Prospectus Supplement(To REMIC Prospectus dated June 1, 2014)

$206,744,917

Guaranteed REMIC Pass-Through CertificatesFannie Mae REMIC Trust 2015-69

The CertificatesWe, the Federal National MortgageAssociation (Fannie Mae), willissue the classes of certificateslisted in the chart on this cover.

Payments to CertificateholdersWe will make monthly paymentson the certificates. You, theinvestor, will receive• interest accrued on the balance

of your certificate (except in thecase of the accrual classes), and

• principal to the extent availablefor payment on your class.

We will pay principal at rates thatmay vary from time to time. Wemay not pay principal to certainclasses for long periods of time.

The Fannie Mae GuarantyWe will guarantee that requiredpayments of principal and intereston the certificates are available fordistribution to investors on time.

The Trust and its AssetsThe trust will own Fannie MaeMBS.

The mortgage loans underlying theFannie Mae MBS are first lien,single-family, fixed-rate loans.

Class Group

OriginalClass

BalancePrincipalType(1)

InterestRate

InterestType(1)

CUSIPNumber

FinalDistribution

Date

MC . . . . 1 $39,613,000 PAC/AD 2.5% FIX 3136AP4G4 September 2045LB . . . . 1 50,000,000 PAC/AD 2.0 FIX 3136AP4H2 August 2045LP . . . . 1 25,000,000 PAC/AD 3.5 FIX 3136AP4J8 August 2045LC(2) . . . 1 9,389,000 PAC/AD 2.5 FIX 3136AP4K5 August 2045LD(2) . . . 1 976,000 PAC/AD 2.5 FIX 3136AP4L3 September 2045MZ . . . . 1 22,000,000 SUP 2.5 FIX/Z 3136AP4M1 September 2045IO . . . . 1 85,737,166(3) NTL 6.0 FIX/IO 3136AP4N9 September 2045

KP . . . . 2 50,000,000 PAC/AD 3.5 FIX 3136AP4P4 March 2045KY . . . . 2 2,123,000 PAC/AD 3.5 FIX 3136AP4Q2 September 2045CZ . . . . 2 7,643,917 SUP 3.5 FIX/Z 3136AP4R0 September 2045

R . . . . 0 NPR 0 NPR 3136AP4S8 September 2045

(1) See “Description of theCertificates—Class Definitionsand Abbreviations” in theREMIC prospectus.

(2) Exchangeable classes.(3) Notional principal balance. This class is an interest

only class. See page S-5 for a description of how itsnotional principal balance is calculated.

If you own certificates of certain classes, you can exchange them for certifi-cates of the corresponding RCR class to be delivered at the time ofexchange. The MB Class is the RCR class. For a more detailed description ofthe RCR class, see Schedule 1 attached to this prospectus supplement and“Description of the Certificates—Combination and Recombination—RCRCertificates” in the REMIC prospectus.

The dealer will offer the certificates from time to time in negotiated trans-actions at varying prices. We expect the settlement date to be August 31,2015.

Carefully consider the risk factors starting on page 14 of the REMIC prospectus. Unless youunderstand and are able to tolerate these risks, you should not invest in the certificates.

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

The certificates, together with interest thereon, are not guaranteed by the United States and do not constitutea debt or obligation of the United States or any agency or instrumentality thereof other than Fannie Mae.

The certificates are exempt from registration under the Securities Act of 1933 and are “exempted securities”under the Securities Exchange Act of 1934.

BNP PARIBASThe date of this Prospectus Supplement is August 25, 2015

TABLE OF CONTENTS

Page

AVAILABLE INFORMATION . . . . . . S- 3SUMMARY . . . . . . . . . . . . . . . . . . . . . . . . S- 4DESCRIPTION OF THE

CERTIFICATES . . . . . . . . . . . . . . . . . S- 6GENERAL . . . . . . . . . . . . . . . . . . . . . . . . S- 6

Structure . . . . . . . . . . . . . . . . . . . . . . S- 6Fannie Mae Guaranty . . . . . . . . . . . S- 6Characteristics of Certificates . . . . . S- 6Authorized Denominations . . . . . . . S- 7

THE MBS . . . . . . . . . . . . . . . . . . . . . . . . S- 7DISTRIBUTIONS OF INTEREST . . . . . . . . S- 7

General . . . . . . . . . . . . . . . . . . . . . . . . S- 7Delay Classes and No-Delay

Classes . . . . . . . . . . . . . . . . . . . . . . S- 7Accrual Classes . . . . . . . . . . . . . . . . . S- 7

DISTRIBUTIONS OF PRINCIPAL . . . . . . . S- 8STRUCTURING ASSUMPTIONS . . . . . . . . S- 9

Pricing Assumptions . . . . . . . . . . . . . S- 9Prepayment Assumptions . . . . . . . . . S- 9Principal Balance Schedules . . . . . . S- 9

Page

YIELD TABLE FOR THE FIXED RATE

INTEREST ONLY CLASS . . . . . . . . . . . S-10WEIGHTED AVERAGE LIVES OF THE

CERTIFICATES . . . . . . . . . . . . . . . . . . S-11DECREMENT TABLES . . . . . . . . . . . . . . . S-12CHARACTERISTICS OF THE RESIDUAL

CLASS . . . . . . . . . . . . . . . . . . . . . . . . . S-14CERTAIN ADDITIONAL FEDERAL

INCOME TAX CONSEQUENCES . . S-14REMIC ELECTION AND SPECIAL TAX

ATTRIBUTES . . . . . . . . . . . . . . . . . . . . S-15TAXATION OF BENEFICIAL OWNERS OF

REGULAR CERTIFICATES . . . . . . . . . . S-15TAXATION OF BENEFICIAL OWNERS OF

RESIDUAL CERTIFICATES . . . . . . . . . S-15TAXATION OF BENEFICIAL OWNERS OF

RCR CERTIFICATES . . . . . . . . . . . . . . S-15PLAN OF DISTRIBUTION . . . . . . . . . S-16LEGAL MATTERS . . . . . . . . . . . . . . . . S-16SCHEDULE 1 . . . . . . . . . . . . . . . . . . . . . A- 1PRINCIPAL BALANCE

SCHEDULES . . . . . . . . . . . . . . . . . . . B- 1

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AVAILABLE INFORMATION

You should purchase the certificates 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 Certificates datedJune 1, 2014 (the “REMIC Prospectus”);

• our Prospectus for Fannie Mae Guaranteed Pass-Through Certificates (Single-FamilyResidential Mortgage Loans) dated

O October 1, 2014, for all MBS issued on or after October 1, 2014,

O March 1, 2013, for all MBS issued on or after March 1, 2013 and prior to October 1,2014,

O February 1, 2012, for all MBS issued on or after February 1, 2012 and prior to March 1,2013,

O July 1, 2011, for all MBS issued on or after July 1, 2011 and prior to February 1, 2012,

O June 1, 2009, for all MBS issued on or after January 1, 2009 and prior to July 1, 2011,

O April 1, 2008, for all MBS issued on or after June 1, 2007 and prior to January 1,2009, or

O January 1, 2006, for all other MBS

(as applicable, the “MBS Prospectus”); and

• any information incorporated by reference in this prospectus supplement as discussedbelow and under the heading “Incorporation by Reference” in the REMIC Prospectus.

For a description of current servicing policies generally applicable to existing Fannie MaeMBS pools, see “Yield, Maturity and Prepayment Considerations” in the MBS Prospectus datedOctober 1, 2014.

The MBS Prospectus is incorporated by reference in this prospectus supplement. This meansthat we are disclosing information in that document by referring you to it. That document isconsidered part of this prospectus supplement, so you should read this prospectus supplement,and any applicable supplements or amendments, together with that document.

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 ourcorporate Web site at www.fanniemae.com.

You also can obtain copies of the REMIC Prospectus and the MBS Prospectus by writing orcalling the dealer at:

Static Data NY SecuritiesBNP Paribas525 Washington BoulevardJersey City, New Jersey 07310(telephone (201) 850-5627)StaticDataNYSecurities@americas.bnpparibas.com.

S-3

SUMMARY

This summary contains only limited information about the certificates. Statisticalinformation in this summary is provided as of August 1, 2015. You should purchase thecertificates only after reading this prospectus supplement and each of the additionaldisclosure documents listed on page S-3. In particular, please see the discussion of riskfactors that appears in each of those additional disclosure documents.

Assets Underlying Each Group of Classes

Group Assets

1 Group 1 MBS2 Group 2 MBS

Group 1 and Group 2

Characteristics of the MBS

ApproximatePrincipalBalance

Pass-Through

Rate

Range of WeightedAverage Coupons

or WACs(annual percentages)

Range of WeightedAverage RemainingTerms to Maturity

or WAMs(in months)

Group 1 MBS $146,978,000 6.00% 6.25% to 8.50% 225 to 360Group 2 MBS $ 59,766,917 3.50% 3.75% to 6.00% 241 to 360

Assumed Characteristics of the Underlying Mortgage Loans

PrincipalBalance

OriginalTerm toMaturity

(in months)

RemainingTerm toMaturity

(in months)Loan Age

(in months)Interest

Rate

Group 1 MBS $146,978,000 360 254 98 6.568%Group 2 MBS $ 59,766,917 360 359 1 4.141%

The actual remaining terms to maturity, loan ages and interest rates of most of the mortgageloans underlying the MBS will differ from those shown above, and may differ significantly. See“Risk Factors—Risks Relating to Yield and Prepayment—Yields on and weighted average lives ofthe certificates are affected by actual characteristics of the mortgage loans backing the series trustassets” in the REMIC Prospectus.

Settlement Date

We expect to issue the certificates on August 31, 2015.

Distribution Dates

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

Record Date

On each distribution date, we will make each monthly payment on the certificates to holdersof record on the last day of the preceding month.

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Book-Entry and Physical Certificates

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

Fed Book-Entry Physical

All classes of certificates other than the R Class R Class

Exchanging Certificates Through Combination and Recombination

If you own certificates of a class designated as “exchangeable” on the cover of this prospectussupplement, you will be able to exchange them for a proportionate interest in the related RCRcertificates. Schedule 1 lists the available combination of the certificates eligible for exchange andthe related RCR certificates. You can exchange your certificates by notifying us and paying anexchange fee. We will deliver the RCR certificates upon such exchange.

We will apply principal and interest payments from exchanged REMIC certificates to thecorresponding RCR certificates, on a pro rata basis, following any exchange.

