Prospectus Supplement (To REMIC Prospectus dated May 1, … · 2019. 7. 13. · Prospectus Supplement (To REMIC Prospectus dated May 1, 2002) $526,094,189 Guaranteed REMIC Pass-Through

Prospectus Supplement(To REMIC Prospectus dated May 1, 2002)

$526,094,189

Guaranteed REMIC Pass-Through CertiÑcatesFannie Mae REMIC Trust 2004-84

The CertiÑcatesOriginal FinalClass Principal Interest Interest CUSIP DistributionWe, the Federal National Mortgage As-

Class Group Balance Type Rate Type Number Datesociation (Fannie Mae), will issue the

FD ÏÏÏÏÏÏÏ 1 $ 17,561,285 SC/TAC/AD (1) FLT 31394BGV0 April 2034classes of certiÑcates listed in the chartJD ÏÏÏÏÏÏÏ 1 246,729(2) NTL (1) INV/IO 31394BGW8 April 2034

on this page.SD ÏÏÏÏÏÏÏ 1 7,982,402 SC/TAC/AD (1) INV 31394BGX6 April 2034

UDÏÏÏÏÏÏÏ 1 3,991,201(2) NTL (1) INV/IO 31394BGY4 April 2034Payments to CertiÑcateholders ZDÏÏÏÏÏÏÏ 1 5,900,000 SC/SUP 5.5% FIX/Z 31394BGZ1 April 2034

GAÏÏÏÏÏÏÏ 2 100,000,000 SEQ 4.5 FIX 31394BHA5 December 2022We will make monthly payments on theGI ÏÏÏÏÏÏÏ 2 10,000,000(2) NTL 5.0 FIX/IO 31394BHB3 December 2022certiÑcates. You, the investor, willGB ÏÏÏÏÏÏÏ 2 21,000,000 SEQ 5.0 FIX 31394BHC1 November 2024receiveEC(3) ÏÏÏÏ 3 327,858,000 SEQ (4) PO 31394BHD9 October 2018

‚ interest accrued on the balance of CF(3) ÏÏÏÏ 3 234,184,286(2) NTL (1) FLT/IO 31394BHE7 October 2018

CS(3) ÏÏÏÏ 3 234,184,286(2) NTL (1) INV/IO 31394BHF4 October 2018your certiÑcate (except in the case ofCAÏÏÏÏÏÏÏ 3 45,792,502 SEQ 5.0 FIX 31394BHG2 November 2019the accrual class), andR ÏÏÏÏÏÏÏ 0 NPR 0 NPR 31394BHH0 April 2034‚ principal to the extent available forRL ÏÏÏÏÏÏÏ 0 NPR 0 NPR 31394BHJ6 April 2034

payment on your class.(1) Based on LIBOR. (3) Exchangeable classes.(2) Notional balances. These classes are interest only classes. (4) Principal only class.We may pay principal at rates that vary

from time to time. We may not payprincipal to certain classes for long peri-ods of time.

If you own certiÑcates of certain classes, you can exchange them for theThe Fannie Mae Guaranty

corresponding RCR certiÑcates to be issued at the time of the exchange. TheWe will guarantee that required payments FC, CB, CD, CE, CG, CI and CH Classes are the RCR classes, as furtherof principal and interest on the certificates described in this prospectus supplement.are distributed to investors on time.

The Trust and its Assets

The trust will own The dealer will oÅer the certiÑcates from time to time in negotiatedtransactions at varying prices. We expect the settlement date to be‚ an underlying REMIC certiÑcateOctober 29, 2004.backed by Fannie Mae MBS, and

‚ Fannie Mae MBS.

The mortgage loans underlying the Fan-nie Mae MBS are Ñrst lien, single-fam-ily, Ñxed-rate loans.

Carefully consider the risk factors starting on page S-8 of this prospectus supplement and on page 10 of theREMIC prospectus. Unless you understand and are able to tolerate these risks, you should not invest in thecertiÑcates.

You should read the REMIC prospectus as well as this prospectus supplement.

The certiÑcates, together with interest thereon, are not guaranteed by the United States and do not constitute a debtor obligation of the United States or any agency or instrumentality thereof other than Fannie Mae.

The certiÑcates are exempt from registration under the Securities Act of 1933 and are ""exempted securities'' underthe Securities Exchange Act of 1934.

CitigroupThe date of this Prospectus Supplement is September 29, 2004.

TABLE OF CONTENTS

Page Page

AVAILABLE INFORMATIONÏÏÏÏÏÏ S- 3 Group 3 Principal DistributionAmount ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S-17INCORPORATION BY

REFERENCE ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S- 3 STRUCTURING ASSUMPTIONS ÏÏÏÏÏÏÏÏ S-17

REFERENCE SHEETÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S- 5 Pricing AssumptionsÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S-17

ADDITIONAL RISK FACTORSÏÏÏÏ S- 8 Prepayment Assumptions ÏÏÏÏÏÏÏÏÏ S-17

DESCRIPTION OF THE Structuring Rate ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S-17CERTIFICATES ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S- 9

YIELD TABLES ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S-18GENERAL ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S- 9

General ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S-18StructureÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S- 9

The Fixed Rate Interest OnlyFannie Mae Guaranty ÏÏÏÏÏÏÏÏÏÏÏÏ S-10 Classes ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S-18Characteristics of CertiÑcates ÏÏÏÏÏÏ S-10 The Inverse Floating Rate ClassesAuthorized Denominations ÏÏÏÏÏÏÏÏ S-11 and the CF ClassÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S-19

Distribution Dates ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S-11 The Principal Only Class ÏÏÏÏÏÏÏÏÏ S-21

Record Date ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S-11 WEIGHTED AVERAGE LIVES OF THE

CERTIFICATESÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S-21Class Factors ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S-11

DECREMENT TABLES ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S-22No Optional Termination ÏÏÏÏÏÏÏÏÏ S-11

Voting the Group 1 Underlying CHARACTERISTICS OF THE R AND

REMIC CertiÑcate ÏÏÏÏÏÏÏÏÏÏÏÏÏ S-11 RL CLASSES ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S-24

COMBINATION AND RECOMBINATIONÏÏ S-11 CERTAIN ADDITIONALGeneral ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S-11 FEDERAL INCOME TAX

CONSEQUENCESÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S-25Procedures ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S-12REMIC ELECTIONS AND SPECIALAdditional ConsiderationsÏÏÏÏÏÏÏÏÏ S-12

TAX ATTRIBUTESÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S-25THE GROUP 1 UNDERLYING REMIC

TAXATION OF BENEFICIAL OWNERS OFCERTIFICATEÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S-12REGULAR CERTIFICATESÏÏÏÏÏÏÏÏÏÏÏ S-25THE TRUST MBS ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S-13

TAXATION OF BENEFICIAL OWNERS OFFINAL DATA STATEMENTÏÏÏÏÏÏÏÏÏÏÏÏ S-13RESIDUAL CERTIFICATES ÏÏÏÏÏÏÏÏÏÏ S-26

DISTRIBUTIONS OF INTEREST ÏÏÏÏÏÏÏÏ S-14TAXATION OF BENEFICIAL OWNERS OF

Categories of ClassesÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S-14 RCR CERTIFICATESÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S-26General ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S-14 General ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S-26Interest Accrual Periods ÏÏÏÏÏÏÏÏÏÏ S-14

Combination RCR Classes ÏÏÏÏÏÏÏÏÏ S-26Accrual Class ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S-15

Exchanges ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S-27Notional Classes ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S-15

TAX RETURN DISCLOSUREFloating Rate and Inverse Floating REQUIREMENTSÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S-27

Rate Classes ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S-15PLAN OF DISTRIBUTION ÏÏÏÏÏÏÏÏ S-27

CALCULATION OF LIBORÏÏÏÏÏÏÏÏÏÏÏÏ S-15General ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S-27

DISTRIBUTIONS OF PRINCIPAL ÏÏÏÏÏÏÏ S-15Increase in CertiÑcatesÏÏÏÏÏÏÏÏÏÏÏÏ S-27

Categories of ClassesÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S-15LEGAL MATTERSÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S-27

Principal Distribution Amount ÏÏÏÏ S-16EXHIBIT A ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ A- 1Group 1 Principal DistributionSCHEDULE 1ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ A- 2Amount ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S-16

Group 2 Principal Distribution PRINCIPAL BALANCEAmount ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S-16 SCHEDULES ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ B- 1

S-2

AVAILABLE INFORMATION

You should purchase the certiÑcates only if you have read and understood this prospectussupplement and the following documents (the ""Disclosure Documents''):

‚ our Prospectus for Fannie Mae Guaranteed REMIC Pass-Through CertiÑcates dated May 1,2002 (the ""REMIC Prospectus'');

‚ our Prospectus for Fannie Mae Guaranteed Mortgage Pass-Through CertiÑcates (Single-Family Residential Mortgage Loans) dated July 1, 2004 (the ""MBS Prospectus'');

‚ if you are purchasing any Group 1 Class or the R or RL Class, the disclosure document relatingto the Group 1 Underlying REMIC CertiÑcate (the ""Underlying REMIC Disclosure Docu-ment''); and

‚ any information incorporated by reference in this prospectus supplement as discussed belowunder the heading ""Incorporation by Reference.''.

You can obtain copies of the Disclosure Documents by writing or calling us at:

Fannie MaeMBS Helpline3900 Wisconsin Avenue, N.W., Area 2H-3SWashington, D.C. 20016(telephone 1-800-237-8627).

In addition, the Disclosure Documents, together with the class factors, are available on our corporateWeb site at www.fanniemae.com.

You also can obtain copies of the Disclosure Documents, except the Underlying REMICDisclosure Document, by writing or calling the dealer at:

Citigroup Global Markets Inc.Prospectus DepartmentBrooklyn Army Terminal140 58th Street, Suite 8-GBrooklyn, New York 11220(telephone 718-765-6732).

INCORPORATION BY REFERENCE

We are incorporating by reference in this prospectus supplement the documents listed below. Thismeans that we are disclosing information to you by referring you to these documents. Thesedocuments are considered part of this prospectus supplement, so you should read this prospectussupplement, and any applicable supplements or amendments, together with these documents.

You should rely only on the information provided or incorporated by reference in the REMICProspectus, the MBS Prospectus and this prospectus supplement and any applicable supplements oramendments.

We incorporate by reference the following documents we have Ñled, or may Ñle, with theSecurities and Exchange Commission (""SEC''):

‚ our Annual Report on Form 10-K for the Ñscal year ended December 31, 2003 (""Form 10-K'');

‚ all other reports we have Ñled pursuant to Section 13(a) or 15(d) of the Securities ExchangeAct of 1934 since the end of the Ñscal year covered by the Form 10-K until the date of thisprospectus supplement, excluding any information ""furnished'' to the SEC on Form 8-K; and

S-3

‚ all proxy statements that we Ñle with the SEC and all documents that we Ñle with the SECpursuant to Section 13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of 1934subsequent to the date of this prospectus supplement and prior to the completion of theoÅering of the certiÑcates, excluding any information we ""furnish'' to the SEC on Form 8-K.

Any information incorporated by reference in this prospectus supplement is deemed to bemodiÑed or superseded for purposes of this prospectus supplement to the extent informationcontained or incorporated by reference in this prospectus supplement modiÑes or supersedes suchinformation. In such case, the information will constitute a part of this prospectus supplement only asso modiÑed or superseded.

We Ñle annual, quarterly and current reports, proxy statements and other information with theSEC. You can obtain copies of the periodic reports we Ñle with the SEC without charge by calling orwriting our OÇce of Investor Relations, Fannie Mae, 3900 Wisconsin Avenue, NW, Washington, DC20016, telephone: (202) 752-7115. The periodic and current reports that we Ñle with the SEC are alsoavailable on our Web site. Information appearing on our Web site is not incorporated in thisprospectus supplement except as speciÑcally stated in this prospectus supplement.

