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  <TITLE> Federal National Mortgage Association (Form: 8-K) </TITLE>
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  		UNITED STATES<BR>
  	SECURITIES AND EXCHANGE COMMISSION
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  	WASHINGTON, D.C. 20549
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  	FORM 8-K
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  	CURRENT REPORT
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  	Pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934
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  	Date of Report (Date of Earliest Event Reported):
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  	&nbsp;
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  	August 9, 2006
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  	Federal National Mortgage Association
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  <BR>__________________________________________<BR>
  	(Exact name of registrant as specified in its charter)
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  	Federally Chartered Corporation
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  	000-50231
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  	52-0883107
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  _____________________<BR>
  	(State or other jurisdiction
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  _____________<BR>
  	(Commission
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  ______________<BR>
  	(I.R.S. Employer
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  	of incorporation)
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  	File Number)
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  	Identification No.)
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  	&nbsp;&nbsp;
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  	3900 Wisconsin Avenue, NW, Washington, District of Columbia
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  	&nbsp;
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  	20016
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  _________________________________<BR>
  	(Address of principal executive offices)
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  	&nbsp;
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  ___________<BR>
  	(Zip Code)
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  	Registrant&#146;s telephone number, including area code:
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  	202-752-7000
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  	Not Applicable
  <BR>______________________________________________<BR>
  	Former name or former address, if changed since last report
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  	&nbsp;
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  <!-- CoverPageRegistrant END --><P><FONT SIZE="2">
  Check the appropriate box below if the Form 8-K filing is intended to
  simultaneously satisfy the filing obligation of the registrant under any
  of the following provisions:</FONT>
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  [&nbsp;&nbsp;]&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<br>
  [&nbsp;&nbsp;]&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<br>
  [&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<br>
  [&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<br>
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  	Item 2.02 Results of Operations and Financial Condition.
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  On August 9, 2006, Fannie Mae (formally, the Federal National Mortgage Association) filed a Form 12b-25 with the Securities and Exchange Commission ("SEC") to report that it will not timely file its Quarterly Report on Form 10-Q for the quarter ended June 30, 2006.<br><br>The narrative portions of the Form 12b-25, copies of which are filed as Exhibit 99.1 to this report, are incorporated herein by reference.<br><br>The information in this item shall be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934.<br>
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  	Item 3.02 Unregistered Sales of Equity Securities.
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  Under the Fannie Mae Stock Compensation Plan of 1993 and the Fannie Mae Stock Compensation Plan of 2003 (the "Plans"), Fannie Mae regularly provides stock compensation to employees and members of the Board of Directors to attract, motivate and retain these individuals and promote an identity of interests with shareholders. During the quarter ended June 30, 2006, Fannie Mae issued 55,804 shares of common stock upon the exercise of stock options for an aggregate exercise price of approximately $2.1 million, of which approximately $2.0 million was paid in cash and the remainder was paid by the delivery to Fannie Mae of 3,230 shares of common stock. Under the Plans, options are granted only to employees and members of the Board of Directors.  These options typically vest 25 percent per year beginning on the first anniversary of the date of grant and expire ten years after the grant. During the quarter ended June 30, 2006, in consideration of services rendered or to be rendered, Fannie Mae issued 126,171 shares of restricted stock to employees or members of the Board of Directors.  In addition, 3,475 restricted stock units held by employees vested, as a result of which 2,466 shares of common stock were issued and 1,009 shares of common stock that otherwise would have been issued were withheld by Fannie Mae in lieu of requiring the recipients to pay Fannie Mae the withholding taxes due upon vesting.  Shares of restricted stock and restricted stock units granted under the Plans typically vest in equal annual installments over three or four years beginning on the first anniversary of the date of grant. Each restricted stock unit represents the right to receive a share of common stock at the time of vesting. As a result, restricted stock units are generally similar to restricted stock, except that restricted stock units do not confer voting rights on their holders. <br><br>The securities Fannie Mae issues are "exempted securities" under laws administered by the SEC to the same extent as securities that are obligations of, or are guaranteed as to principal and interest by, the United States. As a result, Fannie Mae does not file registration statements with the SEC with respect to offerings of Fannie Mae securities.
