Fannie Mae 2005 Annual Report Download - page 34

copies of any filing from us, at no cost, by telephone at [phone] or by mail at 3900 Wisconsin Avenue,
NW, Washington, DC 20016.
Effective March 31, 2003, we voluntarily registered our common stock with the SEC under Section 12(g) of
the Exchange Act. Our common stock, as well as the debt, preferred stock and mortgage-backed securities we
issue, are exempt from registration under the Securities Act of 1933 and are “exempted” securities under the
Exchange Act. The voluntary registration of our common stock does not affect the exempt status of the debt,
equity and mortgage-backed securities that we issue.
With regard to OFHEO’s regulation of our activities, you may obtain materials from OFHEO’s Web site,
www.ofheo.gov. These materials include the September 2004 interim report of OFHEO’s findings of its special
examination and the May 2006 final report on its findings.
We are providing our Web site address and the Web site addresses of the SEC and OFHEO solely for your
information. Information appearing on our Web site or on the SEC’s Web site or OFHEO’s Web site is not
incorporated into this Annual Report on Form 10-K except as specifically stated in this Annual Report on
Form 10-K.
FORWARD-LOOKING STATEMENTS
This report contains forward-looking statements, which are statements about matters that are not historical
facts. In addition, our senior management may from time to time make forward-looking statements orally to
analysts, investors, the news media and others. Forward-looking statements often include words such as
“expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “will,” “would,” “should,” “could,”
“may,” or similar words. Among the forward-looking statements in this report are statements relating to:
• our expectation that we will file our 2006 Form 10-K by the end of 2007;
• our expectations regarding industry and economic trends, including our expectations that:
• growth in total U.S. residential mortgage debt outstanding will continue at a slower pace in 2007, as
the housing market cools further and average home prices possibly decline modestly;
• the continuation of positive demographic trends, such as stable household formation rates and a growing
economy, will help mitigate the slowdown in the growth in residential mortgage debt outstanding, but
are unlikely to offset the slowdown in the short- to medium-term;
• average home prices could go down in 2007;
• over the next decade, demographic demand (primarily from stable household formation rates, a positive
age structure of the population for homebuying and rising homeownership rates because of the high
level of immigration over the past 25 years) will be at a level that should lead to a fundamentally
strong mortgage market, and will support continued long-term demand for new capital to finance the
substantial and sustained housing finance needs of American homebuyers;
• guidance by depository institution regulators will likely slow significantly the growth of subprime and
Alt-A mortgage originations, which have represented an elevated level of market activity by historical
standards in recent years;
• our expectation that, when we expect to earn returns greater than our cost of equity capital, we generally
will be an active purchaser of mortgage loans and mortgage-related securities, and that when few
opportunities exist to earn returns above our cost of equity capital, we generally will be a less active
purchaser, and may be a net seller, of mortgage loans and mortgage-related securities;
• our expectation that we will be an active purchaser of less liquid forms of mortgage loans and mortgage-
related securities even in periods of high market demand for mortgage assets;
• our expectation that private-label issuers of mortgage-related securities will continue to provide significant
competition for our Single-Family and HCD businesses;
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