Interest Rates

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

Notional Class

The notional principal balance of the notional class specified below will equal the percentageof the outstanding balance specified below immediately before the related distribution date:

Class

IO . . . . . . . . . . . . . . . . . . . . . . 58.3333328798% of the Group 1 MBS

Distributions of Principal

For a description of the principal payment priorities, see “Description of the Certificates—Distributions of Principal” in this prospectus supplement.

Weighted Average Lives (years)*

PSA Prepayment AssumptionGroup 1 Classes 0% 100% 265% 300% 400% 800% 1300%

MC . . . . . . . . . . . . . . . . . . . . . . . . . . . 17.2 6.2 3.7 3.7 3.7 1.7 0.8LB, LP and LC . . . . . . . . . . . . . . . . . 17.1 6.0 3.5 3.5 3.5 1.7 0.7LD . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26.3 16.4 16.4 16.4 16.4 8.2 3.7MZ . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28.3 17.2 10.9 7.8 1.2 0.2 0.1IO . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.8 8.4 4.8 4.3 3.3 1.5 0.7MB . . . . . . . . . . . . . . . . . . . . . . . . . . . 18.0 7.0 4.7 4.7 4.7 2.3 1.0

PSA Prepayment AssumptionGroup 2 Classes 0% 100% 150% 200% 250% 500% 900%

KP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.9 7.3 6.2 6.2 6.2 3.7 2.4KY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25.1 21.7 21.7 21.7 21.7 12.5 6.7CZ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27.7 21.6 18.0 10.9 2.8 1.1 0.7

* Determined as specified under “Yield, Maturity and Prepayment Considerations—Weighted Average Livesand Final Distribution Dates” in the REMIC Prospectus.

S-5

DESCRIPTION OF THE CERTIFICATES

The material under this heading describes the principal features of the Certificates. You willfind additional information about the Certificates in the other sections of this prospectus supple-ment, as well as in the additional Disclosure Documents and the Trust Agreement. If we use acapitalized term in this prospectus supplement without defining it, you will find the definition ofthat term in the applicable Disclosure Document or in the Trust Agreement.

General

Structure. We will create the Fannie Mae REMIC Trust specified on the cover of thisprospectus supplement (the “Trust”) pursuant to a trust agreement dated as of May 1, 2010 and asupplement thereto dated as of August 1, 2015 (the “Issue Date”). We will issue the GuaranteedREMIC Pass-Through Certificates (the “REMIC Certificates”) pursuant to that trust agreementand supplement. We will issue the Combinable and Recombinable REMIC Certificates (the “RCRCertificates” and, together with the REMIC Certificates, the “Certificates”) pursuant to a separatetrust agreement dated as of May 1, 2010 and a supplement thereto dated as of the Issue Date(together with the trust agreement and supplement relating to the REMIC Certificates, the“Trust Agreement”). 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 Certificates andRCR Certificates.

The assets of the Trust will include two groups of Fannie Mae Guaranteed Mortgage Pass-Through Certificates (the “Group 1 MBS” and “Group 2 MBS” and together, the “MBS”).

Each MBS represents a beneficial ownership interest in a pool of first lien, one- to four-family(“single-family”), fixed-rate residential mortgage loans (the “Mortgage Loans”) having the charac-teristics described in this prospectus supplement.

The Trust will constitute a “real estate mortgage investment conduit” (“REMIC”) under theInternal Revenue Code of 1986, as amended (the “Code”).

The following chart contains information about the assets, the “regular interests” and the“residual interest” of the REMIC. The REMIC Certificates other than the R Class are collectivelyreferred to as the “Regular Classes” or “Regular Certificates,” and the R Class is referred to as the“Residual Class” or “Residual Certificate.”

AssetsRegularInterests

ResidualInterest

REMIC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . MBS All Classes of REMIC Certificatesother than the R Class

R

Fannie Mae Guaranty. For a description of our guaranties of the Certificates and the MBS,see the applicable discussions appearing under the heading “Fannie Mae Guaranty” in the REMICProspectus and the MBS Prospectus. Our guaranties are not backed by the full faith and credit ofthe United States.

Characteristics of Certificates. Except as specified below, we will issue the Certificates inbook-entry form on the book-entry system of the U.S. Federal Reserve Banks. Entities whosenames appear on the book-entry records of a Federal Reserve Bank as having had Certificatesdeposited in their accounts are “Holders” or “Certificateholders.”

We will issue the Residual Certificate in fully registered, certificated form. The “Holder” or“Certificateholder” of the Residual Certificate is its registered owner. The Residual Certificate canbe transferred at the corporate trust office of the Transfer Agent, or at the office of the TransferAgent in New York, New York. U.S. Bank National Association in Boston, Massachusetts will bethe initial Transfer Agent. We may impose a service charge for any registration of transfer of the

S-6

Residual Certificate and may require payment to cover any tax or other governmental charge. Seealso “—Characteristics of the Residual Class” below.

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

Classes Denominations

Interest Only Class $100,000 minimum plus whole dollar incrementsAll other Classes (except the R Class) $1,000 minimum plus whole dollar increments

The MBS

The MBS provide that principal and interest on the related Mortgage Loans are passedthrough monthly. The Mortgage Loans underlying the MBS are conventional, fixed-rate,fully-amortizing mortgage loans secured by first mortgages or deeds of trust on single-familyresidential properties. These Mortgage Loans have original maturities of up to 30 years.

In addition, the pools of mortgage loans backing the Group 2 MBS have been designated aspools that include “jumbo-conforming” or “high balance” mortgage loans as described furtherunder “The Mortgage Loans—Special Feature Mortgage Loans—Mortgage Loans with OriginalPrincipal Balances Exceeding our Traditional Conforming Loan Limits” in the MBS Prospectusdated October 1, 2014. For periodic updates to that description, please refer to the Pool PrefixGlossary available on our Web site at www.fanniemae.com. For additional information about theparticular pools underlying the Group 2 MBS, see the Final Data Statement for the Trust and therelated prospectus supplement for each MBS. See also “Risk Factors—Risks Relating to Yield andPrepayment—Refinancing of Loans; Sale of Property—“Jumbo-conforming” mortgage loans, whichhave original principal balances that exceed our traditional conforming loan limits, may prepay atdifferent rates than conforming balance mortgage loans generally” in the MBS Prospectus datedOctober 1, 2014.

For additional information, see “Summary—Group 1 and Group 2—Characteristics of theMBS” in this prospectus supplement and “The Mortgage Loan Pools” and “Yield, Maturity andPrepayment Considerations” in the MBS Prospectus.

Distributions of Interest

General. The Certificates will bear interest at the rates specified in this prospectus supple-ment. Interest to be paid on each Certificate (or added to principal, in the case of the AccrualClasses) on a Distribution Date will consist of one month’s interest on the outstanding balance ofthat Certificate immediately prior to that Distribution Date. For a description of the AccrualClasses, see “—Accrual Classes” below.

Delay Classes and No-Delay Classes. The “Delay” Classes and “No-Delay” Classes are setforth in the following table:

Delay Classes No-Delay Classes

All interest-bearing Classes —

See “Description of the Certificates—Distributions on Certificates—Interest Distributions” in theREMIC Prospectus.

Accrual Classes. The MZ and CZ Classes are Accrual Classes. Interest will accrue on eachAccrual Class at the applicable annual rate specified on the cover of this prospectus supplement.However, we will not pay any interest on the Accrual Classes. Instead, interest accrued on eachAccrual Class will be added as principal to its principal balance on each Distribution Date. We willpay principal on the Accrual Classes as described under “—Distributions of Principal” below.

S-7

Distributions of Principal

On the Distribution Date in each month, we will make payments of principal on the Classes ofREMIC Certificates as described below. Following any exchange of REMIC Certificates for RCRCertificates, we will apply principal payments from the exchanged REMIC Certificates to thecorresponding RCR Certificates on a pro rata basis.

• Group 1

⎫⎬⎭The MZ Accrual Amount to Aggregate Group I to its Planned Balance, and

thereafter to MZ.

AccretionDirected/PACGroup andAccrual Class

The Group 1 Cash Flow Distribution Amount in the following priority:

⎫⎬⎭1. To Aggregate Group I to its Planned Balance. PAC Group

⎫⎬⎭2. To MZ until retired. Support Class

⎫⎬⎭3. To Aggregate Group I to zero. PAC Group

The “MZ Accrual Amount” is any interest then accrued and added to the principal balance ofthe MZ Class.

The “Group 1 Cash Flow Distribution Amount” is the principal then paid on the Group 1 MBS.

“Aggregate Group I” consists of the MC, LB, LP, LC and LD Classes. On each DistributionDate, we will apply payments of principal of Aggregate Group I as follows:

— 31.6959784922% to MC until retired, and

— 68.3040215078% as follows:

first, to LB, LP and LC, pro rata, until retired; and

second, to LD until retired.

Aggregate Group I has a principal balance equal to the aggregate principal balance of theClasses included in Aggregate Group I.

• Group 2

⎫⎬⎭The CZ Accrual Amount to Aggregate Group II to its Planned Balance, and

thereafter to CZ.

AccretionDirected/PACGroup andAccrual Class

The Group 2 Cash Flow Distribution Amount in the following priority:

⎫⎬⎭1. To Aggregate Group II to its Planned Balance. PAC Group

⎫⎬⎭2. To CZ until retired. Support Class

⎫⎬⎭3. To Aggregate Group II to zero. PAC Group

The “CZ Accrual Amount” is any interest then accrued and added to the principal balance ofthe CZ Class.

The “Group 2 Cash Flow Distribution Amount” is the principal then paid on the Group 2 MBS.

“Aggregate Group II” consists of the KP and KY Classes. On each Distribution Date, we willapply payments of principal of Aggregate Group II to KP and KY, in that order, until retired.

Aggregate Group II has a principal balance equal to the aggregate principal balance of theClasses included in Aggregate Group II.

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Structuring Assumptions

Pricing Assumptions. Except where otherwise noted, the information in the tables in thisprospectus supplement has been prepared based on the following assumptions (the “PricingAssumptions”):

• the Mortgage Loans underlying the MBS have the original terms to maturity, remainingterms to maturity, loan ages and interest rates specified under “Summary—Group 1 andGroup 2—Assumed Characteristics of the Underlying Mortgage Loans” in this prospectussupplement;

• the Mortgage Loans prepay at the constant percentages of PSA specified in the related tables;

• the settlement date for the Certificates is August 31, 2015; and

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

The actual remaining terms to maturity, loan ages and interest rates of most of the mortgageloans underlying the MBS will differ from the assumed characteristics shown in the Summary,and may differ significantly. See “Risk Factors—Risks Relating to Yield and Prepayment—Yieldson and weighted average lives of the certificates are affected by actual characteristics of themortgage loans backing the series trust assets” in the REMIC Prospectus.