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  	Item 8.01 Other Events.
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  ISSUER REPURCHASES<br><br>Fannie Mae repurchased 7,570 shares of common stock from employees for a weighted average purchase price of $48.842 per share under Fannie Mae&#x2019;s previously announced Employee Stock Repurchase Program, during the quarter ended June 30, 2006.  In addition, during the quarter Fannie Mae repurchased 2,430 shares of common stock for a weighted average purchase price of $49.395 per share in a limited number of instances relating to employee financial hardship.  During the quarter ended June 30, 2006, Fannie Mae also reacquired 21,774 shares from employees to pay an aggregate of approximately $1.1 million in withholding taxes due upon the vesting of restricted stock, accepted 249 shares from employees to pay an aggregate of approximately $.01 million in withholding taxes due upon the exercise of employee stock options, and accepted 3,230 shares of common stock from employees at a weighted average fair market value of $48.852 to pay an aggregate exercise price of approximately $.16 million for employee stock options. <br><br>INFORMATION ABOUT CERTAIN DEBT AND MBS ISSUANCES BY FANNIE MAE CAN BE FOUND ON FANNIE MAE&#x2019;S WEBSITE<br><br>Pursuant to SEC regulations, public companies are required to disclose certain information when they incur a material direct financial obligation or become directly or contingently liable for a material obligation under an off-balance sheet arrangement. The disclosure must be made on a Form 8-K under Item 2.03 or, if the obligation is incurred in connection with certain types of securities offerings, in prospectuses for that offering that are filed with the SEC.<br><br>Fannie Mae&#x2019;s securities offerings are exempted from SEC registration requirements. As a result, Fannie Mae is not required to and does not file registration statements or prospectuses with the SEC with respect to its securities offerings. To comply with the disclosure requirements of Form 8-K relating to the incurrence of material financial obligations, Fannie Mae will report its incurrence of these types of material obligations either in offering circulars or prospectuses (or supplements thereto) that it will post on its website or file in a Form 8-K, in accordance with a "no-action" letter Fannie Mae received from the SEC staff. In cases where the information is disclosed in a prospectus or offering circular posted on Fannie Mae&#x2019;s website, the document will be posted on Fannie Mae's web site within the same time period that a prospectus for a non-exempt securities offering would be required to be filed with the SEC.<br><br>The website address for disclosure about Fannie Mae&#x2019;s debt securities is www.fanniemae.com/debtsearch. From this address, investors can access the offering circular and related supplements for debt securities offerings under Fannie Mae&#x2019;s universal debt facility, including pricing supplements for individual issuances of debt securities.<br><br>Disclosure about Fannie Mae&#x2019;s off-balance sheet obligations pursuant to some of the mortgage-backed securities Fannie Mae issues can be found at www.fanniemae.com/mbsdisclosure. From this address, investors can access information and documents about Fannie Mae's mortgage-backed securities, including prospectuses and related prospectus supplements or preliminary data statements for specific issuances.<br><br>Fannie Mae does not intend the Internet addresses in the preceding paragraphs to be active links. Therefore, the information that appears on these websites is not incorporated into this Form 8-K.<br><br><br>
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  	Item 9.01 Financial Statements and Exhibits.
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  (d) Exhibits. The exhibit index filed herewith is incorporated herein by reference.<br><br>Exhibit 99.1 to this report shall be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934.
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  	SIGNATURES
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  	Pursuant to the requirements of the Securities Exchange Act of 1934, the
  	registrant has duly caused this report to be signed on its behalf by the
  	undersigned hereunto duly authorized.
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  	Federal National Mortgage Association
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  <I>
  	August 9, 2006
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  	By:
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  <I>
  	/s/ Robert T. Blakely
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  <I>
  	Name: Robert T. Blakely
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  	Title: Executive Vice President and Chief Financial Officer
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  	Exhibit&nbsp;Index
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  	Exhibit No.