In addition, you may read our SEC Ñlings and other information about Fannie Mae at the oÇcesof the New York Stock Exchange, the Chicago Stock Exchange and the PaciÑc Exchange. Our SECÑlings are also available at the SEC's Web site at www.sec.gov. You also may read and copy anydocument we Ñle with the SEC by visiting the SEC's Public Reference Room at 450 Fifth Street, NW,Washington, DC 20549. Please call the SEC at 1-800-SEC-0330 for further information about theoperation of the Public Reference Room. We are providing the address of the SEC's internet site solelyfor the information of prospective investors. Information appearing on the SEC's Web site is notincorporated in this prospectus supplement except as speciÑcally stated in this prospectussupplement.

S-4

REFERENCE SHEET

This reference sheet is not a summary of the transaction and does not contain completeinformation about the certiÑcates. You should purchase the certiÑcates only after readingthis prospectus supplement and each of the additional disclosure documents listed onpage S-3.

Assets Underlying Each Group of Classes

Group Assets

1 Class 2004-60-AB REMIC CertiÑcate2 Group 2 MBS3 Group 3 MBS

Characteristics of the Group 1 Underlying REMIC CertiÑcate

Exhibit A describes the Group 1 Underlying REMIC CertiÑcate, including certain informationabout the related mortgage loans. To learn more about the Group 1 Underlying REMIC CertiÑcate,you should obtain from us the current class factor and the related disclosure document as described onpage S-3.

Assumed Characteristics of the Mortgage Loans Underlying the Trust MBS (as ofOctober 1, 2004)

Approximate ApproximateOriginal Weighted Average Weighted Approximate

Approximate Term to Remaining Term Average WeightedPrincipal Maturity to Maturity Loan Age AverageBalance (in months) (in months) (in months) Coupon

Group 2 MBS $121,000,000 240 230 9 5.459%Group 3 MBS $373,650,502 180 169 10 5.430%

The actual remaining terms to maturity, weighted average loan ages and interest rates of most ofthe mortgage loans will diÅer from the weighted averages shown above, perhaps signiÑcantly.

Class Factors

The class factors are numbers that, when multiplied by the initial principal balance of acertiÑcate, can be used to calculate the current principal balance of that certiÑcate (after taking intoaccount principal payments in the same month). We publish the class factors on or shortly after the11th day of each month.

Settlement Date

We expect to issue the certiÑcates on October 29, 2004.

Distribution Dates

We will make payments on the certiÑcates on the 25th day of each calendar month, or on the nextbusiness day if the 25th day is not a business day.

Book-Entry and Physical CertiÑcates

We will issue the book-entry certiÑcates through the U.S. Federal Reserve Banks, which willelectronically track ownership of the certiÑcates and payments on them. We will issue physicalcertiÑcates in registered, certiÑcated form.

S-5

We will issue the classes of certiÑcates in the following forms:

Fed Book-Entry Physical

All classes of certiÑcates other R and RL Classesthan the R and RL Classes

Exchanging CertiÑcates Through Combination and Recombination

If you own certain certiÑcates, you will be able to exchange them for a proportionate interest inthe related RCR certiÑcates as shown on Schedule 1. We will issue the RCR certiÑcates upon suchexchange. You can exchange your certiÑcates by notifying us and paying an exchange fee. We use theprincipal and interest of the certiÑcates exchanged to pay principal and interest on the related RCRcertiÑcates. Schedule 1 lists the available combinations of the certiÑcates eligible for exchange and therelated RCR certiÑcates.

Interest Rates

During each interest accrual period, the Ñxed rate classes will bear interest at the applicableannual interest rates listed on the cover of this prospectus supplement or on Schedule 1.

During the initial interest accrual period, the Öoating rate and inverse Öoating rate classes willbear interest at the initial interest rates listed below. During subsequent interest accrual periods, theÖoating rate and inverse Öoating rate classes will bear interest based on the formulas indicated below,but always subject to the speciÑed maximum and minimum interest rates:

Initial Maximum Minimum Formula forInterest Interest Interest Calculation of

Class Rate Rate Rate Interest Rate(1)

FDÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 2.250% 8.00% 0.40% LIBOR ° 40 basis pointsJD ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 5.500% 5.50% 0.00% 418% ¿ (55 £ LIBOR)SDÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 9.605% 12.75% 0.00% 12.75% ¿ (1.7 £ LIBOR)UDÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 5.750% 7.60% 0.00% 7.6% ¿ LIBORCF ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 2.050% 7.00% 0.30% LIBOR ° 30 basis pointsCS ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 4.950% 6.70% 0.00% 6.7% ¿ LIBORFC ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 2.050% 7.00% 0.30% LIBOR ° 30 basis points

(1) We will establish LIBOR on the basis of the ""BBA Method.''

We will apply interest payments from exchanged REMIC certiÑcates to the corresponding RCRcertiÑcates, on a pro rata basis, following any exchange.

Notional Classes

A notional class will not receive any principal. Its notional principal balance is the balance used tocalculate accrued interest. The notional principal balances will equal the percentages of the outstand-ing balances speciÑed below immediately before the related distribution date:

Class

JD ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 3.0909117331% of the SD ClassUD ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 50% of the SD ClassGI ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 10% of the GA ClassCF ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 71.4285715157% of the EC ClassCS ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 71.4285715157% of the EC ClassCI ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 71.4285715157% of the EC Class

S-6

Distributions of Principal

Group 1 Principal Distribution Amount

1. To the Aggregate Group to its Targeted Balance.

2. To the ZD Class to zero.

3. To the Aggregate Group to zero.

For a description of the Aggregate Group, see ""Description of the CertiÑcatesÌDistributions ofPrincipalÌGroup 1 Principal Distribution Amount'' in this Prospectus Supplement.


To the GA and GB Classes, in that order, to zero.


To the EC and CA Classes, in that order, to zero.

We will apply principal payments from exchanged REMIC certiÑcates to the corresponding RCRcertiÑcates, on a pro rata basis, following any exchange.

Weighted Average Lives (years)*

PSA Prepayment Assumption

Group 1 Classes 0% 145% 300% 540% 800% 1100%

FD, JD, SD and UD ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 17.6 9.0 2.2 1.1 0.7 0.5ZD ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 26.3 15.7 0.4 0.3 0.2 0.2


Group 2 Classes 0% 100% 219% 300% 500%

GA and GI ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 11.0 6.1 4.0 3.2 2.2GB ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 19.1 16.3 13.1 11.0 7.4


Group 3 Classes 0% 100% 278% 400% 600%

EC, CF, CS, FC, CB, CD, CE, CG, CI and CH ÏÏÏÏ 8.1 5.2 3.3 2.6 1.9CA ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 14.5 12.8 10.5 8.8 6.5

* Determined as speciÑed under ""Description of the CertiÑcatesÌWeighted Average Lives of the CertiÑcates'' inthis prospectus supplement.

S-7

ADDITIONAL RISK FACTORS

The rate of principal payments on the cer- ‚ if you buy your certiÑcates at a discounttiÑcates will be aÅected by the rate of principal and principal payments are slower thanpayments on the underlying mortgage loans. you expect.The rate at which you receive principal pay-

Furthermore, in the case of interest onlyments on the certiÑcates will be sensitive to the

certiÑcates and certiÑcates purchased at a pre-rate of principal payments on the mortgage

mium, you could lose money on your investmentloans underlying the related MBS, including

if prepayments occur at a rapid rate.prepayments. Because borrowers generally mayprepay their mortgage loans at any time without You must make your own decisionspenalty, the rate of principal payments on the about the various applicable assumptions,mortgage loans is likely to vary over time. It is including prepayment assumptions, whenhighly unlikely that the mortgage loans will deciding whether to purchase theprepay certiÑcates.

‚ at any of the prepayment rates we as- Weighted average lives and yields on thesumed in this prospectus supplement, or certiÑcates are aÅected by actual characteristics

of the underlying mortgage loans. We have as-‚ at any constant prepayment rate until

sumed that the mortgage loans underlying thematurity.

Trust MBS have certain characteristics. How-Payments on the Group 1 Classes also will ever, the actual mortgage loans probably will

be aÅected by the payment priority governing have diÅerent characteristics from those we as-the related underlying REMIC certiÑcate. If you sumed. As a result, your yields could be lowerinvest in any Group 1 Classes, the rate at which than you expect, even if the mortgage loansyou receive payments also will be aÅected by prepay at the indicated constant prepaymentthe priority sequence governing payments rates. In addition, slight diÅerences between theon the Group 1 Underlying REMIC CertiÑcate. assumed mortgage loan characteristics and the

actual mortgage loans could aÅect the weightedIn particular, as described in the related

average lives of the related classes of certiÑcates.underlying disclosure document, the Group 1Underlying REMIC CertiÑcate is a Support Level of Öoating rate index aÅects yields onclass. A Support class is entitled to receive prin- certain certiÑcates. The yield on any Öoatingcipal payments on any distribution date only if rate or inverse Öoating rate certiÑcate will bescheduled payments of principal have been aÅected by the level of its interest rate index. Ifmade on certain other classes in the related the level of the index diÅers from the level youunderlying REMIC trust. Accordingly, a Sup- expect, then your actual yield may be lower thanport class may receive no principal payments for you expect.extended periods or may receive principal pay-

Delay classes have lower yields and marketments that vary widely from period to period.

values. Since certain classes do not receive inter-You may obtain additional information est immediately following each interest accrual

about the Group 1 Underlying REMIC CertiÑ- period, those classes have lower yields and lowercate by reviewing its current class factor in light market values than they would if there were noof other information available in the related such delay.disclosure document. You may obtain that docu-

Reinvestment of certiÑcate payments mayment from us as described on page S-3.

not achieve same yields as certiÑcates. The rateYields may be lower than expected due to of principal payments of the certiÑcates is un-

unexpected rate of principal payments. The ac- certain. You may be unable to reinvest the pay-tual yield on your certiÑcates probably will be ments on the certiÑcates at the same yieldslower than you expect: provided by the certiÑcates.

‚ if you buy your certiÑcates at a premium Unpredictable timing of last payment af-and principal payments are faster than fects yields on certiÑcates. The actual Ñnal pay-you expect, or ment of your class is likely to occur earlier, and

S-8

could occur much earlier, than the Ñnal distribu- your certiÑcates will vary over time and thattion date listed on the cover page of this pro- your certiÑcates may not be easily sold.spectus supplement. If you assume that the

Terrorist activities and related military andactual Ñnal payment will occur on the Ñnal

political actions by the U.S. government coulddistribution date speciÑed, your yield could be

cause reductions in investor conÑdence and sub-lower than you expect.

stantial market volatility in real estate and secu-rities markets. It is impossible to predict theSome investors may be unable to buy cer-extent to which terrorist activities may occur or,tain classes. Investors whose investment activi-if they do occur, the extent of the eÅect on theties are subject to legal investment laws andcertiÑcates. Moreover, it is uncertain what ef-regulations, or to review by regulatory authori-fects any past or future terrorist activities or anyties, may be unable to buy certain certiÑcates.related military or political actions on the partYou should obtain legal advice to determineof the United States government and others willwhether you may purchase the certiÑcates.have on the United States and world Ñnancialmarkets, local, regional and national economies,Uncertain market for the certiÑcates couldreal estate markets across the United States, ormake them diÇcult to sell and cause their valuesparticular business sectors, including those af-to Öuctuate. We cannot be sure that a market forfecting the performance of mortgage loan bor-resale of the certiÑcates will develop. Further, ifrowers. Among other things, reduced investora market develops, it may not continue or beconÑdence could result in substantial volatilitysuÇciently liquid to allow you to sell your certif-in securities markets and a decline in real estate-icates. Even if you are able to sell your certiÑ-related investments. In addition, defaults on thecates, the sale price may not be comparable tomortgage loans could increase, causing earlysimilar investments that have a developed mar-payments of principal to you and, regardless ofket. Moreover, you may not be able to sell smallthe performance of the underlying mortgageor large amounts of certiÑcates at prices compa-loans, the liquidity and market value of therable to those available to other investors. YoucertiÑcates may be impaired.should purchase certiÑcates only if you under-

stand and can tolerate the risk that the value of

DESCRIPTION OF THE CERTIFICATES

The material under this heading summarizes certain features of the CertiÑcates. You will Ñndadditional information about the CertiÑcates in the other sections of this prospectus supplement, aswell as in the additional Disclosure Documents and the Trust Agreement. If we use a capitalized termin this prospectus supplement without deÑning it, you will Ñnd the deÑnition of that term in theapplicable Disclosure Document or in the Trust Agreement.

