Fannie Mae Board Appoints Michael J. Williams President and Chief Executive Officer

Fannie Mae Board Appoints Michael J. Williams President and Chief Executive
Officer

WASHINGTON, April 20 /PRNewswire-FirstCall/ -- Fannie Mae (NYSE: FNM) today
announced that the company's Board of Directors has appointed Michael J.
Williams President and Chief Executive Officer and a board director. Williams
succeeds Herbert M. Allison, Jr., who has been nominated to be Assistant
Secretary for Financial Stability and Counselor to the Secretary at the U.S.
Department of the Treasury.

"Mike Williams has demonstrated time and again his ability to successfully
lead and execute some of the most important initiatives the company has
undertaken," said Philip A. Laskawy, Chairman of the Board. "Mike brings a
steady hand, extensive experience and a deep understanding of the company and
the housing and financial markets to his new role, and he enjoys the full
confidence and support of the Board. We look forward to Mike's leadership of
Fannie Mae as we continue to tackle the difficult challenges facing the
housing market and the nation's economy."

"We also thank Herb Allison for his tremendous contributions to Fannie Mae,"
continued Laskawy. "He has guided the company most ably through a very
challenging period. We wish him all the best in his new position."

Williams ascends to his new position after having served as the company's
Executive Vice President and Chief Operating Officer (COO). In the wake of
the market downturn, he oversaw the bolstering and restructuring of the
company's foreclosure-prevention and loss mitigation operations, and this year
he has led the company's efforts to carry out the Administration's Making Home
Affordable loan refinance and modification initiatives. Williams has also
managed and executed other large-scale initiatives at Fannie Mae in the past,
including the company's restatement, reorganization and transition to
conservatorship.

"Mike's appointment as CEO will provide continuity of direction and purpose as
Fannie Mae continues to focus on supporting the market and carrying out the
Administration's housing relief plan," said Allison. "Mike has a proven track
record of success. He is extraordinarily capable at leading people and
organizing plans and processes to accomplish important objectives, and he will
foster change where needed to assure the highest standards of performance. I
anticipate a seamless transition to a chief executive who has led Fannie Mae's
mission and virtually all key operational areas of the company with
good-natured distinction."

In his role as COO, Williams has been responsible for the functions of Credit
Operations, Technology, Enterprise Operations, Human Resources, Community and
Charitable Giving, Compliance and Ethics, Corporate Facilities and Security
and Corporate Procurement. Previous to his tenure at Fannie Mae, Williams
held positions at KPMG Peat Marwick and the Dupont Company. He has a master's
degree in business administration and a bachelor of science degree from Drexel
University.

"I'm honored by the opportunity to lead the talented and dedicated group of
professionals at Fannie Mae as we work together to support the market, assist
struggling homeowners and help hasten recovery," Williams said. "I look
forward to working with our conservator, the Administration, our industry
partners and my colleagues as we continue striving to fulfill Fannie Mae's
important responsibilities and mission. There's much work ahead and we're
committed to rolling up our sleeves and getting the job done."

Fannie Mae exists to expand affordable housing and bring global capital to
local communities in order to serve the U.S. housing market. Fannie Mae has a
federal charter and operates in America's secondary mortgage market to enhance
the liquidity of the mortgage market by providing funds to mortgage bankers
and other lenders so that they may lend to home buyers. Our job is to help
those who house America.

SOURCE Fannie Mae

Brian Faith of Fannie Mae, +1-202-752-6720