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  	99.1
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  Narrative portions of Form 12b-25 filed by Fannie Mae on August 9, 2006
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metadata_documents: [{"type": "8-K", "sequence": "1", "filename": "htm_14293.htm", "description": "LIVE FILING", "secsgml_size_bytes": 16761}]
metadata_filer: {"company-data": {"conformed-name": "FEDERAL NATIONAL MORTGAGE ASSOCIATION FANNIE MAE", "cik": "0000310522", "assigned-sic": "6111", "irs-number": "520883107"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-50231", "film-number": "061015135"}, "business-address": {"street1": "3900 WISCONSIN AVE N.W.", "city": "WASHINGTON", "state": "DC", "zip": "20016", "phone": "202-752-7000"}, "mail-address": {"street1": "3900 WISCONSIN AVE N.W.", "city": "WASHINGTON", "state": "DC", "zip": "20016"}, "former-company": {"former-conformed-name": "FEDERAL NATIONAL MORTGAGE ASSOCIATION", "date-changed": "19950110"}}
text: Federal National Mortgage Association (Form: 8-K)
  UNITED STATES
  SECURITIES AND EXCHANGE COMMISSION
  WASHINGTON, D.C. 20549
  FORM 8-K
  CURRENT REPORT
  Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
  Date of Report (Date of Earliest Event Reported):
  August 9, 2006
  Federal National Mortgage Association
  __________________________________________
  (Exact name of registrant as specified in its charter)
  Federally Chartered Corporation
  000-50231
  52-0883107
  _____________________
  (State or other jurisdiction
  _____________
  (Commission
  ______________
  (I.R.S. Employer
  of incorporation)
  File Number)
  Identification No.)
  3900 Wisconsin Avenue, NW, Washington, District of Columbia
  20016
  _________________________________
  (Address of principal executive offices)
  ___________
  (Zip Code)
  Registrant's telephone number, including area code:
  202-752-7000
  Not Applicable
  ______________________________________________
  Former name or former address, if changed since last report
  Check the appropriate box below if the Form 8-K filing is intended to
  simultaneously satisfy the filing obligation of the registrant under any
  of the following provisions:
  [  ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
  [  ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
  [  ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
  [  ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
  Top of the Form
  Item 2.02 Results of Operations and Financial Condition.
  On August 9, 2006, Fannie Mae (formally, the Federal National Mortgage Association) filed a Form 12b-25 with the Securities and Exchange Commission ("SEC") to report that it will not timely file its Quarterly Report on Form 10-Q for the quarter ended June 30, 2006.
  The narrative portions of the Form 12b-25, copies of which are filed as Exhibit 99.1 to this report, are incorporated herein by reference.
  The information in this item shall be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934.
  Item 3.02 Unregistered Sales of Equity Securities.
  Under the Fannie Mae Stock Compensation Plan of 1993 and the Fannie Mae Stock Compensation Plan of 2003 (the "Plans"), Fannie Mae regularly provides stock compensation to employees and members of the Board of Directors to attract, motivate and retain these individuals and promote an identity of interests with shareholders. During the quarter ended June 30, 2006, Fannie Mae issued 55,804 shares of common stock upon the exercise of stock options for an aggregate exercise price of approximately $2.1 million, of which approximately $2.0 million was paid in cash and the remainder was paid by the delivery to Fannie Mae of 3,230 shares of common stock. Under the Plans, options are granted only to employees and members of the Board of Directors.  These options typically vest 25 percent per year beginning on the first anniversary of the date of grant and expire ten years after the grant. During the quarter ended June 30, 2006, in consideration of services rendered or to be rendered, Fannie Mae issued 126,171 shares of restricted stock to employees or members of the Board of Directors.  In addition, 3,475 restricted stock units held by employees vested, as a result of which 2,466 shares of common stock were issued and 1,009 shares of common stock that otherwise would have been issued were withheld by Fannie Mae in lieu of requiring the recipients to pay Fannie Mae the withholding taxes due upon vesting.  Shares of restricted stock and restricted stock units granted under the Plans typically vest in equal annual installments over three or four years beginning on the first anniversary of the date of grant. Each restricted stock unit represents the right to receive a share of common stock at the time of vesting. As a result, restricted stock units are generally similar to restricted stock, except that restricted stock units do not confer voting rights on their holders.