General

Structure. We will create the Fannie Mae REMIC Trust speciÑed on the cover of thisprospectus supplement (the ""Trust'') and a separate trust (the ""Lower Tier REMIC'' pursuant to atrust agreement dated as of October 1, 2004 (the ""Issue Date''). We will issue the Guaranteed REMICPass-Through CertiÑcates (the ""REMIC CertiÑcates'') pursuant to that trust agreement. We willissue the Combinable and Recombinable REMIC CertiÑcates (the ""RCR CertiÑcates'' and, togetherwith the REMIC CertiÑcates, the ""CertiÑcates'') pursuant to a separate trust agreement dated as ofthe Issue Date (together with the trust agreement relating to the REMIC CertiÑcates, the ""TrustAgreement''). We will execute the Trust Agreement in our corporate capacity and as trustee (the""Trustee''). In general, the term ""Classes'' includes the Classes of REMIC CertiÑcates and RCRCertiÑcates.

The Trust and the Lower Tier REMIC each will constitute a ""real estate mortgage investmentconduit'' (""REMIC'') under the Internal Revenue Code of 1986, as amended (the ""Code'').

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‚ The REMIC CertiÑcates (except the R and RL Classes) will be ""regular interests'' in theTrust.

‚ The R Class will be the ""residual interest'' in the Trust.

‚ The interests in the Lower Tier REMIC other than the RL Class (the ""Lower Tier RegularInterests'') will be the ""regular interests'' in the Lower Tier REMIC.

‚ The RL Class will be the ""residual interest'' in the Lower Tier REMIC.

The assets of the Trust will consist of the Lower Tier Regular Interests.

The assets of the Lower Tier REMIC will consist of

‚ a previously issued REMIC certiÑcate (the ""Group 1 Underlying REMIC CertiÑcate'')evidencing a beneÑcial ownership interest in the related Fannie Mae REMIC trust (the""Underlying REMIC Trust''), as further described in Exhibit A, and

‚ two groups of Fannie Mae Guaranteed Mortgage Pass-Through CertiÑcates (the ""Group 2MBS'' and ""Group 3 MBS'' and, together, the ""Trust MBS'').

The assets of the Underlying REMIC Trust evidence direct or indirect beneÑcial ownershipinterests in certain Fannie Mae Guaranteed Mortgage Pass-Through CertiÑcates (together with theTrust MBS, the ""MBS'').

Each MBS represents a beneÑcial ownership interest in a pool of Ñrst lien, one- to four-family(""single-family''), Ñxed-rate residential mortgage loans (the ""Mortgage Loans'') having the charac-teristics described in this prospectus supplement.

Fannie Mae Guaranty. We guarantee that we will distribute to CertiÑcateholders:

‚ required installments of principal and interest on the CertiÑcates on time, and

‚ the principal balance of each Class of CertiÑcates no later than its Final Distribution Date,whether or not we have received suÇcient payments on the MBS.

In addition, we guarantee that we will distribute to each holder of an MBS:

‚ scheduled installments of principal and interest on the underlying Mortgage Loans on time,whether or not the related borrowers pay us, and

‚ the full principal balance of any foreclosed Mortgage Loan, whether or not we recover it.

Our guaranty obligations with respect to the Group 1 Underlying REMIC CertiÑcate are described inthe Underlying REMIC Disclosure Document. Our guarantees are not backed by the full faith andcredit of the United States. See ""Description of CertiÑcatesÌThe Fannie Mae Guaranty'' in theREMIC Prospectus, ""Description of the CertiÑcatesÌFannie Mae Guaranty'' in the MBS Prospectus,and ""Description of the CertiÑcatesÌGeneralÌFannie Mae Guaranty'' in the Underlying REMICDisclosure Document.

Characteristics of CertiÑcates. We will issue the CertiÑcates (except the R and RL Classes) inbook-entry form on the book-entry system of the U.S. Federal Reserve Banks. Entities whose namesappear on the book-entry records of a Federal Reserve Bank as having had CertiÑcates deposited intheir accounts are ""Holders'' or ""CertiÑcateholders.'' A Holder is not necessarily the beneÑcial ownerof a CertiÑcate. BeneÑcial owners ordinarily will hold CertiÑcates through one or more Ñnancialintermediaries, such as banks, brokerage Ñrms and securities clearing organizations. See ""Descriptionof CertiÑcatesÌDenominations and Form'' in the REMIC Prospectus.

We will issue the R and RL CertiÑcates in fully registered, certiÑcated form. The ""Holder'' or""CertiÑcateholder'' of the R or RL CertiÑcate is its registered owner. The R or RL CertiÑcate can betransferred at the corporate trust oÇce of the Transfer Agent, or at the oÇce of the Transfer Agent inNew York, New York. U.S. Bank National Association (""US Bank'') in Boston, Massachusetts will be

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the initial Transfer Agent. We may impose a service charge for any registration of transfer of the R orRL CertiÑcate and may require payment to cover any tax or other governmental charge. See also ""ÌCharacteristics of the R and RL Classes'' below.

The Holder of the R Class will receive the proceeds of any remaining assets of the Trust, and theHolder of the RL Class will receive the proceeds of any remaining assets of the Lower Tier REMIC, ineach case only by presenting and surrendering the related CertiÑcate at the oÇce of the Paying Agent.US Bank will be the initial Paying Agent.

Authorized Denominations. We will issue the CertiÑcates in the following denominations:

Classes Denomination

The Interest Only, Principal Only andInverse Floating Rate Classes $100,000 minimum plus whole dollar increments

All other Classes (except the R andRL Classes) $1,000 minimum plus whole dollar increments

We will issue the R and RL Classes as single CertiÑcates with no principal balances.

Distribution Dates. We will make monthly payments on the CertiÑcates on the 25th day of eachmonth (or, if the 25th is not a business day, on the Ñrst business day after the 25th). We refer to eachof these dates as a ""Distribution Date.'' We will make the Ñrst payments to CertiÑcateholders themonth after we issue the CertiÑcates.

Record Date. On each Distribution Date, we will make each monthly payment on the CertiÑ-cates to Holders of record on the last day of the preceding month.

Class Factors. On or shortly after the eleventh calendar day of each month, we will publish afactor (carried to eight decimal places) for each Class of CertiÑcates. When the applicable class factoris multiplied by the original principal balance (or notional principal balance) of a CertiÑcate of anyClass, the product will equal the current principal balance (or notional principal balance) of thatCertiÑcate after taking into account payments on the Distribution Date in the same month (as well asany addition to principal in the case of the Accrual Class).

No Optional Termination. We have no option to eÅect an early termination of the Lower TierREMIC or the Trust. Further, we will not repurchase the Mortgage Loans underlying any MBS in a""clean-up call.'' See ""Description of the CertiÑcatesÌTermination'' in the MBS Prospectus.

Voting the Group 1 Underlying REMIC CertiÑcate. Holders of the Group 1 Underlying REMICCertiÑcate may be asked to vote on issues arising under the related trust agreement. If so, the Trusteewill vote the Group 1 Underlying REMIC CertiÑcate as instructed by Holders of CertiÑcates of therelated Classes. The Trustee must receive instructions from Holders of CertiÑcates having principalbalances totaling at least 51% of the aggregate principal balance of the related Classes. In the absenceof such instructions, the Trustee will vote in a manner consistent, in its sole judgment, with the bestinterests of CertiÑcateholders.

Combination and Recombination

General. You are permitted to exchange all or a portion of the EC, CF and CS Classes of REMICCertiÑcates for a proportionate interest in the related RCR CertiÑcates in the combinations shown onSchedule 1. You also may exchange all or a portion of the RCR CertiÑcates for the related REMICCertiÑcates in the same manner. This process may occur repeatedly.

Holders of RCR CertiÑcates will be the beneÑcial owners of a proportionate interest in the relatedREMIC CertiÑcates and will receive a proportionate share of the distributions on the related REMICCertiÑcates.

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The Classes of REMIC CertiÑcates and RCR CertiÑcates that are outstanding at any given time,and the outstanding principal balances (or notional principal balances) of these Classes, will dependupon any related distributions of principal, as well as any exchanges that occur. REMIC CertiÑcatesand RCR CertiÑcates may be exchanged only in the proportions shown on Schedule 1.

Procedures. If a CertiÑcateholder wishes to exchange CertiÑcates, the CertiÑcateholder mustnotify our Structured Transactions Department through one of our ""REMIC Dealer Group'' dealers inwriting or by telefax no later than two business days before the proposed exchange date. The exchangedate can be any business day other than the Ñrst or last business day of the month subject to ourapproval. The notice must include the outstanding principal balance of both the CertiÑcates to beexchanged and the CertiÑcates to be received, and the proposed exchange date. After receiving theHolder's notice, we will telephone the dealer with delivery and wire payment instructions. Noticebecomes irrevocable on the second business day before the proposed exchange date.

In connection with each exchange, the Holder must pay us a fee equal to 1/32 of 1% of theoutstanding principal balance (exclusive of any notional principal balance) of the CertiÑcates to beexchanged. In no event, however, will our fee be less than $2,000.

We will make the Ñrst distribution on a REMIC CertiÑcate or an RCR CertiÑcate received in anexchange transaction on the Distribution Date in the following month. We will make that distributionto the Holder of record as of the close of business on the last day of the month of the exchange.

Additional Considerations. The characteristics of RCR CertiÑcates will reÖect the characteris-tics of the REMIC CertiÑcates used to form those RCR CertiÑcates. You should also consider anumber of factors that will limit a CertiÑcateholder's ability to exchange REMIC CertiÑcates for RCRCertiÑcates or vice versa:

‚ At the time of the proposed exchange, a CertiÑcateholder must own CertiÑcates of the relatedClass or Classes in the proportions necessary to make the desired exchange.

‚ A CertiÑcateholder that does not own the CertiÑcates may be unable to obtain the necessaryREMIC CertiÑcates or RCR CertiÑcates.

‚ The CertiÑcateholder of needed CertiÑcates may refuse to sell them at a reasonable price (orany price) or may be unable to sell them.

‚ Certain CertiÑcates may have been purchased and placed into other Ñnancial structures andthus be unavailable.

‚ Principal distributions will decrease the amounts available for exchange over time.

‚ Only the combinations listed on Schedule 1 are permitted.

The Group 1 Underlying REMIC CertiÑcate

The Group 1 Underlying REMIC CertiÑcate represents a beneÑcial ownership interest in theUnderlying REMIC Trust. The assets of that trust evidence direct or indirect beneÑcial ownershipinterests in certain MBS having the general characteristics set forth in the MBS Prospectus.Distributions on the Group 1 Underlying REMIC CertiÑcate will be passed through monthly,beginning in the month after we issue the CertiÑcates. The general characteristics of the Group 1Underlying REMIC CertiÑcate are described in the Underlying REMIC Disclosure Document. SeeExhibit A for additional information about the Group 1 Underlying REMIC CertiÑcate.

Each MBS evidences beneÑcial ownership interests in a pool of conventional, Ñxed-rate, fully-amortizing mortgage loans secured by Ñrst mortgages or deeds of trust on single-family residentialproperties, as described under ""The Mortgage Pools'' and ""Yield, Maturity, and PrepaymentConsiderations'' in the MBS Prospectus.

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For further information about the Group 1 Underlying REMIC CertiÑcate, telephone us at1-800-237-8627. There may have been material changes in facts and circumstances since the date weprepared the Underlying REMIC Disclosure Document. These may include changes in prepaymentspeeds, prevailing interest rates and other economic factors. As a result, the usefulness of theinformation set forth in that document may be limited.