Prepayment Assumptions. The prepayment model used in this prospectus supplement isPSA. For a description of PSA, see “Yield, Maturity and Prepayment Considerations—PrepaymentModels” in the REMIC Prospectus. It is highly unlikely that prepayments will occur at anyconstant PSA rate or at any other constant rate.

Principal Balance Schedules. The Principal Balance Schedules are set forth beginning onpage B-1 of this prospectus supplement. The Principal Balance Schedules were prepared based onthe Pricing Assumptions and the assumption that the related Mortgage Loans prepay at aconstant rate within the applicable “Structuring Ranges” specified in the chart below. The“Effective Range” for an Aggregate Group is the range of prepayment rates (measured by constantPSA rates) that would reduce that Aggregate Group to its scheduled balance each month based onthe Pricing Assumptions. We have not provided separate schedules for the individual Classesincluded in the Aggregate Groups. However, those Classes are designed to receive principaldistributions in the same fashion as if separate schedules had been provided (with schedulesbased on the same underlying assumptions that apply to the related Aggregate Group schedule).If such separate schedules had been provided for the individual Classes included in the AggregateGroups we expect that the effective ranges for those Classes would not be narrower than thoseshown below for the related Aggregate Groups.

Groups Structuring Ranges Initial Effective Ranges

Aggregate Group I Planned Balances Between 265% and 400% PSA Between 265% and 400% PSAAggregate Group II Planned Balances Between 150% and 250% PSA Between 150% and 250% PSA

The Aggregate Groups listed above consist of the following Classes:

Aggregate Group I . . . . . . . . MC, LB, LP, LC and LDAggregate Group II . . . . . . . KP and KY

See “—Decrement Tables” below for the percentages of original principal balances of theindividual Classes included in the Aggregate Groups that would be outstanding at variousconstant PSA rates, including the upper and lower bands of the applicable Structuring Ranges,based on the Pricing Assumptions.

S-9

We cannot assure you that the balance of either Aggregate Group will conform onany Distribution Date to the balance specified in the Principal Balance Schedules or thatdistributions of principal of either Aggregate Group will begin or end on the DistributionDates specified in the Principal Balance Schedules.

If you are considering the purchase of a PAC Class, you should first take into account theconsiderations set forth below.

• We will distribute any excess of principal distributions over the amount necessary to reduce anAggregate Group to its scheduled balance in any month. As a result, the likelihood of reducingan Aggregate Group to its scheduled balance each month will not be improved by the averagingof high and low principal distributions from month to month.

• Even if the related Mortgage Loans prepay at rates falling within the applicableStructuring Range or Effective Range, principal distributions may be insufficient to reducethe Aggregate Groups to their scheduled balances each month if prepayments do not occurat a constant PSA rate.

• The actual Effective Ranges at any time will be based upon the actual characteristics of therelated Mortgage Loans at that time, which are likely to vary (and may vary considerably)from the Pricing Assumptions. As a result, the actual Effective Ranges will likely differ fromthe Initial Effective Ranges specified above. For the same reason, the Aggregate Groupsmight not be reduced to their scheduled balances each month even if the related MortgageLoans prepay at a constant PSA rate within the applicable Initial Effective Ranges. This is soparticularly if the rates fall at the lower or higher end of the applicable ranges.

• The actual Effective Ranges may narrow, widen or shift upward or downward to reflectactual prepayment experience over time.

• The principal payment stability of each Aggregate Group having scheduled balances will besupported by one or more other Classes. When the related supporting Class or Classes areretired, the Aggregate Group receiving the benefit of that support, if still outstanding, mayno longer have an Effective Range, and will be much more sensitive to prepayments of therelated Mortgage Loans.

Yield Table for the Fixed Rate Interest Only Class

The table below illustrates the sensitivity of the pre-tax corporate bond equivalent yield tomaturity of the applicable Class to various constant percentages of PSA. The table below isprovided for illustrative purposes only and is not intended as a forecast or predictionof the actual yield on the applicable Class. We calculated the yields set forth in the table by

• determining the monthly discount rates that, when applied to the assumed streams ofcash flows to be paid on the applicable Class, would cause the discounted presentvalues of the assumed streams of cash flows to equal the assumed aggregate purchaseprice of that Class, 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 couldreinvest distributions on the Certificates. Accordingly, these calculations do not illustrate thereturn on any investment in the Certificates when reinvestment rates are taken into account.

We cannot assure you that

• the pre-tax yields on the applicable Certificates will correspond to any of the pre-taxyields shown here, or

• the aggregate purchase price of the applicable Certificates will be as assumed.

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In addition, because some of the Mortgage Loans are likely to have remaining terms tomaturity shorter or longer than those assumed and interest rates higher or lower than thoseassumed, the notional principal balance reductions on the Certificates are likely to differ fromthose assumed. This would be the case even if all Mortgage Loans prepay at the indicatedconstant percentages of PSA. Moreover, it is unlikely that

• the Mortgage Loans will prepay at a constant PSA rate until maturity, or

• all of the Mortgage Loans will prepay at the same rate.

The yield to investors in the Fixed Rate Interest Only Class will be very sensitive tothe rate of principal payments (including prepayments) of the related Mortgage Loans.The Mortgage Loans generally can be prepaid at any time without penalty. On the basisof the assumptions described below, the yield to maturity on the Fixed Rate InterestOnly Class would be 0% if prepayments of the related Mortgage Loans were to occur atthe following constant rate:

Class % PSA

IO . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 358%

If the actual prepayment rate of the related Mortgage Loans were to exceed the levelspecified for as little as one month while equaling that level for the remaining months,the investors in the IO Class would lose money on their initial investments.

The information shown in the following yield table has been prepared on the basis of the PricingAssumptions and the assumption that the aggregate purchase price of the IO Class (expressed as apercentage of the original principal balance) is as follows:

Class Price*

IO . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21.5625%

* The price does not include accrued interest. Accrued interest has been addedto the price in calculating the yields set forth in the table below.

Sensitivity of the IO Class to Prepayments

PSA Prepayment Assumption50% 100% 265% 300% 400% 800% 1300%

Pre-Tax Yields to Maturity . . . . . . 21.8% 18.4% 6.8% 4.3% (3.2)% (36.6)% (93.1)%

Weighted Average Lives of the Certificates

For a description of how the weighted average life of a Certificate is determined, see “Yield,Maturity and Prepayment Considerations—Weighted Average Lives and Final DistributionDates” in the REMIC Prospectus.

In general, the weighted average lives of the Certificates 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 distributions, and

• the priority sequences of distributions of principal of the Classes.

See “—Distributions of Principal” above.

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The effect of these factors may differ as to various Classes and the effects on any Class mayvary at different times during the life of that Class. Accordingly, we can give no assurance as tothe weighted average life of any Class. Further, to the extent the prices of the Certificates repre-sent discounts or premiums to their original principal balances, variability in the weightedaverage lives of those Classes of Certificates could result in variability in the related yields tomaturity. For an example of how the weighted average lives of the Classes may be affected atvarious constant prepayment rates, see the Decrement Tables below.

Decrement Tables

The following tables indicate the percentages of original principal balances of the specifiedClasses that would be outstanding after each date shown at various constant PSA rates, and thecorresponding weighted average lives of those Classes. The tables have been prepared on the basisof the Pricing Assumptions.

In the case of the information set forth for each Class under 0% PSA, however, we assumedthat the Mortgage Loans have the original and remaining terms to maturity and bear interest atthe annual rates specified in the table below.

Mortgage Loans BackingTrust Assets Specified Below

Original andRemaining Terms

to MaturityInterest

Rates

Group 1 MBS 360 months 8.50%Group 2 MBS 360 months 6.00%

It is unlikely that all of the Mortgage Loans will have the loan ages, interest rates or remainingterms to maturity assumed, or that the Mortgage Loans will prepay at any constant PSA level.

In addition, the diverse remaining terms to maturity of the Mortgage Loans could produceslower or faster principal distributions than indicated in the tables at the specified constant PSArates, even if the weighted average remaining term to maturity and the weighted average loanage of the Mortgage Loans are identical to the weighted averages specified in the Pricing Assump-tions. This is the case because pools of loans with identical weighted averages are nonethelesslikely to reflect differing dispersions of the related characteristics.

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Percent of Original Principal Balances Outstanding

MC Class LB, LP and LC Classes LD Class

PSA PrepaymentAssumption

PSA PrepaymentAssumption

PSA PrepaymentAssumption

Date 0% 100% 265% 300% 400% 800% 1300% 0% 100% 265% 300% 400% 800% 1300% 0% 100% 265% 300% 400% 800% 1300%

