non-underwritten

3.

Dealers

Underwriting Commitment

Deutsche Banc Alex. Brown Inc.

$ 1,499,000,000

Lehman Brothers Inc.

1,572,000,000

Morgan Stanley & Co. Incorporated

1,499,000,000

Bear, Stearns & Co. Inc.

80,000,000

Countrywide Securities Corporation

80,000,000

Credit Suisse First Boston Corporation

120,000,000

Goldman, Sachs & Co.

80,000,000

HSBC Securities (USA) Inc.

140,000,000

J.P. Morgan Securities Inc.

580,000,000

Merrill Lynch, Pierce, Fenner & Smith Incorporated

100,000,000

Salomon Smith Barney Inc.

100,000,000

UBS Warburg LLC

150,000,000

Total

$ 6,000,000,000

a.

Representative(s):

Deutsche Banc Alex. Brown Inc. Lehman Brothers Inc. Morgan Stanley & Co. Incorporated

b.

Stabilizing Manager:

Lehman Brothers Inc.

4.

Offering Price:

X

Fixed Offering Price: 99.758% of principal amount, plus accrued interest, if any, from the Settlement Date

__

Variable Price Offering

5.

Dealer Purchase Price: 99.683% of principal amount

a.

Concession:

0.06%

b.

Reallowance:

N/A

6.   Supplemental Plan of Distribution:  Annex 1

Settlement

1.

Settlement Date:

February 25, 2002

2.

Settlement Basis:

delivery versus payment

3.

Settlement Clearing System:

U.S. Federal Reserve Banks