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BERNSTEIN TO RETIRE AS EXECUTIVE V.P., GENERAL COUNSEL, AND SECRETARY OF FANNIE MAE; LOGAN NAMED EXECUTIVE V.P. AND CHIEF CREDIT OFFICER

 WASHINGTON, Jan. 19 /PRNewswire/ -- The Federal National Mortgage Association (Fannie Mae) (NYSE: FNM) today announced that Caryl S. Bernstein, executive vice president, general counsel, and secretary, will retire from the company at the end of June 1993. The company also announced that the head of its Northeast regional office in Philadelphia, Ann D. Logan, will become Fannie Mae's executive vice president and chief credit officer.
 Last fall, Fannie Mae's longtime chief credit officer, Michael A. Smilow, announced he would retire from the company after a successor was selected.
 Bernstein joined Fannie Mae in 1981 as senior vice president and general counsel and was subsequently elected secretary. She was named to her current position in February 1982.
 Bernstein said that having accomplished what she set out to do at Fannie Mae, this was an appropriate time for her to conclude her work with the company. She told the board that she intended to continue to work and will be interested in considering a broad range of opportunities.
 "Fannie Mae is enormously grateful to Caryl for all that she has done for the company. She was a key member of the team that led the turnaround of Fannie Mae in the 1980s," said James A. Johnson, Fannie Mae's chairman and chief executive officer. "And, as we have continued to build on our financial foundation and expand our impact on housing needs, we have depended upon Caryl's wise counsel and leadership."
 "Working for Fannie Mae has been the opportunity of a lifetime," said Bernstein. "I am very proud of what we have accomplished in building a Fannie Mae for the 1990s that combines solid financial strength and a deep commitment to housing."
 As Fannie Mae's executive vice president-chief credit officer, Logan will be responsible for establishing and monitoring credit policies for the corporation's product and customer relationships. She will be chairman of the Credit Policy Committee and a member of the corporation's Asset and Liability, and Operating Committees.
 "Ann's wealth of experience in both policymaking and the marketplace will aid us as we continue to extend the benefit of Fannie Mae's franchise to more and more Americans," Johnson said.
 Logan joined Fannie Mae in 1985 as a senior financial analyst, served as executive assistant to the executive vice president -- mortgage operations, and most recently served as vice president -- regional activities in Fannie Mae's Washington headquarters. She assumed her current position as senior vice president of the company's Northeastern regional office in Philadelphia in 1989.
 Before joining Fannie Mae, Logan served as assistant vice president in the mortgage and financial institutions department at Standard and Poor's. She also served five years with the U.S. Senate Judiciary Committee, including a year as staff director.
 Logan holds an A.B. from Bryn Mawr College and an M.B.A. from Columbia University Graduate School of Business.
 Fannie Mae, the USA's Housing Partner, is a congressionally chartered, shareholder-owned company and the nation's largest investor in home mortgages.
 /delval/
 -0- 1/19/93
 /CONTACT: David Jeffers of Fannie Mae, 202-752-5962/
 (FNM)


CO: Federal National Mortgage Association ST: District of Columbia IN: FIN SU: PER

IH -- DC007 -- 6266 01/19/93 11:15 EST
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Publication:PR Newswire
Date:Jan 19, 1993
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