Initial Percent . . . . . . . . 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100August 2016 . . . . . . . . . . 99 90 79 79 79 60 25 99 90 79 79 79 59 24 100 100 100 100 100 100 100August 2017 . . . . . . . . . . 97 81 62 62 62 30 5 97 80 61 61 61 30 4 100 100 100 100 100 100 100August 2018 . . . . . . . . . . 96 72 47 47 47 15 1 96 71 47 47 47 14 * 100 100 100 100 100 100 100August 2019 . . . . . . . . . . 94 63 35 35 35 8 * 94 63 35 35 35 7 0 100 100 100 100 100 100 22August 2020 . . . . . . . . . . 92 55 26 26 26 4 * 92 55 25 25 25 3 0 100 100 100 100 100 100 5August 2021 . . . . . . . . . . 90 48 19 19 19 2 * 90 47 18 18 18 1 0 100 100 100 100 100 100 1August 2022 . . . . . . . . . . 88 41 14 14 14 1 * 88 40 13 13 13 0 0 100 100 100 100 100 85 *August 2023 . . . . . . . . . . 86 34 10 10 10 * * 86 33 9 9 9 0 0 100 100 100 100 100 42 *August 2024 . . . . . . . . . . 84 27 7 7 7 * * 84 26 6 6 6 0 0 100 100 100 100 100 21 *August 2025 . . . . . . . . . . 82 21 5 5 5 * * 81 20 4 4 4 0 0 100 100 100 100 100 10 *August 2026 . . . . . . . . . . 79 15 4 4 4 * * 79 14 3 3 3 0 0 100 100 100 100 100 5 *August 2027 . . . . . . . . . . 76 10 3 3 3 * 0 76 9 2 2 2 0 0 100 100 100 100 100 2 *August 2028 . . . . . . . . . . 73 5 2 2 2 * 0 73 4 1 1 1 0 0 100 100 100 100 100 1 *August 2029 . . . . . . . . . . 70 1 1 1 1 * 0 69 * * * * 0 0 100 100 100 100 100 1 *August 2030 . . . . . . . . . . 66 1 1 1 1 * 0 66 0 0 0 0 0 0 100 74 74 74 74 * 0August 2031 . . . . . . . . . . 62 1 1 1 1 * 0 62 0 0 0 0 0 0 100 49 49 49 49 * 0August 2032 . . . . . . . . . . 58 * * * * * 0 58 0 0 0 0 0 0 100 31 31 31 31 * 0August 2033 . . . . . . . . . . 54 * * * * * 0 53 0 0 0 0 0 0 100 18 18 18 18 * 0August 2034 . . . . . . . . . . 49 * * * * * 0 48 0 0 0 0 0 0 100 10 10 10 10 * 0August 2035 . . . . . . . . . . 44 * * * * * 0 43 0 0 0 0 0 0 100 4 4 4 4 * 0August 2036 . . . . . . . . . . 38 * * * * * 0 38 0 0 0 0 0 0 100 * * * * * 0August 2037 . . . . . . . . . . 32 0 0 0 0 0 0 32 0 0 0 0 0 0 100 0 0 0 0 0 0August 2038 . . . . . . . . . . 26 0 0 0 0 0 0 25 0 0 0 0 0 0 100 0 0 0 0 0 0August 2039 . . . . . . . . . . 19 0 0 0 0 0 0 18 0 0 0 0 0 0 100 0 0 0 0 0 0August 2040 . . . . . . . . . . 11 0 0 0 0 0 0 10 0 0 0 0 0 0 100 0 0 0 0 0 0August 2041 . . . . . . . . . . 3 0 0 0 0 0 0 2 0 0 0 0 0 0 100 0 0 0 0 0 0August 2042 . . . . . . . . . . 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0August 2043 . . . . . . . . . . 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0August 2044 . . . . . . . . . . 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0August 2045 . . . . . . . . . . 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Weighted Average

Life (years)** . . . . . . . 17.2 6.2 3.7 3.7 3.7 1.7 0.8 17.1 6.0 3.5 3.5 3.5 1.7 0.7 26.3 16.4 16.4 16.4 16.4 8.2 3.7

MZ Class IO† Class MB Class

PSA PrepaymentAssumption

PSA PrepaymentAssumption

PSA PrepaymentAssumption

Date 0% 100% 265% 300% 400% 800% 1300% 0% 100% 265% 300% 400% 800% 1300% 0% 100% 265% 300% 400% 800% 1300%

Initial Percent . . . . . . . . 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100August 2016 . . . . . . . . . . 103 103 100 86 47 0 0 99 92 82 80 74 51 22 99 91 81 81 81 63 32August 2017 . . . . . . . . . . 105 105 100 78 18 0 0 98 84 67 64 55 26 5 97 82 65 65 65 36 13August 2018 . . . . . . . . . . 108 108 100 73 4 0 0 98 77 55 51 41 13 1 96 74 52 52 52 22 9August 2019 . . . . . . . . . . 111 111 100 71 * 0 0 97 70 45 41 30 7 * 95 66 41 41 41 15 2August 2020 . . . . . . . . . . 113 113 97 68 * 0 0 95 64 37 32 22 3 * 93 59 32 32 32 12 *August 2021 . . . . . . . . . . 116 116 90 62 * 0 0 94 58 30 26 16 2 * 91 52 26 26 26 10 *August 2022 . . . . . . . . . . 119 119 81 55 * 0 0 93 52 24 20 12 1 * 89 45 21 21 21 8 *August 2023 . . . . . . . . . . 122 122 72 48 * 0 0 92 47 19 16 9 * * 88 39 18 18 18 4 *August 2024 . . . . . . . . . . 125 125 62 41 * 0 0 90 42 15 12 6 * * 85 33 15 15 15 2 *August 2025 . . . . . . . . . . 128 128 52 34 * 0 0 89 37 12 10 4 * * 83 28 13 13 13 1 *August 2026 . . . . . . . . . . 132 132 43 28 * 0 0 87 33 10 7 3 * * 81 23 12 12 12 * *August 2027 . . . . . . . . . . 135 135 35 22 * 0 0 85 29 8 6 2 * 0 78 17 11 11 11 * *August 2028 . . . . . . . . . . 138 138 28 18 * 0 0 83 25 6 4 2 * 0 75 13 10 10 10 * *August 2029 . . . . . . . . . . 142 133 22 14 * 0 0 81 21 4 3 1 * 0 72 10 10 10 10 * 0August 2030 . . . . . . . . . . 145 112 17 10 * 0 0 78 18 3 2 1 * 0 69 7 7 7 7 * 0August 2031 . . . . . . . . . . 149 92 13 8 * 0 0 75 14 2 2 * * 0 66 5 5 5 5 * 0August 2032 . . . . . . . . . . 153 72 9 5 * 0 0 72 11 2 1 * * 0 62 3 3 3 3 * 0August 2033 . . . . . . . . . . 157 54 6 3 * 0 0 69 8 1 1 * * 0 58 2 2 2 2 * 0August 2034 . . . . . . . . . . 161 36 4 2 * 0 0 66 5 1 * * * 0 53 1 1 1 1 * 0August 2035 . . . . . . . . . . 165 19 2 1 * 0 0 62 3 * * * * 0 49 * * * * * 0August 2036 . . . . . . . . . . 169 3 * * * 0 0 58 * * * * * 0 44 * * * * * 0August 2037 . . . . . . . . . . 173 0 0 0 0 0 0 53 0 0 0 0 0 0 38 0 0 0 0 0 0August 2038 . . . . . . . . . . 178 0 0 0 0 0 0 49 0 0 0 0 0 0 32 0 0 0 0 0 0August 2039 . . . . . . . . . . 182 0 0 0 0 0 0 43 0 0 0 0 0 0 26 0 0 0 0 0 0August 2040 . . . . . . . . . . 187 0 0 0 0 0 0 37 0 0 0 0 0 0 19 0 0 0 0 0 0August 2041 . . . . . . . . . . 191 0 0 0 0 0 0 31 0 0 0 0 0 0 11 0 0 0 0 0 0August 2042 . . . . . . . . . . 163 0 0 0 0 0 0 24 0 0 0 0 0 0 0 0 0 0 0 0 0August 2043 . . . . . . . . . . 113 0 0 0 0 0 0 17 0 0 0 0 0 0 0 0 0 0 0 0 0August 2044 . . . . . . . . . . 59 0 0 0 0 0 0 9 0 0 0 0 0 0 0 0 0 0 0 0 0August 2045 . . . . . . . . . . 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Weighted Average

Life (years)** . . . . . . . 28.3 17.2 10.9 7.8 1.2 0.2 0.1 20.8 8.4 4.8 4.3 3.3 1.5 0.7 18.0 7.0 4.7 4.7 4.7 2.3 1.0

* Indicates an outstanding balance greater than 0% and less than 0.5% of the original principal balance.** Determined as specified under “Yield, Maturity and Prepayment Considerations—Weighted Average Lives and Final

Distribution Dates” in the REMIC Prospectus.† In the case of a Notional Class, the Decrement Table indicates the percentage of the original notional principal balance

outstanding.

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KP Class KY Class CZ Class

PSA PrepaymentAssumption

PSA PrepaymentAssumption

PSA PrepaymentAssumption

Date 0% 100% 150% 200% 250% 500% 900% 0% 100% 150% 200% 250% 500% 900% 0% 100% 150% 200% 250% 500% 900%

Initial Percent . . . . . . . . 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100August 2016 . . . . . . . . . . 98 96 95 95 95 95 95 100 100 100 100 100 100 100 104 104 104 98 92 63 15August 2017 . . . . . . . . . . 96 89 85 85 85 81 60 100 100 100 100 100 100 100 107 107 107 88 68 0 0August 2018 . . . . . . . . . . 94 80 74 74 74 55 26 100 100 100 100 100 100 100 111 111 111 74 39 0 0August 2019 . . . . . . . . . . 91 71 63 63 63 37 9 100 100 100 100 100 100 100 115 115 115 65 18 0 0August 2020 . . . . . . . . . . 89 63 53 53 53 24 2 100 100 100 100 100 100 100 119 119 119 60 6 0 0August 2021 . . . . . . . . . . 86 55 44 44 44 15 0 100 100 100 100 100 100 64 123 123 123 58 1 0 0August 2022 . . . . . . . . . . 83 48 36 36 36 9 0 100 100 100 100 100 100 29 128 128 127 58 * 0 0August 2023 . . . . . . . . . . 80 41 29 29 29 5 0 100 100 100 100 100 100 13 132 132 128 58 * 0 0August 2024 . . . . . . . . . . 77 35 23 23 23 2 0 100 100 100 100 100 100 6 137 137 126 56 * 0 0August 2025 . . . . . . . . . . 74 29 18 18 18 0 0 100 100 100 100 100 97 3 142 142 121 53 * 0 0August 2026 . . . . . . . . . . 71 23 14 14 14 0 0 100 100 100 100 100 65 1 147 147 115 49 * 0 0August 2027 . . . . . . . . . . 67 18 11 11 11 0 0 100 100 100 100 100 44 1 152 152 108 45 * 0 0August 2028 . . . . . . . . . . 63 12 8 8 8 0 0 100 100 100 100 100 30 * 158 158 100 41 * 0 0August 2029 . . . . . . . . . . 59 7 6 6 6 0 0 100 100 100 100 100 20 * 163 163 92 37 * 0 0August 2030 . . . . . . . . . . 55 4 4 4 4 0 0 100 100 100 100 100 13 * 169 162 84 33 * 0 0August 2031 . . . . . . . . . . 50 2 2 2 2 0 0 100 100 100 100 100 9 * 175 149 76 29 * 0 0August 2032 . . . . . . . . . . 46 1 1 1 1 0 0 100 100 100 100 100 6 * 181 136 67 25 * 0 0August 2033 . . . . . . . . . . 41 0 0 0 0 0 0 100 100 100 100 100 4 * 188 123 60 22 * 0 0August 2034 . . . . . . . . . . 35 0 0 0 0 0 0 100 79 79 79 79 3 * 194 110 52 19 * 0 0August 2035 . . . . . . . . . . 30 0 0 0 0 0 0 100 62 62 62 62 2 * 201 98 45 16 * 0 0August 2036 . . . . . . . . . . 24 0 0 0 0 0 0 100 49 49 49 49 1 * 208 86 39 13 * 0 0August 2037 . . . . . . . . . . 17 0 0 0 0 0 0 100 37 37 37 37 1 * 216 74 33 11 * 0 0August 2038 . . . . . . . . . . 11 0 0 0 0 0 0 100 28 28 28 28 * * 223 63 27 9 * 0 0August 2039 . . . . . . . . . . 4 0 0 0 0 0 0 100 21 21 21 21 * * 231 52 22 7 * 0 0August 2040 . . . . . . . . . . 0 0 0 0 0 0 0 15 15 15 15 15 * * 238 42 17 5 * 0 0August 2041 . . . . . . . . . . 0 0 0 0 0 0 0 10 10 10 10 10 * * 197 32 13 4 * 0 0August 2042 . . . . . . . . . . 0 0 0 0 0 0 0 7 7 7 7 7 * 0 152 23 9 3 * 0 0August 2043 . . . . . . . . . . 0 0 0 0 0 0 0 4 4 4 4 4 * 0 105 15 6 2 * 0 0August 2044 . . . . . . . . . . 0 0 0 0 0 0 0 2 2 2 2 2 * 0 54 7 3 1 * 0 0August 2045 . . . . . . . . . . 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Weighted Average

