|FEDERAL NATIONAL MORTGAGE ASSOCIATION FANNIE MAE filed this Form 10-Q on 05/07/2015|
May 7, 2015
3900 Wisconsin Avenue, NW
Washington, DC 20016-2892
At your request, we have read the description included in your Quarterly Report on Form 10-Q to the Securities and Exchange Commission for the quarter ended March 31, 2015, of the facts relating to the change in the nonaccrual policy to reverse any accrued interest receivable through interest income at the time a loan is put on nonaccrual status and to return a non-modified single-family loan to accrual status at the point that the borrower brings the loan current. Under the prior policy, such accrued interest receivable became part of a loan’s recorded investment which was reviewed for impairment, and a non-modified single-family loan was returned to accrual status at the point the borrower had made sufficient payments to reduce the delinquency status below the nonaccrual threshold. We believe, on the basis of the facts so set forth and other information furnished to us by appropriate officials of the Company, that the accounting change described in your Form 10-Q is to an alternative accounting principle that is preferable under the circumstances.
We have not audited any consolidated financial statements of Fannie Mae and its consolidated subsidiaries as of any date or for any period subsequent to December 31, 2014. Therefore, we are unable to express, and we do not express, an opinion on the facts set forth in the above-mentioned Form 10-Q, on the related information furnished to us by officials of the Company, or on the financial position, results of operations, or cash flows of Fannie Mae and its consolidated subsidiaries as of any date or for any period subsequent to December 31, 2014.
/s/ Deloitte & Touche LLP