  The securities Fannie Mae issues are "exempted securities" under laws administered by the SEC to the same extent as securities that are obligations of, or are guaranteed as to principal and interest by, the United States. As a result, Fannie Mae does not file registration statements with the SEC with respect to offerings of Fannie Mae securities.
  Item 8.01 Other Events.
  ISSUER REPURCHASES
  Fannie Mae repurchased 7,570 shares of common stock from employees for a weighted average purchase price of $48.842 per share under Fannie Mae's previously announced Employee Stock Repurchase Program, during the quarter ended June 30, 2006.  In addition, during the quarter Fannie Mae repurchased 2,430 shares of common stock for a weighted average purchase price of $49.395 per share in a limited number of instances relating to employee financial hardship.  During the quarter ended June 30, 2006, Fannie Mae also reacquired 21,774 shares from employees to pay an aggregate of approximately $1.1 million in withholding taxes due upon the vesting of restricted stock, accepted 249 shares from employees to pay an aggregate of approximately $.01 million in withholding taxes due upon the exercise of employee stock options, and accepted 3,230 shares of common stock from employees at a weighted average fair market value of $48.852 to pay an aggregate exercise price of approximately $.16 million for employee stock options.
  INFORMATION ABOUT CERTAIN DEBT AND MBS ISSUANCES BY FANNIE MAE CAN BE FOUND ON FANNIE MAE'S WEBSITE
  Pursuant to SEC regulations, public companies are required to disclose certain information when they incur a material direct financial obligation or become directly or contingently liable for a material obligation under an off-balance sheet arrangement. The disclosure must be made on a Form 8-K under Item 2.03 or, if the obligation is incurred in connection with certain types of securities offerings, in prospectuses for that offering that are filed with the SEC.
  Fannie Mae's securities offerings are exempted from SEC registration requirements. As a result, Fannie Mae is not required to and does not file registration statements or prospectuses with the SEC with respect to its securities offerings. To comply with the disclosure requirements of Form 8-K relating to the incurrence of material financial obligations, Fannie Mae will report its incurrence of these types of material obligations either in offering circulars or prospectuses (or supplements thereto) that it will post on its website or file in a Form 8-K, in accordance with a "no-action" letter Fannie Mae received from the SEC staff. In cases where the information is disclosed in a prospectus or offering circular posted on Fannie Mae's website, the document will be posted on Fannie Mae's web site within the same time period that a prospectus for a non-exempt securities offering would be required to be filed with the SEC.
  The website address for disclosure about Fannie Mae's debt securities is www.fanniemae.com/debtsearch. From this address, investors can access the offering circular and related supplements for debt securities offerings under Fannie Mae's universal debt facility, including pricing supplements for individual issuances of debt securities.
  Disclosure about Fannie Mae's off-balance sheet obligations pursuant to some of the mortgage-backed securities Fannie Mae issues can be found at www.fanniemae.com/mbsdisclosure. From this address, investors can access information and documents about Fannie Mae's mortgage-backed securities, including prospectuses and related prospectus supplements or preliminary data statements for specific issuances.
  Fannie Mae does not intend the Internet addresses in the preceding paragraphs to be active links. Therefore, the information that appears on these websites is not incorporated into this Form 8-K.
  Item 9.01 Financial Statements and Exhibits.
  (d) Exhibits. The exhibit index filed herewith is incorporated herein by reference.
  Exhibit 99.1 to this report shall be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934.
  Top of the Form
  SIGNATURES
  Pursuant to the requirements of the Securities Exchange Act of 1934, the
  	registrant has duly caused this report to be signed on its behalf by the
  	undersigned hereunto duly authorized.
  Federal National Mortgage Association
  August 9, 2006
  By:
  /s/ Robert T. Blakely
  Name: Robert T. Blakely
  Title: Executive Vice President and Chief Financial Officer
  Top of the Form
  Exhibit Index
  Exhibit No.
  Description
  99.1
  Narrative portions of Form 12b-25 filed by Fannie Mae on August 9, 2006