Life (years)** . . . . . . . 14.9 7.3 6.2 6.2 6.2 3.7 2.4 25.1 21.7 21.7 21.7 21.7 12.5 6.7 27.7 21.6 18.0 10.9 2.8 1.1 0.7

* Indicates an outstanding balance greater than 0% and less than 0.5% of the original principal balance.** Determined as specified under “Yield, Maturity and Prepayment Considerations—Weighted Average Lives and Final

Distribution Dates” in the REMIC Prospectus.

Characteristics of the Residual Class

A Residual Certificate will be subject to certain transfer restrictions. See “Description of theCertificates—Special Characteristics of the Residual Certificates” and “Material Federal Income TaxConsequences—Taxation of Beneficial Owners of Residual Certificates” in the REMIC Prospectus.

Treasury Department regulations (the “Regulations”) provide that a transfer of a “noneconomicresidual interest” will be disregarded for all federal tax purposes unless no significant purpose of thetransfer is to impede the assessment or collection of tax. A Residual Certificate will constitute anoneconomic residual interest under the Regulations. Having a significant purpose to impede theassessment or collection of tax means that the transferor of a Residual Certificate had “improperknowledge” at the time of the transfer. See “Description of the Certificates—Special Characteristicsof the Residual Certificates” in the REMIC Prospectus. You should consult your own tax advisorregarding the application of the Regulations to a transfer of a Residual Certificate.

CERTAIN ADDITIONAL FEDERAL INCOME TAX CONSEQUENCES

The Certificates and payments on the Certificates are not generally exempt from taxation.Therefore, you should consider the tax consequences of holding a Certificate before you acquireone. The following tax discussion supplements the discussion under the caption “Material FederalIncome Tax Consequences” in the REMIC Prospectus. When read together, the two discussionsdescribe the current federal income tax treatment of beneficial owners of Certificates. These twotax discussions do not purport to deal with all federal tax consequences applicable to all categoriesof beneficial owners, some of which may be subject to special rules. In addition, these discussionsmay not apply to your particular circumstances for one of the reasons explained in the REMICProspectus. You should consult your own tax advisors regarding the federal income taxconsequences of holding and disposing of Certificates as well as any tax consequences arisingunder the laws of any state, local or foreign taxing jurisdiction.

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REMIC Election and Special Tax Attributes

We will make a REMIC election with respect to the REMIC set forth in the table under“Description of the Certificates—General—Structure.” The Regular Classes will be designated as“regular interests” and the Residual Class will be designated as the “residual interest” in theREMIC as set forth in that table. Thus, the REMIC Certificates and any related RCR Certificatesgenerally will be treated as “regular or residual interests in a REMIC” for domestic building andloan associations, as “real estate assets” for real estate investment trusts, and, except for theResidual Class, as “qualified mortgages” for other REMICs. See “Material Federal Income TaxConsequences—REMIC Election and Special Tax Attributes” in the REMIC Prospectus.

Taxation of Beneficial Owners of Regular Certificates

The Accrual Classes and the Notional Class will be issued with original issue discount(“OID”), and certain other Classes of REMIC Certificates may be issued with OID. If a Class isissued with OID, a beneficial owner of a Certificate of that Class generally must recognize sometaxable income in advance of the receipt of the cash attributable to that income. See “MaterialFederal Income Tax Consequences—Taxation of Beneficial Owners of Regular Certificates—Treatment of Original Issue Discount” in the REMIC Prospectus. In addition, certain Classes ofREMIC Certificates may be treated as having been issued at a premium. See “Material FederalIncome Tax Consequences—Taxation of Beneficial Owners of Regular Certificates—RegularCertificates Purchased at a Premium” in the REMIC Prospectus.

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

Group Prepayment Assumption

1 300% PSA2 200% PSA

See “Material Federal Income Tax Consequences—Taxation of Beneficial Owners of RegularCertificates—Treatment of Original Issue Discount” in the REMIC Prospectus. No representationis made as to whether the Mortgage Loans underlying the MBS will prepay at either of thoserates or at any other rate. See “Description of the Certificates—Weighted Average Lives of theCertificates” in this prospectus supplement and “Yield, Maturity and Prepayment Consid-erations—Weighted Average Lives and Final Distribution Dates” in the REMIC Prospectus.

Taxation of Beneficial Owners of Residual Certificates

The Holder of a Residual Certificate will be considered to be the holder of the “residualinterest” in the related REMIC. Such Holder generally will be required to report its daily portionof the taxable income or net loss of the REMIC to which that Certificate relates. In certainperiods, a Holder of a Residual Certificate may be required to recognize taxable income withoutbeing entitled to receive a corresponding amount of cash. Pursuant to the Trust Agreement, wewill be obligated to provide to the Holder of a Residual Certificate (i) information necessary toenable it to prepare its federal income tax returns and (ii) any reports regarding the ResidualClass that may be required under the Code. See “Material Federal Income Tax Consequences—Taxation of Beneficial Owners of Residual Certificates” in the REMIC Prospectus.

Taxation of Beneficial Owners of RCR Certificates

The RCR Class will be created, sold and administered pursuant to an arrangement that will beclassified as a grantor trust under subpart E, part I of subchapter J of the Code. The RegularCertificates that are exchanged for RCR Certificates set forth in Schedule 1 (including anyexchanges effective on the Settlement Date) will be the assets of the trust, and the RCR Certificates

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will represent an ownership interest of the underlying Regular Certificates. For a general discussionof the federal income tax treatment of beneficial owners of Regular Certificates, see “MaterialFederal Income Tax Consequences” in the REMIC Prospectus.

Generally, the ownership interest represented by an RCR certificate will be one of two types.A certificate of a Combination RCR Class (a “Combination RCR Certificate”) will represent benefi-cial ownership of undivided interests in one or more underlying Regular Certificates. A certificateof a Strip RCR Class (a “Strip RCR Certificate”) will represent the right to receive a dispropor-tionate part of the principal or interest payments on one or more underlying Regular Certificates.All of the RCR Certificates are Combination RCR Certificates. See “Material Federal Income TaxConsequences—Taxation of Beneficial Owners of RCR Certificates” in the REMIC Prospectus for ageneral discussion of the federal income tax treatment of beneficial owners of RCR Certificates.

PLAN OF DISTRIBUTION

We are obligated to deliver the Certificates to BNP Paribas Securities Corp. (the “Dealer”) inexchange for the MBS. The Dealer proposes to offer the Certificates directly to the public fromtime to time in negotiated transactions at varying prices to be determined at the time of sale. TheDealer may effect these transactions to or through other dealers.

LEGAL MATTERS

Katten Muchin Rosenman LLP will provide legal representation for Fannie Mae. K&L GatesLLP will provide legal representation for the Dealer.

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Schedule 1

Available Recombination(1)

REMIC Certificates RCR Certificates

ClassesOriginalBalances

RCRClass

OriginalBalance

PrincipalType(2)

InterestRate

InterestType(2)

CUSIPNumber

FinalDistribution

Date

Recombination 1LC $9,389,000 MB $10,365,000 PAC/AD 2.5% FIX 3136AP4U3 September 2045LD 976,000

(1) REMIC Certificates and RCR Certificates in each Recombination may be exchanged only in the proportions of original principal or notional principal balances for therelated Classes shown in this Schedule 1 (disregarding any retired Classes). For example, if a particular Recombination includes two REMIC Classes and one RCRClass whose original principal balances shown in the schedule reflect a 1:1:2 relationship, the same 1:1:2 relationship among the original principal balances of thoseREMIC and RCR Classes must be maintained in any exchange. This is true even if, as a result of the applicable payment priority sequence, the relationship betweentheir current principal balances has changed over time. Moreover, if as a result of a proposed exchange, a Certificateholder would hold a REMIC Certificate or RCRCertificate of a Class in an amount less than the applicable minimum denomination for that Class, the Certificateholder will be unable to effect the proposed exchange.See “Description of the Certificates—General— Authorized Denominations” in this prospectus supplement.

(2) See “Description of the Certificates—Class Definitions and Abbreviations” in the REMIC Prospectus.