The Trust MBS

The following table contains certain information about the Trust MBS. The Trust MBS includedin each speciÑed Group will have the aggregate unpaid principal balance and Pass-Through Rateshown below and the general characteristics described in the MBS Prospectus. The Trust MBSprovide that principal and interest on the related Mortgage Loans are passed through monthly. TheMortgage Loans underlying the Trust MBS are conventional, Ñxed-rate, fully-amortizing mortgageloans secured by Ñrst mortgages or deeds of trust on single-family residential properties. TheseMortgage Loans have original maturities of up to 20 years, in the case of the Group 2 MBS, and up to15 years, in the case of the Group 3 MBS. See ""The Mortgage Pools'' and ""Yield, Maturity, andPrepayment Considerations'' in the MBS Prospectus.

We expect the characteristics of the Trust MBS and the related Mortgage Loans as of the IssueDate to be as follows:

Group 2 MBSAggregate Unpaid Principal BalanceÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $121,000,000MBS Pass-Through Rate ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 5.00%Range of WACs (annual percentages) ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 5.25% to 7.50%Range of WAMs ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 181 months to 240 monthsApproximate Weighted Average WAMÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 230 monthsApproximate Weighted Average WALA (weighted average

loan age) ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 9 months

Group 3 MBSAggregate Unpaid Principal BalanceÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $373,650,502MBS Pass-Through Rate ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 5.00%Range of WACs (annual percentages) ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 5.25% to 7.50%Range of WAMs ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 121 months to 180 monthsApproximate Weighted Average WAMÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 169 monthsApproximate Weighted Average WALAÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 10 months

Final Data Statement

After issuing the CertiÑcates, we will prepare a Final Data Statement containing certaininformation, including the principal balance of the Group 1 Underlying REMIC CertiÑcate as of theIssue Date and, with respect to the Trust MBS the Pool number, the current WAC (or original WAC,if the current WAC is not available) and the current WAM (or Adjusted WAM, if the current WAM isnot available) of the Mortgage Loans underlying each of the Trust MBS as of the Issue Date. TheFinal Data Statement also will include the weighted averages of all the current or original WACs andthe weighted averages of all the current or Adjusted WAMs, based on the current unpaid principalbalances of the Mortgage Loans underlying each of the Trust MBS as of the Issue Date. You mayobtain the Final Data Statement by telephoning us at 1-800-237-8627. In addition, the Final DataStatement is available on our corporate Web site at www.fanniemae.com.

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Distributions of Interest

Categories of Classes

For the purpose of interest payments, the Classes will be categorized as follows:

Interest Type* Classes

Group 1 ClassesFixed Rate ZDFloating Rate FDInverse Floating Rate JD, SD and UDAccrual ZDInterest Only JD and UD

Group 2 ClassesFixed Rate GA, GI and GBInterest Only GI

Group 3 ClassesFixed Rate CAFloating Rate CFInverse Floating Rate CSInterest Only CF and CSPrincipal Only ECRCR** FC, CB, CD, CE, CG, CI and CH

No Payment Residual R and RL

* See ""Description of CertiÑcatesÌClass DeÑnitions and Abbreviations'' in the REMIC Prospectus.** See ""ÌCombination and Recombination'' above and Schedule 1 for a further description of the RCR Classes.

General. We will pay interest on the CertiÑcates at the applicable annual interest rates speciÑedon the cover or on Schedule 1 or described in this prospectus supplement. We calculate interest basedon an assumed 360-day year consisting of twelve 30-day months. We pay interest monthly (except inthe case of the Accrual Class) on each Distribution Date, beginning in the month after the SettlementDate speciÑed in the Reference Sheet.

Interest to be paid on each CertiÑcate (or added to principal, in the case of the Accrual Class) ona Distribution Date will consist of one month's interest on the outstanding balance of that CertiÑcateimmediately prior to that Distribution Date. For a description of the Accrual Class, see ""ÌAccrualClass'' below.

We will apply interest payments from exchanged REMIC CertiÑcates to the corresponding RCRCertiÑcates, on a pro rata basis, following any exchange.

Interest Accrual Periods. Interest to be paid on each Distribution Date will accrue on theCertiÑcates during the applicable one-month periods set forth below (each, an ""Interest AccrualPeriod'').

Classes Interest Accrual Periods

The Fixed Rate Classes (collectively, the Calendar month preceding the month in""Delay Classes'') which the Distribution Date occurs

The Floating Rate and Inverse Floating One-month period beginning on the 25thRate Classes day of the month preceding the month

in which the Distribution Date occurs

See ""Additional Risk FactorsÌDelay classes have lower yields and market values'' in this prospectussupplement.

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The Dealer will treat the EC Class as a Delay Class for the sole purpose of facilitating trading.

Accrual Class. The ZD Class is an Accrual Class. Interest will accrue on the Accrual Class at theapplicable annual rate speciÑed on the cover of this prospectus supplement. However, we will not payany interest on the Accrual Class. Instead, interest accrued on the Accrual Class will be added asprincipal to its principal balance on each Distribution Date. We will pay principal on the Accrual Classas described under ""ÌDistributions of Principal'' below.

Notional Classes. The Notional Classes will not have principal balances. During each InterestAccrual Period, the Notional Classes will bear interest on their notional principal balances at theirapplicable interest rates. The notional principal balances of the Notional Classes will be calculated asspeciÑed under ""Reference SheetÌNotional Classes'' in this prospectus supplement.

We use the notional principal balance of a Notional Class to determine interest payments on thatClass. Although a Notional Class will not have a principal balance and will not be entitled to anyprincipal payments, we will publish a class factor for that Class. References in this prospectussupplement to the principal balances of the CertiÑcates generally shall refer also to the notionalprincipal balances of the Notional Classes.

Floating Rate and Inverse Floating Rate Classes. During each Interest Accrual Period, theFloating Rate and Inverse Floating Rate Classes will bear interest at rates determined as describedunder ""Reference SheetÌInterest Rates'' in this prospectus supplement.

Changes in the speciÑed interest rate index (the ""Index'') will aÅect the yields with respect to therelated Classes. These changes may not correspond to changes in mortgage interest rates. Lowermortgage interest rates could occur while an increase in the level of the Index occurs. Similarly, highermortgage interest rates could occur while a decrease in the level of the Index occurs.

Our establishment of each Index value and our determination of the interest rate for eachapplicable Class for the related Interest Accrual Period will be Ñnal and binding in the absence ofmanifest error. You may obtain each such interest rate by telephoning us at 1-800-237-8627.

Calculation of LIBOR

On each Index Determination Date, we will calculate LIBOR for the related Interest AccrualPeriod. We will calculate LIBOR on the basis of the ""BBA Method,'' as described in the REMICProspectus under ""Description of CertiÑcatesÌIndexes for Floating Rate Classes and InverseFloating Rate ClassesÌLIBOR.''

If we are unable to calculate LIBOR on the initial Index Determination Date, LIBOR for thefollowing Interest Accrual Period will be equal to 1.85% in the case of the FD, JD, SD and UD Classes,and 1.75% in the case of the CF, CS and FC Classes.

Distributions of Principal

Categories of Classes

For the purpose of principal payments, the Classes fall into the following categories:

Principal Type* Classes

Group 1 ClassesStructured Collateral/TAC FD and SDStructured Collateral/Support ZDNotional JD and UDAccretion Directed FD and SD

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Principal Type* Classes

Group 2 ClassesSequential Pay GA and GBNotional GI

Group 3 ClassesSequential Pay EC and CANotional CF and CSRCR** FC, CB, CD, CE, CG, CI and CH

No Payment Residual R and RL

* See ""Description of CertiÑcatesÌClass DeÑnitions and Abbreviations'' in the REMIC Prospectus.** See ""ÌCombination and Recombination'' above and Schedule 1 for a further description of the RCR Classes.

Principal Distribution Amount

On the Distribution Date in each month, we will pay principal on the CertiÑcates in an aggregateamount (the ""Principal Distribution Amount'') equal to the sum of

‚ the principal then paid on the Group 1 Underlying REMIC CertiÑcate, plus any interest thenaccrued and added to the principal balance of the ZD Class (the ""Group 1 PrincipalDistribution Amount''),

‚ the principal then paid on the Group 2 MBS (the ""Group 2 Principal Distribution Amount''),and

‚ the principal then paid on the Group 3 MBS (the ""Group 3 Principal Distribution Amount'').


On each Distribution Date, we will pay the Group 1 Principal Distribution Amount as principal ofthe Group 1 Classes as follows:

E

E(i) to the Aggregate Group (described below), until the Aggregate Balance TACFGroup(described below) is reduced to its Targeted Balance for that Distribution Date;H

ESupport StructuredF

F(ii) to the ZD Class, until its principal balance is reduced to zero; and Class CollateralH

E(iii) to the Aggregate Group, without regard to its Targeted Balance and TACFGroupuntil the Aggregate Balance is reduced to zero.

HH

The ""Aggregate Group'' consists of the FD and SD Classes. On each Distribution Date, we willapply payments of principal of the Aggregate Group, concurrently, to the FD and SD Classes, pro rata(or 68.7500007340% and 31.2499992660%, respectively), until their principal balances are reduced tozero.

The ""Aggregate Balance'' is equal to the aggregate of the principal balances of the Classes in theAggregate Group.


On each Distribution Date, we will pay the Group 2 Principal Distribution E

SequentialPay

FAmount, sequentially, as principal of the GA and GB Classes, in that order, untilClasses

their principal balances are reduced to zero. H

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EOn each Distribution Date, we will pay the Group 3 Principal DistributionSequentialPay

FAmount, sequentially, as principal of the EC and CA Classes, in that order, untilClasses

their principal balances are reduced to zero. H

We will apply principal payments from exchanged REMIC CertiÑcates to the corresponding RCRCertiÑcates, on a pro rata basis, following any exchange.

Structuring Assumptions

Pricing Assumptions. Except where otherwise noted, the information in the tables in thisprospectus supplement has been prepared based on the actual characteristics of each pool of MortgageLoans backing the Group 1 Underlying REMIC CertiÑcate, the priority sequence aÅecting principalpayments on the Group 1 Underlying REMIC CertiÑcate, and the following assumptions (suchcharacteristics and assumptions, collectively, the ""Pricing Assumptions''):

‚ the Mortgage Loans underlying the Trust MBS have the original terms to maturity, remainingterms to maturity, WALAs and interest rates speciÑed under ""Reference SheetÌAssumedCharacteristics of the Mortgage Loans Underlying the Trust MBS'' in this prospectussupplement;

‚ the Mortgage Loans prepay at the constant percentages of PSA speciÑed in the related tables;

‚ the settlement date for the sale of the CertiÑcates is October 29, 2004; and

‚ each Distribution Date occurs on the 25th day of a month.

Prepayment Assumptions. Prepayments of mortgage loans commonly are measured relative to aprepayment standard or model. The model used in this prospectus supplement is The Bond MarketAssociation's standard prepayment model (""PSA''). To assume a speciÑed rate of PSA is to assume aspeciÑed rate of prepayment each month of the then-outstanding principal balance of a pool of newmortgage loans computed as described under ""Description of CertiÑcatesÌPrepayment Models'' inthe REMIC Prospectus. It is highly unlikely that prepayments will occur at any constant PSA rate orat any other constant rate.

Structuring Rate. The Principal Balance Schedule for the Aggregate Group is found on page B-1of this prospectus supplement. The Principal Balance Schedule has been prepared on the basis of thePricing Assumptions and the assumption that the related Mortgage Loans will prepay at the constantPSA rate set forth below.

Principal BalanceSchedule References Related Group(1) Structuring Rate

Targeted Balances Aggregate Group (2)

(1) The Structuring Rate for the Aggregate Group is associated with the Aggregate Balance but not with the individualbalances of the related Classes.

(2) The Targeted Balances for the Aggregate Group have been structured at a rate of 145% PSA but do not hold at anyconstant PSA rate.

We cannot assure you that the balance of the Aggregate Group will conform on anyDistribution Date to the speciÑed balance in the Principal Balance Schedule. As a result,we cannot assure you that payments of principal of the Aggregate Group will begin or endon the Distribution Dates speciÑed in the Principal Balance Schedule. We will distribute anyexcess of principal payments over the amount needed to reduce the Aggregate Group to its scheduledbalance on a Distribution Date. Accordingly, the ability to reduce the Aggregate Group to its scheduledbalance will not be improved by the averaging of high and low principal payments from month tomonth. Moreover, because of the diverse remaining terms to maturity of the related Mortgage Loans,

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which may include recently originated Mortgage Loans, the Aggregate Group may not be reduced to itsscheduled balances, even if prepayments occur at the constant rate speciÑed above.

