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Item 6. Selected Financial Data

The selected consolidated financial data presented below is summarized from our results of operations for the

five-year period ended December 31, 2006, as well as selected consolidated balance sheet data as of

December 31, 2006, 2005, 2004, 2003, and 2002. The data presented below should be read in conjunction

with the audited consolidated financial statements and related notes and with “Item 7—MD&A” included in

this Annual Report on Form 10-K.

2006 2005 2004 2003 2002

For the Year Ended December 31,

(Dollars in millions, except per share amounts)

Income Statement Data:

Net interest income . . . . . . . . . . . . . . . . . . . . . . . . . . $ 6,752 $ 11,505 $ 18,081 $ 19,477 $ 18,426

Guaranty fee income . . . . . . . . . . . . . . . . . . . . . . . . . 4,174 3,925 3,715 3,376 2,516

Derivative fair value losses, net . . . . . . . . . . . . . . . . . . (1,522) (4,196) (12,256) (6,289) (12,919)

Other income (loss)

(1)

. . . . . . . . . . . . . . . . . . . . . . . . (927) (871) (923) (4,315) (1,735)

Income before extraordinary gains (losses) and

cumulative effect of change in accounting principle . . 4,047 6,294 4,975 7,852 3,914

Extraordinary gains (losses), net of tax effect . . . . . . . . 12 53 (8) 195 —

Cumulative effect of change in accounting principle, net

of tax effect . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — — 34 —

Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,059 6,347 4,967 8,081 3,914

Preferred stock dividends and issuance costs at

redemption . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (511) (486) (165) (150) (111)

Net income available to common stockholders . . . . 3,548 5,861 4,802 7,931 3,803

Per Common Share Data:

Earnings per share before extraordinary gains (losses)

and cumulative effect of change in accounting

principle:

Basic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3.64 $ 5.99 $ 4.96 $ 7.88 $ 3.83

Diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.64 5.96 4.94 7.85 3.81

Earnings per share after extraordinary gains (losses) and

cumulative effect of change in accounting principle:

Basic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3.65 $ 6.04 $ 4.95 $ 8.12 $ 3.83

Diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.65 6.01 4.94 8.08 3.81

Weighted-average common shares outstanding:

Basic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 971 970 970 977 992

Diluted................................. 972 998 973 981 998

Cash dividends declared per share . . . . . . . . . . . . . . . . $ 1.18 $ 1.04 $ 2.08 $ 1.68 $ 1.32

New Business Acquisition Data:

Fannie Mae MBS issues acquired by third parties

(2)

. . . $417,471 $465,632 $462,542 $ 850,204 $478,260

Mortgage portfolio purchases

(3)

. . . . . . . . . . . . . . . . . . 185,507 146,640 262,647 572,852 370,641

New business acquisitions . . . . . . . . . . . . . . . . . . . . $602,978 $612,272 $725,189 $1,423,056 $848,901