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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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  	October 1, 2007
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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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  	&nbsp;
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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>
  </P>
  <P><FONT SIZE="2">
  [&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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  <B>
  	Item 3.02 Unregistered Sales of Equity Securities.
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  On October 1, 2007, Fannie Mae (formally known as the Federal National Mortgage Association) agreed to sell an aggregate of $375 million of non-cumulative perpetual preferred stock to a limited group of "qualified institutional buyers," as defined in Rule 144A under the Securities Act of 1933, as amended. <br><br>Specifically, Fannie Mae agreed to sell 15,000,000 shares of its 6.75% Rate Non-Cumulative Preferred Stock, Series Q (the "Series Q Preferred Stock"), to a limited group of qualified institutional buyers for an aggregate offering price of $375 million. Shares of Series Q Preferred Stock have no par value and have a stated value and liquidation preference of $25 per share. If declared, dividends will be payable on March 31, June 30, September 30 and December 31, beginning on December 31, 2007 at the annual rate of 6.75%.  Holders of the Series Q Preferred Stock are entitled to receive non-cumulative quarterly cash dividends when, as and if declared by Fannie Mae's Board of Directors or an authorized committee thereof at the quarterly dividend rate of $0.4219 per share for each complete quarterly dividend period.  On or after September 30, 2010, and subject to certain conditions, Fannie Mae may redeem some or all of the outstanding shares of Series Q Preferred Stock for a redemption price of $25 per share plus an amount equal to the dividend (whether or not that dividend has been declared by the Board of Directors) for the then-current quarterly dividend period, accrued to but excluding the date of redemption. Shares of Series Q Preferred Stock rank on a parity with other shares of Fannie Mae's outstanding preferred stock as to dividends and rights upon liquidation.<br><br>The preceding summary of the terms of the Series Q Preferred Stock is qualified in its entirety by the Certificate of Designation for the Series Q Preferred Stock, a copy of which is filed with this report as Exhibit 4.1 and incorporated herein by reference.<br><br>The issuance and sale of the Series Q Preferred Stock, which was placed by Goldman, Sachs & Co. and Merrill Lynch & Co., closed on October 4, 2007. Fannie Mae paid placement agent fees equal to 1% of the liquidation preference of the aggregate amount of Series Q Preferred Stock placed.<br><br>Pursuant to our Charter Act, the shares of the Series Q Preferred Stock (and all shares of Fannie Mae preferred stock) are "exempted securities" within the meaning of the Securities Act of 1933, as amended, and other 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. Because shares of Fannie Mae preferred stock are exempted securities, Fannie Mae does not file registration statements with the SEC with respect to offerings of its preferred stock.<br>
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  	Item 9.01 Financial Statements and Exhibits.
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  The exhibit index filed herewith is incorporated herein by reference.
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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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  	&nbsp;&nbsp;
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  <I>
  	October 4, 2007
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  	&nbsp;
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  	By:
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  <I>
  	/s/ Beth A. Wilkinson
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  	&nbsp;
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  <I>
  	Name: Beth A. Wilkinson
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  <I>
  	Title: Executive Vice President and General Counsel
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  	Exhibit&nbsp;Index
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  	Exhibit No.
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  	Description
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  	4.1
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  Certificate of Designation of Terms of 6.75% Rate Non-Cumulative Preferred Stock, Series Q
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metadata_documents: [{"type": "8-K", "sequence": "1", "filename": "htm_23032.htm", "description": "LIVE FILING", "secsgml_size_bytes": 12689}]
metadata_filer: {"company-data": {"conformed-name": "FEDERAL NATIONAL MORTGAGE ASSOCIATION FANNIE MAE", "cik": "0000310522", "assigned-sic": "6111", "irs-number": "520883107", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-50231", "film-number": "071159731"}, "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):
  October 1, 2007
  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 3.02 Unregistered Sales of Equity Securities.
  On October 1, 2007, Fannie Mae (formally known as the Federal National Mortgage Association) agreed to sell an aggregate of $375 million of non-cumulative perpetual preferred stock to a limited group of "qualified institutional buyers," as defined in Rule 144A under the Securities Act of 1933, as amended.
  Specifically, Fannie Mae agreed to sell 15,000,000 shares of its 6.75% Rate Non-Cumulative Preferred Stock, Series Q (the "Series Q Preferred Stock"), to a limited group of qualified institutional buyers for an aggregate offering price of $375 million. Shares of Series Q Preferred Stock have no par value and have a stated value and liquidation preference of $25 per share. If declared, dividends will be payable on March 31, June 30, September 30 and December 31, beginning on December 31, 2007 at the annual rate of 6.75%.  Holders of the Series Q Preferred Stock are entitled to receive non-cumulative quarterly cash dividends when, as and if declared by Fannie Mae's Board of Directors or an authorized committee thereof at the quarterly dividend rate of $0.4219 per share for each complete quarterly dividend period.  On or after September 30, 2010, and subject to certain conditions, Fannie Mae may redeem some or all of the outstanding shares of Series Q Preferred Stock for a redemption price of $25 per share plus an amount equal to the dividend (whether or not that dividend has been declared by the Board of Directors) for the then-current quarterly dividend period, accrued to but excluding the date of redemption. Shares of Series Q Preferred Stock rank on a parity with other shares of Fannie Mae's outstanding preferred stock as to dividends and rights upon liquidation.
  The preceding summary of the terms of the Series Q Preferred Stock is qualified in its entirety by the Certificate of Designation for the Series Q Preferred Stock, a copy of which is filed with this report as Exhibit 4.1 and incorporated herein by reference.
  The issuance and sale of the Series Q Preferred Stock, which was placed by Goldman, Sachs & Co. and Merrill Lynch & Co., closed on October 4, 2007. Fannie Mae paid placement agent fees equal to 1% of the liquidation preference of the aggregate amount of Series Q Preferred Stock placed.
  Pursuant to our Charter Act, the shares of the Series Q Preferred Stock (and all shares of Fannie Mae preferred stock) are "exempted securities" within the meaning of the Securities Act of 1933, as amended, and other 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. Because shares of Fannie Mae preferred stock are exempted securities, Fannie Mae does not file registration statements with the SEC with respect to offerings of its preferred stock.
  Item 9.01 Financial Statements and Exhibits.
  The exhibit index filed herewith is incorporated herein by reference.
  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
  October 4, 2007
  By:
  /s/ Beth A. Wilkinson
  Name: Beth A. Wilkinson
  Title: Executive Vice President and General Counsel
  Top of the Form
  Exhibit Index
  Exhibit No.
  Description
  4.1
  Certificate of Designation of Terms of 6.75% Rate Non-Cumulative Preferred Stock, Series Q