A-1

Principal Balance Schedules

Aggregate Group I Planned Balances

DistributionDate

PlannedBalance

Initial Balance . . . . . $124,978,000.00September 2015 . . . . 122,562,198.60October 2015 . . . . . . 120,228,543.81November 2015 . . . . 117,930,661.80December 2015 . . . . . 115,668,019.17January 2016 . . . . . . 113,440,090.34February 2016 . . . . . 111,246,357.46March 2016 . . . . . . . . 109,086,310.27April 2016 . . . . . . . . . 106,959,446.03May 2016 . . . . . . . . . 104,865,269.33June 2016 . . . . . . . . . 102,803,292.10July 2016 . . . . . . . . . 100,773,033.38August 2016 . . . . . . . 98,774,019.32September 2016 . . . . 96,805,783.00October 2016 . . . . . . 94,867,864.39November 2016 . . . . 92,959,810.20December 2016 . . . . . 91,081,173.82January 2017 . . . . . . 89,231,515.18February 2017 . . . . . 87,410,400.72March 2017 . . . . . . . . 85,617,403.21April 2017 . . . . . . . . . 83,852,101.75May 2017 . . . . . . . . . 82,114,081.59June 2017 . . . . . . . . . 80,402,934.12July 2017 . . . . . . . . . 78,718,256.71August 2017 . . . . . . . 77,059,652.67September 2017 . . . . 75,426,731.16October 2017 . . . . . . 73,819,107.08November 2017 . . . . 72,236,401.00December 2017 . . . . . 70,678,239.09January 2018 . . . . . . 69,144,253.00February 2018 . . . . . 67,634,079.85March 2018 . . . . . . . . 66,147,362.06April 2018 . . . . . . . . . 64,683,747.34May 2018 . . . . . . . . . 63,242,888.61June 2018 . . . . . . . . . 61,824,443.88July 2018 . . . . . . . . . 60,428,076.20August 2018 . . . . . . . 59,053,453.62September 2018 . . . . 57,700,249.05October 2018 . . . . . . 56,368,140.25November 2018 . . . . 55,056,809.72December 2018 . . . . . 53,765,944.65January 2019 . . . . . . 52,495,236.84February 2019 . . . . . 51,244,382.66March 2019 . . . . . . . . 50,013,082.94April 2019 . . . . . . . . . 48,801,042.93May 2019 . . . . . . . . . 47,607,972.25June 2019 . . . . . . . . . 46,433,584.80July 2019 . . . . . . . . . 45,277,598.70August 2019 . . . . . . . 44,139,736.24September 2019 . . . . 43,028,110.31October 2019 . . . . . . 41,943,579.42November 2019 . . . . 40,885,497.11December 2019 . . . . . 39,853,232.09January 2020 . . . . . . 38,846,167.96February 2020 . . . . . 37,863,702.77March 2020 . . . . . . . . 36,905,248.79

DistributionDate

PlannedBalance

April 2020 . . . . . . . . . $ 35,970,232.07May 2020 . . . . . . . . . 35,058,092.22June 2020 . . . . . . . . . 34,168,282.02July 2020 . . . . . . . . . 33,300,267.14August 2020 . . . . . . . 32,453,525.85September 2020 . . . . 31,627,548.72October 2020 . . . . . . 30,821,838.30November 2020 . . . . 30,035,908.90December 2020 . . . . . 29,269,286.29January 2021 . . . . . . 28,521,507.39February 2021 . . . . . 27,792,120.09March 2021 . . . . . . . . 27,080,682.92April 2021 . . . . . . . . . 26,386,764.87May 2021 . . . . . . . . . 25,709,945.06June 2021 . . . . . . . . . 25,049,812.61July 2021 . . . . . . . . . 24,405,966.30August 2021 . . . . . . . 23,778,014.43September 2021 . . . . 23,165,574.53October 2021 . . . . . . 22,568,273.21November 2021 . . . . 21,985,745.89December 2021 . . . . . 21,417,636.63January 2022 . . . . . . 20,863,597.90February 2022 . . . . . 20,323,290.42March 2022 . . . . . . . . 19,796,382.93April 2022 . . . . . . . . . 19,282,552.03May 2022 . . . . . . . . . 18,781,481.98June 2022 . . . . . . . . . 18,292,864.52July 2022 . . . . . . . . . 17,816,398.70August 2022 . . . . . . . 17,351,790.73September 2022 . . . . 16,898,753.77October 2022 . . . . . . 16,457,007.80November 2022 . . . . 16,026,279.43December 2022 . . . . . 15,606,301.79January 2023 . . . . . . 15,196,814.33February 2023 . . . . . 14,797,562.71March 2023 . . . . . . . . 14,408,298.62April 2023 . . . . . . . . . 14,028,779.67May 2023 . . . . . . . . . 13,658,769.22June 2023 . . . . . . . . . 13,298,036.28July 2023 . . . . . . . . . 12,946,355.35August 2023 . . . . . . . 12,603,506.30September 2023 . . . . 12,269,274.24October 2023 . . . . . . 11,943,449.41November 2023 . . . . 11,625,827.05December 2023 . . . . . 11,316,207.27January 2024 . . . . . . 11,014,394.96February 2024 . . . . . 10,720,199.67March 2024 . . . . . . . . 10,433,435.49April 2024 . . . . . . . . . 10,153,920.95May 2024 . . . . . . . . . 9,881,478.90June 2024 . . . . . . . . . 9,615,936.46July 2024 . . . . . . . . . 9,357,124.85August 2024 . . . . . . . 9,104,879.35September 2024 . . . . 8,859,039.15October 2024 . . . . . . 8,619,447.32November 2024 . . . . 8,385,950.68

DistributionDate

PlannedBalance

December 2024 . . . . . $ 8,158,399.70January 2025 . . . . . . 7,936,648.46February 2025 . . . . . 7,720,554.52March 2025 . . . . . . . . 7,509,978.86April 2025 . . . . . . . . . 7,304,785.81May 2025 . . . . . . . . . 7,104,842.92June 2025 . . . . . . . . . 6,910,020.95July 2025 . . . . . . . . . 6,720,193.75August 2025 . . . . . . . 6,535,238.22September 2025 . . . . 6,355,034.20October 2025 . . . . . . 6,179,464.42November 2025 . . . . 6,008,414.45December 2025 . . . . . 5,841,772.58January 2026 . . . . . . 5,679,429.83February 2026 . . . . . 5,521,279.81March 2026 . . . . . . . . 5,367,218.72April 2026 . . . . . . . . . 5,217,145.24May 2026 . . . . . . . . . 5,070,960.52June 2026 . . . . . . . . . 4,928,568.07July 2026 . . . . . . . . . 4,789,873.75August 2026 . . . . . . . 4,654,785.67September 2026 . . . . 4,523,214.19October 2026 . . . . . . 4,395,071.80November 2026 . . . . 4,270,273.14December 2026 . . . . . 4,148,734.91January 2027 . . . . . . 4,030,375.80February 2027 . . . . . 3,915,116.50March 2027 . . . . . . . . 3,802,879.61April 2027 . . . . . . . . . 3,693,589.61May 2027 . . . . . . . . . 3,587,172.79June 2027 . . . . . . . . . 3,483,557.26July 2027 . . . . . . . . . 3,382,672.86August 2027 . . . . . . . 3,284,451.13September 2027 . . . . 3,188,825.28October 2027 . . . . . . 3,095,730.15November 2027 . . . . 3,005,102.15December 2027 . . . . . 2,916,879.25January 2028 . . . . . . 2,831,000.92February 2028 . . . . . 2,747,408.11March 2028 . . . . . . . . 2,666,043.22April 2028 . . . . . . . . . 2,586,850.04May 2028 . . . . . . . . . 2,509,773.73June 2028 . . . . . . . . . 2,434,760.80July 2028 . . . . . . . . . 2,361,759.06August 2028 . . . . . . . 2,290,717.60September 2028 . . . . 2,221,586.74October 2028 . . . . . . 2,154,318.05November 2028 . . . . 2,088,864.25December 2028 . . . . . 2,025,179.23January 2029 . . . . . . 1,963,218.02February 2029 . . . . . 1,902,936.73March 2029 . . . . . . . . 1,844,292.57April 2029 . . . . . . . . . 1,787,243.80May 2029 . . . . . . . . . 1,731,749.69June 2029 . . . . . . . . . 1,677,770.51July 2029 . . . . . . . . . 1,625,267.53

B-1

Aggregate Group I (Continued)

DistributionDate

PlannedBalance

August 2029 . . . . . . . $ 1,574,202.96September 2029 . . . . 1,524,539.92October 2029 . . . . . . 1,476,242.48November 2029 . . . . 1,429,275.56December 2029 . . . . . 1,383,604.97January 2030 . . . . . . 1,339,197.35February 2030 . . . . . 1,296,020.16March 2030 . . . . . . . . 1,254,041.69April 2030 . . . . . . . . . 1,213,230.98May 2030 . . . . . . . . . 1,173,557.86June 2030 . . . . . . . . . 1,134,992.90July 2030 . . . . . . . . . 1,097,507.40August 2030 . . . . . . . 1,061,073.38September 2030 . . . . 1,025,663.53October 2030 . . . . . . 991,251.24November 2030 . . . . 957,810.56December 2030 . . . . . 925,316.18January 2031 . . . . . . 893,743.42February 2031 . . . . . 863,068.21March 2031 . . . . . . . . 833,267.10April 2031 . . . . . . . . . 804,317.20May 2031 . . . . . . . . . 776,196.20June 2031 . . . . . . . . . 748,882.35July 2031 . . . . . . . . . 722,354.45August 2031 . . . . . . . 696,591.82September 2031 . . . . 671,574.30October 2031 . . . . . . 647,282.23November 2031 . . . . 623,696.46December 2031 . . . . . 600,798.31

DistributionDate

PlannedBalance

January 2032 . . . . . . $ 578,569.56February 2032 . . . . . 556,992.45March 2032 . . . . . . . . 536,049.70April 2032 . . . . . . . . . 515,724.41May 2032 . . . . . . . . . 496,000.16June 2032 . . . . . . . . . 476,860.89July 2032 . . . . . . . . . 458,291.00August 2032 . . . . . . . 440,275.25September 2032 . . . . 422,798.78October 2032 . . . . . . 405,847.14November 2032 . . . . 389,406.21December 2032 . . . . . 373,462.25January 2033 . . . . . . 358,001.85February 2033 . . . . . 343,011.97March 2033 . . . . . . . . 328,479.88April 2033 . . . . . . . . . 314,393.17May 2033 . . . . . . . . . 300,739.76June 2033 . . . . . . . . . 287,507.86July 2033 . . . . . . . . . 274,686.01August 2033 . . . . . . . 262,263.01September 2033 . . . . 250,227.98October 2033 . . . . . . 238,570.27November 2033 . . . . 227,279.56December 2033 . . . . . 216,345.76January 2034 . . . . . . 205,759.04February 2034 . . . . . 195,509.83March 2034 . . . . . . . . 185,588.81April 2034 . . . . . . . . . 175,986.88May 2034 . . . . . . . . . 166,695.21

