12/10/2004 Amherst Securities Group Underwrites New Issue Deal for FNMA

Amherst Securities Group Underwrites New Issue Deal for FNMA

11-year; non-call 3-month; Fixed Rate
Pricing Date	December 10, 2004
Settlement Date	December 30, 2004
Structure	11-year; non-call 3-month
First Call Date	March 30, 2005 and quarterly thereafter
Maturity	December 30, 2015
Payment Dates	Each June 30th and December 30th beginning June 2005
First Coupon	5.25%
Coupon Structure	Fixed
Size	$25 million
Issuer	Federal National Mortgage Association
CUSIP	3136F6ST7
Currency	USD