Yield Tables

General. The tables below illustrate the sensitivity of the pre-tax corporate bond equivalentyields to maturity of the applicable Classes to various constant percentages of PSA and, wherespeciÑed, to changes in the Index. We calculated the yields set forth in the tables by

‚ determining the monthly discount rates that, when applied to the assumed streams of cashÖows to be paid on the applicable Classes, would cause the discounted present values of theassumed streams of cash Öows to equal the assumed aggregate purchase prices of those Classes,and

‚ converting the monthly rates to corporate bond equivalent rates.

These calculations do not take into account variations in the interest rates at which you could reinvestdistributions on the CertiÑcates. Accordingly, these calculations do not illustrate the return on anyinvestment in the CertiÑcates when reinvestment rates are taken into account.

We cannot assure you that

‚ the pre-tax yields on the applicable CertiÑcates will correspond to any of the pre-tax yieldsshown here, or

‚ the aggregate purchase prices of the applicable CertiÑcates will be as assumed.

In addition, it is unlikely that the Index will correspond to the levels shown here. Furthermore,because some of the Mortgage Loans are likely to have remaining terms to maturity shorter or longerthan those assumed and interest rates higher or lower than those assumed, the principal payments onthe CertiÑcates are likely to diÅer from those assumed. This would be the case even if all of theMortgage Loans prepay at the indicated constant percentages of PSA. Moreover, it is unlikely that

‚ all of the Mortgage Loans will prepay at a constant PSA rate until maturity,

‚ all of the Mortgage Loans will prepay at the same rate, or

‚ the level of the Index will remain constant.

The Fixed Rate Interest Only Classes. The yields to investors in the Fixed Rate InterestOnly Classes will be very sensitive to the rate of principal payments (including prepay-ments) of the related Mortgage Loans. The Mortgage Loans generally can be prepaid atany time without penalty. On the basis of the assumptions described below, the yield tomaturity on the Fixed Rate Interest Only Classes would be 0% if prepayments of therelated Mortgage Loans were to occur at the constant rates shown in the tables below:

Class % PSA

GI ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 272% PSACI ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 214% PSA

For either Fixed Rate Interest Only Class, if the actual prepayment rate of the relatedMortgage Loans were to exceed the level speciÑed for as little as one month while equalingthat level for the remaining months, the investors in the applicable Class would lose moneyon their initial investments.

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The information shown in the yield tables has been prepared on the basis of the PricingAssumptions and the assumption that the aggregate purchase prices of the Fixed Rate Interest OnlyClasses (expressed in each case as a percentage of the original principal balance) are as follows:

Class Price*

GI ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 16.81250%CI ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 26.30098%

* The prices do not include accrued interest. Accrued interest has been added to the prices in calculatingthe yields set forth in the tables below.

Sensitivity of the GI Class to Prepayments


50% 100% 219% 300% 500%

Pre-Tax Yields to Maturity ÏÏÏÏÏÏÏÏ 21.0% 16.9% 5.6% (3.0)% (25.6)%

Sensitivity of the CI Class to Prepayments


50% 100% 278% 400% 600%

Pre-Tax Yields to Maturity ÏÏÏÏÏÏÏÏ 13.5% 9.7% (6.0)% (18.3)% (39.6)%

The Inverse Floating Rate Classes and the CF Class. The yields on the Inverse FloatingRate Classes and the CF Class will be sensitive in varying degrees to the rate of principalpayments, including prepayments, of the related Mortgage Loans and to the level of theIndex. The Mortgage Loans generally can be prepaid at any time without penalty. Inaddition, the rate of principal payments (including prepayments) of the Mortgage Loans islikely to vary, and may vary considerably, from pool to pool. As illustrated in the applicabletables below, it is possible that investors in the Inverse Floating Rate Classes and theCF Class would lose money on their initial investments under certain Index and prepay-ment scenarios.

Changes in the Index may not correspond to changes in prevailing mortgage interest rates. It ispossible that lower prevailing mortgage interest rates, which might be expected to result in fasterprepayments, could occur while the level of the Index increased.

The information shown in the yield tables has been prepared on the basis of the PricingAssumptions and the assumptions that

‚ the interest rates for the Inverse Floating Rate Classes and the CF Class for the initial InterestAccrual Period are the rates listed in the table under ""Reference SheetÌInterest Rates'' in thisprospectus supplement and for each following Interest Accrual Period will be based on thespeciÑed level of the Index, and

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‚ the aggregate purchase prices of those Classes (expressed in each case as a percentage oforiginal principal balance) are as follows:

Class Price*

JD ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 7.12500%SD ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 101.31250%UDÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 5.68750%CF ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 17.50000%CS ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 9.78125%

* The prices do not include accrued interest. Accrued interest has been added to the prices in calculatingthe yields set forth in the tables below.

Sensitivity of the JD Class to Prepayments and LIBOR(Pre-Tax Yields to Maturity)


LIBOR 50% 145% 300% 540% 800% 1100%

7.50%ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 88.8% 88.7% 51.2% (27.2)% * *7.55%ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 41.2% 40.1% (8.2)% (91.0)% * *7.60%ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ * * * * * *

* The pre-tax yield to maturity would be less than (99.9)%.

Sensitivity of the SD Class to Prepayments and LIBOR(Pre-Tax Yields to Maturity)


LIBOR 50% 145% 300% 540% 800% 1100%

0.85%ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 11.4% 11.3% 10.8% 10.1% 9.3% 8.4%1.85%ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 9.6% 9.6% 9.1% 8.5% 7.8% 6.9%3.85%ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 6.2% 6.1% 5.8% 5.2% 4.7% 4.0%5.85%ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 2.8% 2.7% 2.4% 2.0% 1.6% 1.1%7.50%ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 0.0% (0.1)% (0.3)% (0.6)% (0.9)% (1.3)%

Sensitivity of the UD Class to Prepayments and LIBOR(Pre-Tax Yields to Maturity)


LIBOR 50% 145% 300% 540% 800% 1100%

0.85%ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 147.8% 147.7% 117.1% 43.4% (44.8)% *1.85%ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 122.8% 122.8% 89.8% 14.3% (68.9)% *3.85%ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 75.9% 75.7% 36.1% (43.3)% * *5.85%ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 32.7% 30.9% (20.4)% * * *7.60%ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ * * * * * *


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Sensitivity of the CF Class to Prepayments and LIBOR(Pre-Tax Yields to Maturity)


LIBOR 50% 100% 278% 400% 600%

0.75%ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ (19.0)% (23.4)% (43.1)% (58.6)% (83.6)%1.75%ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ (7.4)% (11.6)% (29.6)% (43.7)% (67.4)%3.75%ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 9.3% 5.4% (10.7)% (23.3)% (45.0)%5.75%ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 23.5% 19.8% 4.9% (6.8)% (27.2)%6.70%ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 29.9% 26.3% 11.8% 0.5% (19.4)%

Sensitivity of the CS Class to Prepayments and LIBOR(Pre-Tax Yields to Maturity)


LIBOR 50% 100% 278% 400% 600%

0.75%ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 56.5% 53.0% 39.4% 29.1% 10.7%1.75%ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 44.1% 40.6% 26.6% 16.0% (3.0)%3.75%ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 19.2% 15.4% 0.2% (11.7)% (32.4)%5.75%ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ (10.5)% (14.7)% (33.1)% (47.6)% (71.6)%6.70%ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ * * * * *


The Principal Only Class. The Principal Only Class will not bear interest. As indicatedin the table below, a low rate of principal payments (including prepayments) on therelated Mortgage Loans will have a negative eÅect on the yield to investors in the PrincipalOnly Class.

The information shown in the yield table has been prepared on the basis of the PricingAssumptions and the assumption that the aggregate purchase price of the Principal Only Class(expressed as a percentage of its original principal balance) is as follows:

Class Price

ECÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 85.71875%

Sensitivity of the EC Class to Prepayments


50% 100% 278% 400% 600%

Pre-Tax Yields to Maturity ÏÏÏÏÏÏÏÏ 2.6% 3.1% 4.9% 6.3% 8.6%

Weighted Average Lives of the CertiÑcates

The weighted average life of a CertiÑcate is determined by

(a) multiplying the amount of the reduction, if any, of the principal balance of the CertiÑcatefrom one Distribution Date to the next Distribution Date by the number of years from theSettlement Date to the second such Distribution Date,

(b) summing the results, and

(c) dividing the sum by the aggregate amount of the reductions in principal balance of theCertiÑcate referred to in clause (a).

For a description of the factors which may inÖuence the weighted average life of a CertiÑcate, see""Description of CertiÑcatesÌWeighted Average Life and Final Distribution Date'' in the REMICProspectus.

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In general, the weighted average lives of the CertiÑcates will be shortened if the level ofprepayments of principal of the related Mortgage Loans increases. However, the weighted averagelives will depend upon a variety of other factors, including

‚ the timing of changes in the rate of principal payments,

‚ the priority sequences of payments of principal of the Classes,

‚ in the case of the Group 1 Classes, the payment of principal of certain Classes in accordancewith the Principal Balance Schedules, and

‚ in the case of the Group 1 Classes, the priority sequence aÅecting principal payments on theGroup 1 Underlying REMIC CertiÑcate.

See ""ÌDistributions of Principal'' above and ""Description of the CertiÑcatesÌDistributions ofPrincipal'' in the Underlying REMIC Disclosure Document.

The eÅect of these factors may diÅer as to various Classes and the eÅects on any Class may varyat diÅerent times during the life of that Class. Accordingly, we can give no assurance as to theweighted average life of any Class. Further, to the extent the prices of the CertiÑcates representdiscounts or premiums to their original principal balances, variability in the weighted average lives ofthose Classes of CertiÑcates could result in variability in the related yields to maturity. For an exampleof how the weighted average lives of the Classes may be aÅected at various constant prepayment rates,see the Decrement Tables below.

Decrement Tables

The following tables indicate the percentages of original principal balances of the speciÑed Classesthat would be outstanding after each date shown at various constant PSA rates, and the correspondingweighted average lives of those Classes. The tables have been prepared on the basis of the PricingAssumptions. However, in the case of the information set forth for each Class under 0% PSA, weassumed that the underlying Mortgage Loans have the original and remaining terms to maturity andbear interest at the annual rates speciÑed in the table below.

Original RemainingMortgage Loans Relating to Terms Terms to InterestTrust Assets SpeciÑed Below to Maturity Maturity Rates

Group 1 Underlying REMIC CertiÑcate 360 months * 8.50%Group 2 MBS 240 months 240 months 7.50%Group 3 MBS 180 months 180 months 7.50%

* The Group 1 Underlying REMIC CertiÑcate is backed by the following Fannie Mae CertiÑcates, which for this purpose areassumed to have the speciÑed remaining terms to maturity:

Class 2004-17-SB RCR CertiÑcate 353 monthsClass 2004-17-LM RCR CertiÑcate 353 monthsClass 2004-17-SA REMIC CertiÑcate 353 monthsClass 2004-17-FB REMIC CertiÑcate 353 monthsClass 2004-46-QM REMIC CertiÑcate 355 monthsClass 2004-46-MG RCR CertiÑcate 355 monthsClass 2004-46-FM REMIC CertiÑcate 355 months

It is unlikely

‚ that all of the underlying Mortgage Loans will have the interest rates, WALAs or remainingterms to maturity assumed or

‚ that all of the underlying Mortgage Loans will prepay at any constant PSA level.

In addition, the diverse remaining terms to maturity of the Mortgage Loans could produce sloweror faster principal distributions than indicated in the tables at the speciÑed constant PSA rate. This isthe case even if the dispersion of weighted average remaining terms to maturity and the weightedaverage WALAs of the Mortgage Loans are identical to the dispersion speciÑed in the PricingAssumptions.