DistributionDate

PlannedBalance

June 2034 . . . . . . . . . $ 157,705.17July 2034 . . . . . . . . . 149,008.36August 2034 . . . . . . . 140,596.59September 2034 . . . . 132,461.89October 2034 . . . . . . 124,596.51November 2034 . . . . 116,992.87December 2034 . . . . . 109,643.61January 2035 . . . . . . 102,541.56February 2035 . . . . . 95,679.73March 2035 . . . . . . . . 89,051.31April 2035 . . . . . . . . . 82,649.67May 2035 . . . . . . . . . 76,468.36June 2035 . . . . . . . . . 70,501.09July 2035 . . . . . . . . . 64,741.74August 2035 . . . . . . . 59,184.35September 2035 . . . . 53,823.11October 2035 . . . . . . 48,652.38November 2035 . . . . 43,666.64December 2035 . . . . . 38,860.55January 2036 . . . . . . 34,228.88February 2036 . . . . . 29,766.55March 2036 . . . . . . . . 25,468.63April 2036 . . . . . . . . . 21,330.30May 2036 . . . . . . . . . 17,346.86June 2036 . . . . . . . . . 13,513.77July 2036 . . . . . . . . . 9,826.58August 2036 . . . . . . . 6,280.98September 2036 . . . . 2,872.74October 2036 and

thereafter . . . . . . . 0.00

Aggregate Group II Planned Balances

DistributionDate

PlannedBalance

Initial Balance . . . . . . $52,123,000.00September 2015 . . . . . 51,986,404.21October 2015 . . . . . . . . 51,834,556.97November 2015 . . . . . 51,667,510.07December 2015 . . . . . . 51,485,326.99January 2016 . . . . . . . 51,288,082.86February 2016 . . . . . . 51,075,864.45March 2016 . . . . . . . . . 50,848,770.09April 2016 . . . . . . . . . . 50,606,909.64May 2016 . . . . . . . . . . 50,350,404.38June 2016 . . . . . . . . . . 50,079,386.94July 2016 . . . . . . . . . . . 49,794,001.15August 2016 . . . . . . . . 49,494,401.96September 2016 . . . . . 49,180,755.27October 2016 . . . . . . . . 48,853,237.79November 2016 . . . . . 48,512,036.87December 2016 . . . . . . 48,157,350.30January 2017 . . . . . . . 47,789,386.14February 2017 . . . . . . 47,408,362.48March 2017 . . . . . . . . . 47,014,507.25April 2017 . . . . . . . . . . 46,608,057.96May 2017 . . . . . . . . . . 46,189,261.44June 2017 . . . . . . . . . . 45,758,373.62

DistributionDate

PlannedBalance

July 2017 . . . . . . . . . . . $45,315,659.20August 2017 . . . . . . . . 44,861,391.42September 2017 . . . . . 44,395,851.71October 2017 . . . . . . . . 43,919,329.43November 2017 . . . . . 43,432,121.51December 2017 . . . . . . 42,934,532.16January 2018 . . . . . . . 42,426,872.49February 2018 . . . . . . 41,923,290.20March 2018 . . . . . . . . . 41,423,751.02April 2018 . . . . . . . . . . 40,928,220.95May 2018 . . . . . . . . . . 40,436,666.25June 2018 . . . . . . . . . . 39,949,053.46July 2018 . . . . . . . . . . . 39,465,349.38August 2018 . . . . . . . . 38,985,521.08September 2018 . . . . . 38,509,535.88October 2018 . . . . . . . . 38,037,361.38November 2018 . . . . . 37,568,965.43December 2018 . . . . . . 37,104,316.13January 2019 . . . . . . . 36,643,381.84February 2019 . . . . . . 36,186,131.18March 2019 . . . . . . . . . 35,732,532.99April 2019 . . . . . . . . . . 35,282,556.40May 2019 . . . . . . . . . . 34,836,170.75

DistributionDate

PlannedBalance

June 2019 . . . . . . . . . . $34,393,345.65July 2019 . . . . . . . . . . . 33,954,050.95August 2019 . . . . . . . . 33,518,256.71September 2019 . . . . . 33,085,933.26October 2019 . . . . . . . . 32,657,051.17November 2019 . . . . . 32,231,581.22December 2019 . . . . . . 31,809,494.43January 2020 . . . . . . . 31,390,762.07February 2020 . . . . . . 30,975,355.61March 2020 . . . . . . . . . 30,563,246.77April 2020 . . . . . . . . . . 30,154,407.49May 2020 . . . . . . . . . . 29,748,809.93June 2020 . . . . . . . . . . 29,346,426.46July 2020 . . . . . . . . . . . 28,947,229.70August 2020 . . . . . . . . 28,551,192.46September 2020 . . . . . 28,158,287.78October 2020 . . . . . . . . 27,768,488.92November 2020 . . . . . 27,381,769.34December 2020 . . . . . . 26,998,102.71January 2021 . . . . . . . 26,617,462.93February 2021 . . . . . . 26,239,824.08March 2021 . . . . . . . . . 25,865,160.48April 2021 . . . . . . . . . . 25,493,446.62

B-2

Aggregate Group II (Continued)

DistributionDate

PlannedBalance

May 2021 . . . . . . . . . . $25,124,657.21June 2021 . . . . . . . . . . 24,758,767.17July 2021 . . . . . . . . . . . 24,395,751.60August 2021 . . . . . . . . 24,035,585.82September 2021 . . . . . 23,678,245.33October 2021 . . . . . . . . 23,323,705.83November 2021 . . . . . 22,971,943.21December 2021 . . . . . . 22,622,933.56January 2022 . . . . . . . 22,276,653.16February 2022 . . . . . . 21,933,078.47March 2022 . . . . . . . . . 21,592,295.59April 2022 . . . . . . . . . . 21,256,556.41May 2022 . . . . . . . . . . 20,925,788.48June 2022 . . . . . . . . . . 20,599,920.35July 2022 . . . . . . . . . . . 20,278,881.59August 2022 . . . . . . . . 19,962,602.74September 2022 . . . . . 19,651,015.36October 2022 . . . . . . . . 19,344,051.93November 2022 . . . . . 19,041,645.90December 2022 . . . . . . 18,743,731.69January 2023 . . . . . . . 18,450,244.59February 2023 . . . . . . 18,161,120.84March 2023 . . . . . . . . . 17,876,297.58April 2023 . . . . . . . . . . 17,595,712.82May 2023 . . . . . . . . . . 17,319,305.45June 2023 . . . . . . . . . . 17,047,015.23July 2023 . . . . . . . . . . . 16,778,782.77August 2023 . . . . . . . . 16,514,549.52September 2023 . . . . . 16,254,257.75October 2023 . . . . . . . . 15,997,850.55November 2023 . . . . . 15,745,271.82December 2023 . . . . . . 15,496,466.25January 2024 . . . . . . . 15,251,379.30February 2024 . . . . . . 15,009,957.22March 2024 . . . . . . . . . 14,772,147.02April 2024 . . . . . . . . . . 14,537,896.44May 2024 . . . . . . . . . . 14,307,153.98June 2024 . . . . . . . . . . 14,079,868.86July 2024 . . . . . . . . . . . 13,855,991.02August 2024 . . . . . . . . 13,635,471.12September 2024 . . . . . 13,418,260.50October 2024 . . . . . . . . 13,204,311.19November 2024 . . . . . 12,993,575.93December 2024 . . . . . . 12,786,008.09January 2025 . . . . . . . 12,581,561.74February 2025 . . . . . . 12,380,191.56March 2025 . . . . . . . . . 12,181,852.90April 2025 . . . . . . . . . . 11,986,501.75May 2025 . . . . . . . . . . 11,794,094.70June 2025 . . . . . . . . . . 11,604,588.97July 2025 . . . . . . . . . . . 11,417,942.39August 2025 . . . . . . . . 11,234,113.38September 2025 . . . . . 11,053,060.97October 2025 . . . . . . . . 10,874,744.73November 2025 . . . . . 10,699,124.86December 2025 . . . . . . 10,526,162.08January 2026 . . . . . . . 10,355,817.70February 2026 . . . . . . 10,188,053.55March 2026 . . . . . . . . . 10,022,832.04

DistributionDate

PlannedBalance

April 2026 . . . . . . . . . . $ 9,860,116.07May 2026 . . . . . . . . . . 9,699,869.11June 2026 . . . . . . . . . . 9,542,055.13July 2026 . . . . . . . . . . . 9,386,638.61August 2026 . . . . . . . . 9,233,584.54September 2026 . . . . . 9,082,858.41October 2026 . . . . . . . . 8,934,426.21November 2026 . . . . . 8,788,254.39December 2026 . . . . . . 8,644,309.91January 2027 . . . . . . . 8,502,560.18February 2027 . . . . . . 8,362,973.08March 2027 . . . . . . . . . 8,225,516.94April 2027 . . . . . . . . . . 8,090,160.56May 2027 . . . . . . . . . . 7,956,873.18June 2027 . . . . . . . . . . 7,825,624.45July 2027 . . . . . . . . . . . 7,696,384.50August 2027 . . . . . . . . 7,569,123.86September 2027 . . . . . 7,443,813.49October 2027 . . . . . . . . 7,320,424.74November 2027 . . . . . 7,198,929.41December 2027 . . . . . . 7,079,299.67January 2028 . . . . . . . 6,961,508.11February 2028 . . . . . . 6,845,527.70March 2028 . . . . . . . . . 6,731,331.80April 2028 . . . . . . . . . . 6,618,894.14May 2028 . . . . . . . . . . 6,508,188.86June 2028 . . . . . . . . . . 6,399,190.42July 2028 . . . . . . . . . . . 6,291,873.69August 2028 . . . . . . . . 6,186,213.88September 2028 . . . . . 6,082,186.56October 2028 . . . . . . . . 5,979,767.64November 2028 . . . . . 5,878,933.39December 2028 . . . . . . 5,779,660.42January 2029 . . . . . . . 5,681,925.65February 2029 . . . . . . 5,585,706.37March 2029 . . . . . . . . . 5,490,980.17April 2029 . . . . . . . . . . 5,397,724.96May 2029 . . . . . . . . . . 5,305,918.99June 2029 . . . . . . . . . . 5,215,540.80July 2029 . . . . . . . . . . . 5,126,569.24August 2029 . . . . . . . . 5,038,983.49September 2029 . . . . . 4,952,762.99October 2029 . . . . . . . . 4,867,887.50November 2029 . . . . . 4,784,337.07December 2029 . . . . . . 4,702,092.03January 2030 . . . . . . . 4,621,133.01February 2030 . . . . . . 4,541,440.88March 2030 . . . . . . . . . 4,462,996.83April 2030 . . . . . . . . . . 4,385,782.30May 2030 . . . . . . . . . . 4,309,779.00June 2030 . . . . . . . . . . 4,234,968.89July 2030 . . . . . . . . . . . 4,161,334.22August 2030 . . . . . . . . 4,088,857.47September 2030 . . . . . 4,017,521.38October 2030 . . . . . . . . 3,947,308.95November 2030 . . . . . 3,878,203.41December 2030 . . . . . . 3,810,188.23January 2031 . . . . . . . 3,743,247.15February 2031 . . . . . . 3,677,364.10

