exv12w1

Exhibit 12.1

FANNIE MAE
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in millions)


	For the Year Ended December 31,
	2008			2007			2006		2005			2004

Earnings:
Income (Loss) before extraordinary gains (losses)	$	(58,298	)	$	(2,035	)	$	4,047	$	6,294		$	4,975

Add:
Total interest expense		34,341			40,185			36,875		33,339			29,737
Provision (benefit) for federal income taxes		13,749			(3,091	)		166		1,277			1,024
Losses from partnership investments ⁽¹⁾		1,554			1,005			865		849			702
Capitalized interest		20			30			22		11			16
Minority interest in earnings (losses) of consolidated subsidiaries		(21	)		(21	)		10		(2	)		(8	)

Earnings (loss), as adjusted	$	(8,655	)	$	36,073		$	41,985	$	41,768		$	36,446


Fixed charges:
Total interest expense	$	34,341		$	40,185		$	36,875	$	33,339		$	29,737
Capitalized interest		20			30			22		11			16

Total fixed charges	$	34,361		$	40,215		$	36,897	$	33,350		$	29,753


Ratio of earnings (loss) to fixed charges		—			0.90:1			1.14:1		1.25:1			1.23:1


Deficiency	$	43,016		$	4,142


⁽¹⁾		Includes amortized capitalized interest related to our partnership investments of $13 million, $11 million, $10 million, $9 million and $5 million for the years ended December 2008, 2007, 2006, 2005, and 2004, respectively.