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Percent of Original Principal Balances Outstanding

FD, JD‰, SD and UD‰ Classes ZD Class GA and GI‰ Classes

PSA Prepayment PSA Prepayment PSA PrepaymentAssumption Assumption Assumption

Date 0% 145% 300% 540% 800% 1100% 0% 145% 300% 540% 800% 1100% 0% 100% 219% 300% 500%

Initial PercentÏÏÏÏÏÏÏÏÏ 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100October 2005ÏÏÏÏÏÏÏÏÏÏ 99 99 89 62 0 0 106 106 0 0 0 0 97 93 88 85 78October 2006ÏÏÏÏÏÏÏÏÏÏ 97 97 51 0 0 0 112 112 0 0 0 0 94 83 72 65 49October 2007ÏÏÏÏÏÏÏÏÏÏ 96 96 23 0 0 0 118 118 0 0 0 0 91 73 57 47 26October 2008ÏÏÏÏÏÏÏÏÏÏ 94 94 6 0 0 0 125 125 0 0 0 0 88 64 44 33 11October 2009ÏÏÏÏÏÏÏÏÏÏ 93 93 0 0 0 0 132 132 0 0 0 0 84 55 33 21 *October 2010ÏÏÏÏÏÏÏÏÏÏ 91 91 0 0 0 0 139 139 0 0 0 0 80 47 24 12 0October 2011ÏÏÏÏÏÏÏÏÏÏ 89 89 0 0 0 0 147 147 0 0 0 0 76 40 16 4 0October 2012ÏÏÏÏÏÏÏÏÏÏ 87 80 0 0 0 0 155 155 0 0 0 0 71 33 9 0 0October 2013ÏÏÏÏÏÏÏÏÏÏ 85 61 0 0 0 0 164 164 0 0 0 0 66 26 3 0 0October 2014ÏÏÏÏÏÏÏÏÏÏ 83 38 0 0 0 0 173 173 0 0 0 0 61 20 0 0 0October 2015ÏÏÏÏÏÏÏÏÏÏ 81 12 0 0 0 0 183 183 0 0 0 0 55 14 0 0 0October 2016ÏÏÏÏÏÏÏÏÏÏ 78 0 0 0 0 0 193 154 0 0 0 0 49 9 0 0 0October 2017ÏÏÏÏÏÏÏÏÏÏ 76 0 0 0 0 0 204 136 0 0 0 0 43 4 0 0 0October 2018ÏÏÏÏÏÏÏÏÏÏ 73 0 0 0 0 0 216 118 0 0 0 0 35 0 0 0 0October 2019ÏÏÏÏÏÏÏÏÏÏ 70 0 0 0 0 0 228 101 0 0 0 0 28 0 0 0 0October 2020ÏÏÏÏÏÏÏÏÏÏ 68 0 0 0 0 0 241 84 0 0 0 0 19 0 0 0 0October 2021ÏÏÏÏÏÏÏÏÏÏ 64 0 0 0 0 0 254 68 0 0 0 0 10 0 0 0 0October 2022ÏÏÏÏÏÏÏÏÏÏ 61 0 0 0 0 0 269 51 0 0 0 0 1 0 0 0 0October 2023ÏÏÏÏÏÏÏÏÏÏ 58 0 0 0 0 0 284 34 0 0 0 0 0 0 0 0 0October 2024ÏÏÏÏÏÏÏÏÏÏ 54 0 0 0 0 0 300 18 0 0 0 0 0 0 0 0 0October 2025ÏÏÏÏÏÏÏÏÏÏ 50 0 0 0 0 0 317 5 0 0 0 0 0 0 0 0 0October 2026ÏÏÏÏÏÏÏÏÏÏ 46 0 0 0 0 0 334 0 0 0 0 0 0 0 0 0 0October 2027ÏÏÏÏÏÏÏÏÏÏ 15 0 0 0 0 0 353 0 0 0 0 0 0 0 0 0 0October 2028ÏÏÏÏÏÏÏÏÏÏ 0 0 0 0 0 0 325 0 0 0 0 0 0 0 0 0 0October 2029ÏÏÏÏÏÏÏÏÏÏ 0 0 0 0 0 0 266 0 0 0 0 0 0 0 0 0 0October 2030ÏÏÏÏÏÏÏÏÏÏ 0 0 0 0 0 0 203 0 0 0 0 0 0 0 0 0 0October 2031ÏÏÏÏÏÏÏÏÏÏ 0 0 0 0 0 0 133 0 0 0 0 0 0 0 0 0 0October 2032ÏÏÏÏÏÏÏÏÏÏ 0 0 0 0 0 0 57 0 0 0 0 0 0 0 0 0 0October 2033ÏÏÏÏÏÏÏÏÏÏ 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Weighted Average

Life (years)** ÏÏÏÏÏÏ 17.6 9.0 2.2 1.1 0.7 0.5 26.3 15.7 0.4 0.3 0.2 0.2 11.0 6.1 4.0 3.2 2.2

EC, CF‰, CS‰, FC, CB, CD, CE,GB Class CG, CI‰ and CH Classes CA Class

PSA Prepayment PSA Prepayment PSA PrepaymentAssumption Assumption Assumption

Date 0% 100% 219% 300% 500% 0% 100% 278% 400% 600% 0% 100% 278% 400% 600%

Initial PercentÏÏÏÏÏÏÏÏÏ 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100October 2005ÏÏÏÏÏÏÏÏÏÏ 100 100 100 100 100 96 91 84 80 73 100 100 100 100 100October 2006ÏÏÏÏÏÏÏÏÏÏ 100 100 100 100 100 91 80 65 55 41 100 100 100 100 100October 2007ÏÏÏÏÏÏÏÏÏÏ 100 100 100 100 100 86 69 48 36 19 100 100 100 100 100October 2008ÏÏÏÏÏÏÏÏÏÏ 100 100 100 100 100 81 59 34 21 6 100 100 100 100 100October 2009ÏÏÏÏÏÏÏÏÏÏ 100 100 100 100 100 75 49 23 11 0 100 100 100 100 83October 2010ÏÏÏÏÏÏÏÏÏÏ 100 100 100 100 67 69 40 14 3 0 100 100 100 100 49October 2011ÏÏÏÏÏÏÏÏÏÏ 100 100 100 100 45 62 32 7 0 0 100 100 100 83 28October 2012ÏÏÏÏÏÏÏÏÏÏ 100 100 100 94 29 55 24 1 0 0 100 100 100 56 16October 2013ÏÏÏÏÏÏÏÏÏÏ 100 100 100 72 19 47 16 0 0 0 100 100 79 36 9October 2014ÏÏÏÏÏÏÏÏÏÏ 100 100 93 54 12 39 10 0 0 0 100 100 54 23 5October 2015ÏÏÏÏÏÏÏÏÏÏ 100 100 74 41 8 30 3 0 0 0 100 100 35 13 2October 2016ÏÏÏÏÏÏÏÏÏÏ 100 100 58 30 5 20 0 0 0 0 100 80 20 7 1October 2017ÏÏÏÏÏÏÏÏÏÏ 100 100 44 22 3 10 0 0 0 0 100 40 9 3 *October 2018ÏÏÏÏÏÏÏÏÏÏ 100 95 33 15 2 0 0 0 0 0 87 3 1 * *October 2019ÏÏÏÏÏÏÏÏÏÏ 100 74 24 10 1 0 0 0 0 0 0 0 0 0 0October 2020ÏÏÏÏÏÏÏÏÏÏ 100 54 16 7 1 0 0 0 0 0 0 0 0 0 0October 2021ÏÏÏÏÏÏÏÏÏÏ 100 36 10 4 * 0 0 0 0 0 0 0 0 0 0October 2022ÏÏÏÏÏÏÏÏÏÏ 100 19 5 2 * 0 0 0 0 0 0 0 0 0 0October 2023ÏÏÏÏÏÏÏÏÏÏ 54 3 1 * * 0 0 0 0 0 0 0 0 0 0October 2024ÏÏÏÏÏÏÏÏÏÏ 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0October 2025ÏÏÏÏÏÏÏÏÏÏ 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0October 2026ÏÏÏÏÏÏÏÏÏÏ 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0October 2027ÏÏÏÏÏÏÏÏÏÏ 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0October 2028ÏÏÏÏÏÏÏÏÏÏ 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0October 2029ÏÏÏÏÏÏÏÏÏÏ 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0October 2030ÏÏÏÏÏÏÏÏÏÏ 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0October 2031ÏÏÏÏÏÏÏÏÏÏ 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0October 2032ÏÏÏÏÏÏÏÏÏÏ 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0October 2033ÏÏÏÏÏÏÏÏÏÏ 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Weighted Average

Life (years)** ÏÏÏÏÏÏ 19.1 16.3 13.1 11.0 7.4 8.1 5.2 3.3 2.6 1.9 14.5 12.8 10.5 8.8 6.5

* Indicates an outstanding balance greater than 0% and less than 0.5% of the original principal balance.** Determined as speciÑed under ""ÌWeighted Average Lives of the CertiÑcates'' above.‰ In the case of a Notional Class, the Decrement Table indicates the percentage of the original notional principal balance

outstanding.

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Characteristics of the R and RL Classes

The R and RL Classes will not have principal balances and will not bear interest. If any assets ofthe Trust remain after the principal balances of all Classes are reduced to zero, we will pay the Holderof the R Class the proceeds from those assets. If any assets of the Lower Tier REMIC remain after theprincipal balances of the Lower Tier Regular Interests are reduced to zero, we will pay the proceeds ofthose assets to the Holder of the RL Class. Fannie Mae does not expect that any material assets willremain in either of those cases.

A Residual CertiÑcate will be subject to certain transfer restrictions. We will not permit transferof record or beneÑcial ownership of a Residual CertiÑcate to a ""disqualiÑed organization.'' In addition,we will not permit transfer of record or beneÑcial ownership of a Residual CertiÑcate to any personthat is not a ""U.S. Person'' or a foreign person subject to United States income taxation on a net basison income derived from that CertiÑcate. Any transferee of a Residual CertiÑcate must execute anddeliver an aÇdavit and an Internal Revenue Service Form W-9 (or, if applicable, a Form W-8ECI) onwhich the transferee provides its taxpayer identiÑcation number. See ""Description of CertiÑcatesÌSpecial Characteristics of Residual CertiÑcates'' and ""Certain Federal Income Tax ConsequencesÌTaxation of BeneÑcial Owners of Residual CertiÑcates'' in the REMIC Prospectus. The aÇdavit mustalso state that the transferee is a ""U.S. Person'' or a foreign person subject to United States incometaxation on a net basis on income derived from that CertiÑcate and that, if the transferee is apartnership for U.S. federal income tax purposes, each person or entity that holds an interest(directly, or indirectly through a pass-through entity) in the partnership is a ""U.S. Person'' or aforeign person subject to United States income taxation on a net basis on income derived from thatCertiÑcate. In addition, the transferee must receive an aÇdavit containing these same representationsfrom any new transferee. Transferors of a Residual CertiÑcate should consult with their own taxadvisors for further information regarding such transfers.

Treasury Department regulations (the ""Regulations'') provide that a transfer of a ""noneconomicresidual interest'' will be disregarded for all federal tax purposes unless no signiÑcant purpose of thetransfer is to impede the assessment or collection of tax. The R and RL Classes will constitutenoneconomic residual interests under the Regulations. Having a signiÑcant purpose to impede theassessment or collection of tax means that the transferor of a Residual CertiÑcate knew or should haveknown that the transferee would be unwilling or unable to pay taxes due on its share of the taxableincome of the REMIC trust (that is, the transferor had ""improper knowledge'').

As discussed under the caption ""Special Characteristics of Residual CertiÑcates'' in the REMICProspectus, the Regulations presume that a transferor does not have improper knowledge if twoconditions are met. The Treasury Department has amended the Regulations to provide additionalrequirements that a transferor must satisfy to avail itself of the safe harbor regarding the presumedlack of improper knowledge. For transfers occurring on or after August 19, 2002, a transferor of aResidual CertiÑcate is presumed not to have improper knowledge if, in addition to meeting the twoconditions discussed in the REMIC Prospectus, both (i) the transferee represents that it will notcause income from the Residual CertiÑcate to be attributed to a foreign permanent establishment orÑxed base of the transferee or another taxpayer and (ii) the transfer satisÑes either the ""asset test'' orthe ""formula test.'' The representation described in (i) will be included in the aÇdavit discussedabove. See ""Description of CertiÑcatesÌSpecial Characteristics of Residual CertiÑcates'' and ""Cer-tain Federal Income Tax ConsequencesÌTaxation of BeneÑcial Owners of Residual CertiÑcates'' inthe REMIC Prospectus.