DistributionDate

PlannedBalance

March 2031 . . . . . . . . . $ 3,612,523.27April 2031 . . . . . . . . . . 3,548,709.08May 2031 . . . . . . . . . . 3,485,906.17June 2031 . . . . . . . . . . 3,424,099.39July 2031 . . . . . . . . . . . 3,363,273.83August 2031 . . . . . . . . 3,303,414.77September 2031 . . . . . 3,244,507.74October 2031 . . . . . . . . 3,186,538.44November 2031 . . . . . 3,129,492.81December 2031 . . . . . . 3,073,356.96January 2032 . . . . . . . 3,018,117.25February 2032 . . . . . . 2,963,760.18March 2032 . . . . . . . . . 2,910,272.49April 2032 . . . . . . . . . . 2,857,641.09May 2032 . . . . . . . . . . 2,805,853.10June 2032 . . . . . . . . . . 2,754,895.79July 2032 . . . . . . . . . . . 2,704,756.66August 2032 . . . . . . . . 2,655,423.37September 2032 . . . . . 2,606,883.74October 2032 . . . . . . . . 2,559,125.81November 2032 . . . . . 2,512,137.76December 2032 . . . . . . 2,465,907.96January 2033 . . . . . . . 2,420,424.93February 2033 . . . . . . 2,375,677.38March 2033 . . . . . . . . . 2,331,654.17April 2033 . . . . . . . . . . 2,288,344.33May 2033 . . . . . . . . . . 2,245,737.04June 2033 . . . . . . . . . . 2,203,821.65July 2033 . . . . . . . . . . . 2,162,587.66August 2033 . . . . . . . . 2,122,024.71September 2033 . . . . . 2,082,122.63October 2033 . . . . . . . . 2,042,871.34November 2033 . . . . . 2,004,260.97December 2033 . . . . . . 1,966,281.74January 2034 . . . . . . . 1,928,924.05February 2034 . . . . . . 1,892,178.43March 2034 . . . . . . . . . 1,856,035.54April 2034 . . . . . . . . . . 1,820,486.18May 2034 . . . . . . . . . . 1,785,521.29June 2034 . . . . . . . . . . 1,751,131.94July 2034 . . . . . . . . . . . 1,717,309.33August 2034 . . . . . . . . 1,684,044.80September 2034 . . . . . 1,651,329.79October 2034 . . . . . . . . 1,619,155.89November 2034 . . . . . 1,587,514.81December 2034 . . . . . . 1,556,398.38January 2035 . . . . . . . 1,525,798.53February 2035 . . . . . . 1,495,707.35March 2035 . . . . . . . . . 1,466,117.01April 2035 . . . . . . . . . . 1,437,019.80May 2035 . . . . . . . . . . 1,408,408.14June 2035 . . . . . . . . . . 1,380,274.56July 2035 . . . . . . . . . . . 1,352,611.68August 2035 . . . . . . . . 1,325,412.24September 2035 . . . . . 1,298,669.10October 2035 . . . . . . . . 1,272,375.21November 2035 . . . . . 1,246,523.62December 2035 . . . . . . 1,221,107.50January 2036 . . . . . . . 1,196,120.10

B-3

Aggregate Group II (Continued)

DistributionDate

PlannedBalance

February 2036 . . . . . . $ 1,171,554.79March 2036 . . . . . . . . . 1,147,405.02April 2036 . . . . . . . . . . 1,123,664.36May 2036 . . . . . . . . . . 1,100,326.44June 2036 . . . . . . . . . . 1,077,385.02July 2036 . . . . . . . . . . . 1,054,833.93August 2036 . . . . . . . . 1,032,667.10September 2036 . . . . . 1,010,878.54October 2036 . . . . . . . . 989,462.37November 2036 . . . . . 968,412.78December 2036 . . . . . . 947,724.05January 2037 . . . . . . . 927,390.54February 2037 . . . . . . 907,406.70March 2037 . . . . . . . . . 887,767.07April 2037 . . . . . . . . . . 868,466.25May 2037 . . . . . . . . . . 849,498.95June 2037 . . . . . . . . . . 830,859.92July 2037 . . . . . . . . . . . 812,544.02August 2037 . . . . . . . . 794,546.17September 2037 . . . . . 776,861.38October 2037 . . . . . . . . 759,484.73November 2037 . . . . . 742,411.35December 2037 . . . . . . 725,636.48January 2038 . . . . . . . 709,155.40February 2038 . . . . . . 692,963.49March 2038 . . . . . . . . . 677,056.16April 2038 . . . . . . . . . . 661,428.93May 2038 . . . . . . . . . . 646,077.36June 2038 . . . . . . . . . . 630,997.08July 2038 . . . . . . . . . . . 616,183.80August 2038 . . . . . . . . 601,633.27September 2038 . . . . . 587,341.34October 2038 . . . . . . . . 573,303.87November 2038 . . . . . 559,516.84December 2038 . . . . . . 545,976.24January 2039 . . . . . . . 532,678.16February 2039 . . . . . . 519,618.72March 2039 . . . . . . . . . 506,794.11

DistributionDate

PlannedBalance

April 2039 . . . . . . . . . . $ 494,200.58May 2039 . . . . . . . . . . 481,834.44June 2039 . . . . . . . . . . 469,692.03July 2039 . . . . . . . . . . . 457,769.78August 2039 . . . . . . . . 446,064.16September 2039 . . . . . 434,571.67October 2039 . . . . . . . . 423,288.91November 2039 . . . . . 412,212.48December 2039 . . . . . . 401,339.07January 2040 . . . . . . . 390,665.41February 2040 . . . . . . 380,188.27March 2040 . . . . . . . . . 369,904.47April 2040 . . . . . . . . . . 359,810.88May 2040 . . . . . . . . . . 349,904.44June 2040 . . . . . . . . . . 340,182.10July 2040 . . . . . . . . . . . 330,640.87August 2040 . . . . . . . . 321,277.82September 2040 . . . . . 312,090.04October 2040 . . . . . . . . 303,074.69November 2040 . . . . . 294,228.95December 2040 . . . . . . 285,550.06January 2041 . . . . . . . 277,035.28February 2041 . . . . . . 268,681.95March 2041 . . . . . . . . . 260,487.41April 2041 . . . . . . . . . . 252,449.06May 2041 . . . . . . . . . . 244,564.34June 2041 . . . . . . . . . . 236,830.72July 2041 . . . . . . . . . . . 229,245.72August 2041 . . . . . . . . 221,806.90September 2041 . . . . . 214,511.84October 2041 . . . . . . . . 207,358.16November 2041 . . . . . 200,343.54December 2041 . . . . . . 193,465.68January 2042 . . . . . . . 186,722.30February 2042 . . . . . . 180,111.18March 2042 . . . . . . . . . 173,630.11April 2042 . . . . . . . . . . 167,276.94May 2042 . . . . . . . . . . 161,049.55

DistributionDate

PlannedBalance

June 2042 . . . . . . . . . . $ 154,945.82July 2042 . . . . . . . . . . . 148,963.69August 2042 . . . . . . . . 143,101.14September 2042 . . . . . 137,356.16October 2042 . . . . . . . . 131,726.79November 2042 . . . . . 126,211.07December 2042 . . . . . . 120,807.11January 2043 . . . . . . . 115,513.01February 2043 . . . . . . 110,326.94March 2043 . . . . . . . . . 105,247.06April 2043 . . . . . . . . . . 100,271.59May 2043 . . . . . . . . . . 95,398.74June 2043 . . . . . . . . . . 90,626.80July 2043 . . . . . . . . . . . 85,954.03August 2043 . . . . . . . . 81,378.77September 2043 . . . . . 76,899.34October 2043 . . . . . . . . 72,514.12November 2043 . . . . . 68,221.49December 2043 . . . . . . 64,019.87January 2044 . . . . . . . 59,907.71February 2044 . . . . . . 55,883.47March 2044 . . . . . . . . . 51,945.63April 2044 . . . . . . . . . . 48,092.72May 2044 . . . . . . . . . . 44,323.27June 2044 . . . . . . . . . . 40,635.84July 2044 . . . . . . . . . . . 37,029.01August 2044 . . . . . . . . 33,501.38September 2044 . . . . . 30,051.58October 2044 . . . . . . . . 26,678.27November 2044 . . . . . 23,380.10December 2044 . . . . . . 20,155.77January 2045 . . . . . . . 17,003.99February 2045 . . . . . . 13,923.49March 2045 . . . . . . . . . 10,913.02April 2045 . . . . . . . . . . 7,971.35May 2045 . . . . . . . . . . 5,097.27June 2045 . . . . . . . . . . 2,289.60July 2045 and

thereafter . . . . . . . . 0.00

B-4

No one is authorized to give informationor to make representations in connectionwith the Certificates other than theinformation and representations containedin or incorporated into this ProspectusSupplement and the additional DisclosureDocuments. We take no responsibility forany unauthorized information or representa-tion. This Prospectus Supplement and theadditional Disclosure Documents do notconstitute an offer or solicitation withregard to the Certificates if it is illegal tomake such an offer or solicitation to youunder state law. By delivering this Pro-spectus Supplement and the additional Dis-closure Documents at any time, no oneimplies that the information containedherein or therein is correct after the datehereof or thereof.

Neither the Securities and ExchangeCommission nor any state securitiescommission has approved or disapprovedthe Certificates or determined if this Pro-spectus Supplement is truthful and com-plete. Any representation to the contrary isa criminal offense.

TABLE OF CONTENTS

Page

Table of Contents . . . . . . . . . . . . . . . . . . . . . . . S- 2

Available Information . . . . . . . . . . . . . . . . . . . . S- 3

Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S- 4

Description of the Certificates . . . . . . . . . . . . S- 6

Certain Additional Federal Income TaxConsequences . . . . . . . . . . . . . . . . . . . . . . . . S-14

Plan of Distribution . . . . . . . . . . . . . . . . . . . . . . S-16

Legal Matters . . . . . . . . . . . . . . . . . . . . . . . . . . . S-16

Schedule 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A- 1

Principal Balance Schedules . . . . . . . . . . . . . . B- 1

$206,744,917

Guaranteed REMICPass-Through Certificates

Fannie Mae REMIC Trust 2015-69

PROSPECTUS SUPPLEMENT

BNP PARIBAS

August 25, 2015