A transfer satisÑes the asset test if (i) the transferee's gross assets exceed $100 million and its netassets exceed $10 million (in each case, at the time of the transfer and at the close of each of thetransferee's two Ñscal years preceding the year of transfer), (ii) the transferee is an ""eligiblecorporation'' and the transferee agrees in writing that any subsequent transfer of the ResidualCertiÑcate will be to an eligible corporation and will comply with the safe harbor and satisfy the assettest, and (iii) the facts and circumstances known to the transferor do not reasonably indicate that thetaxes associated with the Residual CertiÑcate will not be paid. A transfer satisÑes the formula test if

S-24

the present value of the anticipated tax liabilities associated with holding the Residual CertiÑcate isless than or equal to the present value of the sum of (i) any consideration given to the transferee toacquire the Residual CertiÑcate, (ii) expected future distributions on the Residual CertiÑcate, and(iii) anticipated tax savings associated with holding the Residual CertiÑcate as the related REMICtrust generates losses. The Regulations contain additional details regarding their application and youshould consult your own tax advisor regarding the application of the Regulations to a transfer of aResidual CertiÑcate.

The Holder of the R Class will be considered to be the holder of the ""residual interest'' in theREMIC constituted by the Trust, and the Holder of the RL Class will be considered to be the holder ofthe ""residual interest'' in the REMIC constituted by the Lower Tier REMIC. See ""Certain FederalIncome Tax Consequences'' in the REMIC Prospectus. Pursuant to the Trust Agreement, we will beobligated to provide to these Holders (i) information necessary to enable them to prepare their federalincome tax returns and (ii) any reports regarding the R or RL Class that may be required under theCode.

CERTAIN ADDITIONAL FEDERAL INCOME TAX CONSEQUENCES

The CertiÑcates and payments on the CertiÑcates are not generally exempt from taxation.Therefore, you should consider the tax consequences of holding a CertiÑcate before you acquire one.The following tax discussion supplements the discussion under the caption ""Certain Federal IncomeTax Consequences'' in the REMIC Prospectus. When read together, the two discussions describe thecurrent federal income tax treatment of beneÑcial owners of CertiÑcates. These two tax discussions donot purport to deal with all federal tax consequences applicable to all categories of beneÑcial owners,some of which may be subject to special rules. In addition, these discussions may not apply to yourparticular circumstances for one of the reasons explained in the REMIC Prospectus. You shouldconsult your own tax advisors regarding the federal income tax consequences of holding and disposingof CertiÑcates as well as any tax consequences arising under the laws of any state, local or foreigntaxing jurisdiction.

REMIC Elections and Special Tax Attributes

We will elect to treat the Lower Tier REMIC and the Trust as REMICs for federal income taxpurposes. The REMIC CertiÑcates, other than the R and RL Classes, will be designated as the""regular interests,'' and the R Class will be designated as the ""residual interest,'' in the REMICconstituted by the Trust. The Lower Tier Regular Interests will be designated as the ""regularinterests'' and the RL Class will be designated as the ""residual interest'' in the Lower Tier REMIC.

Because the Lower Tier REMIC and the Trust will qualify as REMICs, the REMIC CertiÑcatesand any related RCR CertiÑcates generally will be treated as ""regular or residual interests in aREMIC'' for domestic building and loan associations, as ""real estate assets'' for real estate investmenttrusts, and, except for the R and RL Classes, as ""qualiÑed mortgages'' for other REMICs. See""Certain Federal Income Tax ConsequencesÌREMIC Election and Special Tax Attributes'' in theREMIC Prospectus.

Taxation of BeneÑcial Owners of Regular CertiÑcates

The Notional Classes, the Principal Only Class and the Accrual Class will be issued with originalissue discount (""OID''), and certain other Classes of REMIC CertiÑcates may be issued with OID. If aClass is issued with OID, a beneÑcial owner of a CertiÑcate of that Class generally must recognizesome taxable income in advance of the receipt of the cash attributable to that income. See ""CertainFederal Income Tax ConsequencesÌTaxation of BeneÑcial Owners of Regular CertiÑ-catesÌTreatment of Original Issue Discount'' in the REMIC Prospectus. In addition, certain Classesof REMIC CertiÑcates may be treated as having been issued at a premium. See ""Certain FederalIncome Tax ConsequencesÌTaxation of BeneÑcial Owners of Regular CertiÑcatesÌRegular CertiÑ-cates Purchased at a Premium'' in the REMIC Prospectus.

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The Prepayment Assumptions that will be used in determining the rate of accrual of OID will beas follows:

Group Prepayment Assumption

1 540% PSA2 219% PSA3 278% PSA

See ""Certain Federal Income Tax ConsequencesÌTaxation of BeneÑcial Owners of Regular CertiÑ-catesÌTreatment of Original Issue DiscountÌDaily Portions of Original Issue Discount'' in theREMIC Prospectus. No representation is made as to whether the Mortgage Loans underlying theMBS will prepay at any of those rates or any other rate. See ""Description of the CertiÑcatesÌWeighted Average Lives of the CertiÑcates'' in this prospectus supplement and ""Description ofCertiÑcatesÌWeighted Average Life and Final Distribution Date'' in the REMIC Prospectus.

Taxation of BeneÑcial Owners of Residual CertiÑcates

For purposes of determining the portion of the taxable income of the Trust, or the Lower TierREMIC, that generally will not be treated as excess inclusions, the rate to be used is 5.70% (which is120% of the ""federal long-term rate''). See ""Certain Federal Income Tax ConsequencesÌTaxation ofBeneÑcial Owners of Residual CertiÑcatesÌTreatment of Excess Inclusions'' and ""ÌForeign Inves-torsÌResidual CertiÑcates'' in the REMIC Prospectus.

The Treasury Department recently issued Regulations providing that, to clearly reÖect income, aninducement fee paid to a transferee of a noneconomic residual interest in a REMIC must be includedin income over a period that is reasonably related to the period during which the applicable REMIC isexpected to generate taxable income or net loss allocable to the transferee. The Regulations set forthtwo safe harbor methods under which a taxpayer's accounting for the inducement fee will beconsidered to clearly reÖect income for these purposes. In addition, under the Regulations aninducement fee shall be treated as income from sources within the United States. The Regulations,which are eÅective for taxable years ending on or after May 11, 2004, contain additional detailsregarding their application. You should consult your own tax advisor regarding the application of theRegulations to the transfer of a Residual CertiÑcate.

Taxation of BeneÑcial Owners of RCR CertiÑcates

General. The RCR Classes will be created, sold and administered pursuant to an arrangementthat will be classiÑed as a grantor trust under subpart E, part I of subchapter J of the Code. TheREMIC CertiÑcates that are exchanged for RCR CertiÑcates (including any exchanges eÅective onthe Settlement Date) will be the assets of the trust, and the RCR CertiÑcates will represent anownership interest in those REMIC CertiÑcates. For a general discussion of the federal income taxtreatment of beneÑcial owners of REMIC CertiÑcates, see ""Certain Federal Income Tax Conse-quences'' in the REMIC Prospectus.

The RCR Classes (each, a ""Combination RCR Class'') will represent the beneÑcial ownership ofthe underlying REMIC CertiÑcates set forth in Schedule 1. Each CertiÑcate of a Combination RCRClass (a ""Combination RCR CertiÑcate'') will represent beneÑcial ownership of undivided interests intwo or more underlying REMIC CertiÑcates.

Combination RCR Classes. A beneÑcial owner of a Combination RCR CertiÑcate will be treatedas the beneÑcial owner of a proportionate interest in the REMIC CertiÑcates underlying thatCombination RCR CertiÑcate. Except in the case of a beneÑcial owner that acquires a CombinationRCR CertiÑcate in an exchange described under ""ÌExchanges'' below, a beneÑcial owner of aCombination RCR CertiÑcate must allocate its cost to acquire that CertiÑcate among the underlyingREMIC CertiÑcates in proportion to their relative fair market values at the time of acquisition. Suchan owner should account for its ownership interest in each underlying REMIC CertiÑcate as describedunder ""ÌTaxation of BeneÑcial Owners of Regular CertiÑcates'' above and ""Certain Federal IncomeTax ConsequencesÌTaxation of BeneÑcial Owners of Regular CertiÑcates'' in the REMIC Prospectus.

S-26

When a beneÑcial owner sells a Combination RCR CertiÑcate, the owner must allocate the saleproceeds among the underlying REMIC CertiÑcates in proportion to their relative fair market valuesat the time of sale.

Exchanges. If a beneÑcial owner exchanges one or more REMIC CertiÑcates for the related RCRCertiÑcate or CertiÑcates in the manner described under ""Description of the CertiÑcatesÌCombina-tion and Recombination'' in this prospectus supplement, the exchange will not be taxable. Likewise, ifa beneÑcial owner exchanges one or more RCR CertiÑcates for the related REMIC CertiÑcate orCertiÑcates in the manner described in that discussion, the exchange will not be a taxable exchange. Ineach of these cases, the beneÑcial owner will be treated as continuing to own after the exchange thesame combination of interests in the related REMIC CertiÑcates (or the same interest in the relatedREMIC CertiÑcate) that it owned immediately prior to the exchange.

Tax Return Disclosure Requirements

The Treasury Department recently issued Regulations directed at ""tax shelters'' that could beread to apply to transactions generally not considered to be tax shelters. These Regulations requirethat taxpayers that participate in a ""reportable transaction'' disclose such transaction on their taxreturns by attaching IRS Form 8886 and retain information related to the transaction. A transactionmay be a ""reportable transaction'' based upon any of several indicia, one or more of which may bepresent with respect to the CertiÑcates. You should consult your own tax advisor concerning anypossible disclosure obligation with respect to your investment in the CertiÑcates.

PLAN OF DISTRIBUTION

General. We are obligated to deliver the CertiÑcates to Citigroup Global Markets Inc. (the""Dealer'') in exchange for the Group 1 Underlying REMIC CertiÑcate and the Trust MBS. TheDealer proposes to oÅer the CertiÑcates directly to the public from time to time in negotiatedtransactions at varying prices to be determined at the time of sale. The Dealer may eÅect thesetransactions to or through other dealers.

Increase in CertiÑcates. Before the Settlement Date, we and the Dealer may agree to oÅerClasses in addition to those contemplated as of the date of this prospectus supplement. In this event,we will increase the related Trust MBS in principal balance, but we expect that all these additionalTrust MBS will have the same characteristics as described under ""Description of the CertiÑcatesÌThe Trust MBS'' in this prospectus supplement. The proportion that the original principal balance ofeach Group 2 or Group 3 Class bears to the aggregate original principal balance of all Group 2 orGroup 3 Classes, respectively, will remain the same. In addition, the dollar amounts shown in thePrincipal Balance Schedules will be increased to correspond to the increase of the principal balances ofthe applicable Classes.

LEGAL MATTERS

Sidley Austin Brown & Wood LLP will provide legal representation for Fannie Mae. Cleary,Gottlieb, Steen & Hamilton will provide legal representation for the Dealer.

S-27

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Principal Balance Schedule

Aggregate Group Targeted Balances

Distribution Targeted Distribution Targeted Distribution TargetedDate Balance Date Balance Date Balance

Initial Balance ÏÏÏÏÏÏÏ $25,543,687.00 September 2008ÏÏÏÏÏÏ $24,129,054.03 August 2012 ÏÏÏÏÏÏÏÏÏ $21,128,298.71

November 2004 ÏÏÏÏÏÏ 25,516,645.33 October 2008 ÏÏÏÏÏÏÏÏ 24,095,528.63 September 2012ÏÏÏÏÏÏ 20,774,229.50

December 2004 ÏÏÏÏÏÏ 25,489,479.73 November 2008 ÏÏÏÏÏÏ 24,061,849.57 October 2012 ÏÏÏÏÏÏÏÏ 20,411,393.13

January 2005 ÏÏÏÏÏÏÏÏ 25,462,189.61 December 2008 ÏÏÏÏÏÏ 24,028,016.15 November 2012 ÏÏÏÏÏÏ 20,040,027.11

February 2005 ÏÏÏÏÏÏÏ 25,434,774.41 January 2009 ÏÏÏÏÏÏÏÏ 23,994,027.66 December 2012 ÏÏÏÏÏÏ 19,660,363.58

March 2005 ÏÏÏÏÏÏÏÏÏ 25,407,233.56 February 2009 ÏÏÏÏÏÏÏ 23,959,883.39 January 2013 ÏÏÏÏÏÏÏÏ 19,272,629.47April 2005ÏÏÏÏÏÏÏÏÏÏÏ 25,379,566.48 March 2009 ÏÏÏÏÏÏÏÏÏ 23,925,582.62 February 2013 ÏÏÏÏÏÏÏ 18,877,046.52May 2005 ÏÏÏÏÏÏÏÏÏÏÏ 25,351,772.60 April 2009ÏÏÏÏÏÏÏÏÏÏÏ 23,891,124.64 March 2013 ÏÏÏÏÏÏÏÏÏ 18,473,831.47June 2005 ÏÏÏÏÏÏÏÏÏÏÏ 25,323,851.32 May 2009 ÏÏÏÏÏÏÏÏÏÏÏ 23,856,508.73 April 2013ÏÏÏÏÏÏÏÏÏÏÏ 18,063,196.11July 2005 ÏÏÏÏÏÏÏÏÏÏÏ 25,295,802.08 June 2009 ÏÏÏÏÏÏÏÏÏÏÏ 23,821,734.16 May 2013 ÏÏÏÏÏÏÏÏÏÏÏ 17,645,347.40August 2005 ÏÏÏÏÏÏÏÏÏ 25,267,624.27 July 2009 ÏÏÏÏÏÏÏÏÏÏÏ 23,786,800.21 June 2013 ÏÏÏÏÏÏÏÏÏÏÏ 17,220,487.54September 2005ÏÏÏÏÏÏ 25,239,317.32 August 2009 ÏÏÏÏÏÏÏÏÏ 23,751,706.15

July 2013 ÏÏÏÏÏÏÏÏÏÏÏ 16,788,814.11October 2005 ÏÏÏÏÏÏÏÏ 25,210,880.62 September 2009ÏÏÏÏÏÏ 23,716,451.24

August 2013 ÏÏÏÏÏÏÏÏÏ 16,350,520.10November 2005 ÏÏÏÏÏÏ 25,182,313.59 October 2009 ÏÏÏÏÏÏÏÏ 23,681,034.74

September 2013ÏÏÏÏÏÏ 15,905,794.09December 2005 ÏÏÏÏÏÏ 25,153,615.63 November 2009 ÏÏÏÏÏÏ 23,645,455.92

October 2013 ÏÏÏÏÏÏÏÏ 15,454,820.22January 2006 ÏÏÏÏÏÏÏÏ 25,124,786.14 December 2009 ÏÏÏÏÏÏ 23,609,714.02

November 2013 ÏÏÏÏÏÏ 14,997,778.41February 2006 ÏÏÏÏÏÏÏ 25,095,824.51 January 2010 ÏÏÏÏÏÏÏÏ 23,573,808.31

December 2013 ÏÏÏÏÏÏ 14,534,844.34March 2006 ÏÏÏÏÏÏÏÏÏ 25,066,730.14 February 2010 ÏÏÏÏÏÏÏ 23,537,738.04

January 2014 ÏÏÏÏÏÏÏÏ 14,066,189.58April 2006ÏÏÏÏÏÏÏÏÏÏÏ 25,037,502.42 March 2010 ÏÏÏÏÏÏÏÏÏ 23,501,502.44

February 2014 ÏÏÏÏÏÏÏ 13,591,981.69May 2006 ÏÏÏÏÏÏÏÏÏÏÏ 25,008,140.74 April 2010ÏÏÏÏÏÏÏÏÏÏÏ 23,465,100.76

March 2014 ÏÏÏÏÏÏÏÏÏ 13,112,384.24June 2006 ÏÏÏÏÏÏÏÏÏÏÏ 24,978,644.49 May 2010 ÏÏÏÏÏÏÏÏÏÏÏ 23,428,532.24

April 2014ÏÏÏÏÏÏÏÏÏÏÏ 12,627,556.96July 2006 ÏÏÏÏÏÏÏÏÏÏÏ 24,949,013.04 June 2010 ÏÏÏÏÏÏÏÏÏÏÏ 23,391,796.11

May 2014 ÏÏÏÏÏÏÏÏÏÏÏ 12,137,655.78August 2006 ÏÏÏÏÏÏÏÏÏ 24,919,245.79 July 2010 ÏÏÏÏÏÏÏÏÏÏÏ 23,354,891.61

June 2014 ÏÏÏÏÏÏÏÏÏÏÏ 11,642,832.90September 2006ÏÏÏÏÏÏ 24,889,342.10 August 2010 ÏÏÏÏÏÏÏÏÏ 23,317,817.97

July 2014 ÏÏÏÏÏÏÏÏÏÏÏ 11,143,236.87October 2006 ÏÏÏÏÏÏÏÏ 24,859,301.35 September 2010ÏÏÏÏÏÏ 23,280,574.40

August 2014 ÏÏÏÏÏÏÏÏÏ 10,639,012.71November 2006 ÏÏÏÏÏÏ 24,829,122.92 October 2010 ÏÏÏÏÏÏÏÏ 23,243,160.13September 2014ÏÏÏÏÏÏ 10,130,301.91December 2006 ÏÏÏÏÏÏ 24,798,806.16 November 2010 ÏÏÏÏÏÏ 23,205,574.39October 2014 ÏÏÏÏÏÏÏÏ 9,617,242.53January 2007 ÏÏÏÏÏÏÏÏ 24,768,350.46 December 2010 ÏÏÏÏÏÏ 23,167,816.37November 2014 ÏÏÏÏÏÏ 9,099,969.28February 2007 ÏÏÏÏÏÏÏ 24,737,755.17 January 2011 ÏÏÏÏÏÏÏÏ 23,129,885.30December 2014 ÏÏÏÏÏÏ 8,578,613.58March 2007 ÏÏÏÏÏÏÏÏÏ 24,707,019.65 February 2011 ÏÏÏÏÏÏÏ 23,091,780.37January 2015 ÏÏÏÏÏÏÏÏ 8,053,303.65April 2007ÏÏÏÏÏÏÏÏÏÏÏ 24,676,143.26 March 2011 ÏÏÏÏÏÏÏÏÏ 23,053,500.80

February 2015 ÏÏÏÏÏÏÏ 7,524,164.50May 2007 ÏÏÏÏÏÏÏÏÏÏÏ 24,645,125.35 April 2011ÏÏÏÏÏÏÏÏÏÏÏ 23,015,045.78

March 2015 ÏÏÏÏÏÏÏÏÏ 6,991,318.11June 2007 ÏÏÏÏÏÏÏÏÏÏÏ 24,613,965.27 May 2011 ÏÏÏÏÏÏÏÏÏÏÏ 22,976,414.51

April 2015ÏÏÏÏÏÏÏÏÏÏÏ 6,454,883.37July 2007 ÏÏÏÏÏÏÏÏÏÏÏ 24,582,662.38 June 2011 ÏÏÏÏÏÏÏÏÏÏÏ 22,937,606.17

May 2015 ÏÏÏÏÏÏÏÏÏÏÏ 5,914,976.23August 2007 ÏÏÏÏÏÏÏÏÏ 24,551,216.02 July 2011 ÏÏÏÏÏÏÏÏÏÏÏ 22,898,619.97

September 2007ÏÏÏÏÏÏ 24,519,625.53 August 2011 ÏÏÏÏÏÏÏÏÏ 22,859,455.08 June 2015 ÏÏÏÏÏÏÏÏÏÏÏ 5,371,709.74

October 2007 ÏÏÏÏÏÏÏÏ 24,487,890.24 September 2011ÏÏÏÏÏÏ 22,820,110.68 July 2015 ÏÏÏÏÏÏÏÏÏÏÏ 4,825,194.08

November 2007 ÏÏÏÏÏÏ 24,456,009.51 October 2011 ÏÏÏÏÏÏÏÏ 22,780,585.96 August 2015 ÏÏÏÏÏÏÏÏÏ 4,275,536.65

December 2007 ÏÏÏÏÏÏ 24,423,982.65 November 2011 ÏÏÏÏÏÏ 22,740,880.08 September 2015ÏÏÏÏÏÏ 3,722,842.08

January 2008 ÏÏÏÏÏÏÏÏ 24,391,809.01 December 2011 ÏÏÏÏÏÏ 22,700,992.21 October 2015 ÏÏÏÏÏÏÏÏ 3,167,212.38

February 2008 ÏÏÏÏÏÏÏ 24,359,487.90 January 2012 ÏÏÏÏÏÏÏÏ 22,660,921.53 November 2015 ÏÏÏÏÏÏ 2,608,746.90March 2008 ÏÏÏÏÏÏÏÏÏ 24,327,018.66 February 2012 ÏÏÏÏÏÏÏ 22,620,667.19 December 2015 ÏÏÏÏÏÏ 2,047,542.41April 2008ÏÏÏÏÏÏÏÏÏÏÏ 24,294,400.59 March 2012 ÏÏÏÏÏÏÏÏÏ 22,580,228.35 January 2016 ÏÏÏÏÏÏÏÏ 1,483,693.17May 2008 ÏÏÏÏÏÏÏÏÏÏÏ 24,261,633.03 April 2012ÏÏÏÏÏÏÏÏÏÏÏ 22,451,960.62 February 2016 ÏÏÏÏÏÏÏ 918,296.78June 2008 ÏÏÏÏÏÏÏÏÏÏÏ 24,228,715.28 May 2012 ÏÏÏÏÏÏÏÏÏÏÏ 22,135,445.88 March 2016 ÏÏÏÏÏÏÏÏÏ 351,922.77July 2008 ÏÏÏÏÏÏÏÏÏÏÏ 24,195,646.66 June 2012 ÏÏÏÏÏÏÏÏÏÏÏ 21,809,158.27

April 2016 andAugust 2008 ÏÏÏÏÏÏÏÏÏ 24,162,426.48 July 2012 ÏÏÏÏÏÏÏÏÏÏÏ 21,473,357.81 thereafter ÏÏÏÏÏÏÏÏÏ 0.00

B-1

No one is authorized to give information or tomake representations in connection with the Cer-tiÑcates other than the information and representa-tions contained in this Prospectus Supplement and $526,094,189the additional Disclosure Documents. You mustnot rely on any unauthorized information or repre-sentation. This Prospectus Supplement and theadditional Disclosure Documents do not constitutean oÅer or solicitation with regard to the CertiÑ-cates if it is illegal to make such an oÅer orsolicitation to you under state law. By deliveringthis Prospectus Supplement and the additionalDisclosure Documents at any time, no one impliesthat the information contained herein or therein iscorrect after the date hereof or thereof.

The Securities and Exchange Commission has notapproved or disapproved the CertiÑcates or deter-mined if this Prospectus Supplement is truthfuland complete. Any representation to the contrary isa criminal oÅense.

Guaranteed REMICPass-Through CertiÑcates

Fannie Mae REMIC Trust 2004-84

TABLE OF CONTENTS

Page

Table of ContentsÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S- 2Available Information ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S- 3Incorporation By Reference ÏÏÏÏÏÏÏÏÏÏÏÏÏ S- 3Reference Sheet ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S- 5Additional Risk FactorsÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S- 8Description of the CertiÑcates ÏÏÏÏÏÏÏÏÏÏÏ S- 9 CitigroupCertain Additional Federal Income Tax

Consequences ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S-25Plan of Distribution ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S-27Legal Matters ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S-27 Prospectus SupplementExhibit A ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ A- 1

September 29, 2004Schedule 1 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ A- 2Principal Balance Schedules ÏÏÏÏÏÏÏÏÏÏÏÏÏ B- 1