Fannie Mae Announces New Members to its Housing Impact Advisory Council.

Business Editors

WASHINGTON--(BUSINESS WIRE)--April 21, 2003

Franklin D. Raines, Chairman and Chief Executive Officer of Fannie Mae (NYSE:FNM), the nation's largest source of financing for home mortgages, today named 29 new members to the company's Housing Impact Advisory Council.

The Housing Impact Advisory Council, established in 1993, is a unique forum that brings together a broad range of leaders who want to increase the availability of affordable mortgage financing to underserved communities. Council members meet three times a year with Fannie Mae's senior management to discuss issues affecting products for low- and moderate-income home buyers and renters.

The council has 61 members, including civic leaders; nonprofit, state housing agency and financial institution executives; developers; and legal, housing, and real estate professionals. Council members serve staggered two-year terms, with about half rotating off each year.

"Fannie Mae is honored to have this group of outstanding leaders serve on our Housing Impact Advisory Council," said Raines. "We will work together to build on past successes and will strive to better meet the housing needs of communities and individuals across the country."

The 2003 Housing Impact Advisory Council will be co-chaired by Bob J. Nash, vice-chairman of Shorebank Corporation, and Loretta A. Armenta, president and chief executive officer of the Albuquerque Hispano Chamber of Commerce, who is serving her first term.

The following new members have been appointed to serve on the Housing Impact Advisory Council through November 2004:

Nancy O. Andrews, Oakland, CA, president and chief executive officer
of the Low Income Housing Fund;

Loretta A. Armenta, Albuquerque, NM, president and chief executive
officer of the Albuquerque Hispano Chamber of Commerce;

Tom Berseth, Fargo, ND, senior vice president of commercial real
estate for the State Bank of Fargo, ND;

Peter Carey, Visalia, CA, executive director of Self-Help Enterprises;

Lautaro "Lot" Diaz, Washington, DC, deputy vice president of community
development for the National Council of La Raza;

Monica Drapeaux, Kyle, SD, executive director of The Lakota Fund;

Gary L. Gordon, Washington, DC, executive director of the National
American Indian Housing Council;

H. David Hayes, Jefferson City, TN, owner of Hayes & Associates Real
Estate and Auction Company;

Jay R. Helfrich, Seattle, WA, executive vice president of American
Property Financing, Inc.;

Felix De Herrera, Las Vegas, NV, president of Realty Marketing Group;

Herbert H. Hilliard, Memphis, TN, executive vice president of risk
management for First Tennessee Bank;

Abdur-Rahim Islam, Philadelphia, PA, president and chief executive
officer of Universal Companies, Inc.;

Mark R. Jarrell, New York, NY, senior vice president of debt group for
The Community Development Trust, Inc.;

Judith Kennedy, Washington, DC, executive director of the National
Association of Affordable Housing Lenders;

Jean Langendorf, Austin, TX, executive director of the United Cerebral
Palsy Association of Texas;

Joseph W. Mariano, Chicago, IL, executive director of the National
Training and Information Center;

John G. Markowski, Chicago, IL, commissioner for the city of Chicago
Department of Housing;

Dr. Ronald Mason, Jackson, MS, president of Jackson State University;

Donovan Mouton, Kansas City, MO, neighborhood advocate for the city of
Kansas City, Office of the Mayor;

J. Benson Porter, Seattle, WA, senior vice president of community and
external affairs for Washington Mutual Savings Bank;

John Saint, Mobile, AL, president and chief executive officer of The
Mitchell Company, Inc.;

Michael Sciarrino, Maitland, FL, president and managing general
partner of CED Capital Holdings Group;

Hattie Scott, Waldorf, MD, vice president and regional manager of Long
& Foster Companies, Inc.;

Shanna L. Smith, Washington, DC, president and chief executive officer
of the National Fair Housing Alliance;

James W. Stretz, Albuquerque, NM, executive director of the New Mexico
Mortgage Finance Authority;

Barbara J. Thompson, Washington, DC, executive director of the
National Council of State Housing Agencies;

Peggy Olsen Trenk, Helena, MT, government affairs director for the
Montana Association of REALTORS(R);

J. McDonald "Don" Williams, Dallas, TX, founder of the Foundation for
Community Empowerment; and

Rick Williams, Cincinnati, OH, president and chief executive officer
of the Home Ownership Center of Greater Cincinnati, Inc.

Returning members of the advisory council include: Milroy Alexander; James C. Ballentine; Darlys J. Baum; Joseph B. Blake; Mary Salinas Duron; Patricia B. Fennell; John S. Galeotos; Maria J. Garciaz; The Honorable Ed Garza; Sarah Sheon Gerecke; Bruce C. Gunter; Paul F. Hancock; Bishop Thomas L. Hoyt Jr.; Hal Keller; Karen L Krautheim; Trinh LeCong; Edward London; F. Lynn Luallen; Donald Martin; Jeffery Paul May; Terri Y. Montague; Bob J. Nash; Dennis Penman; Chief Gregory E. Pyle; Marco Antonio Reyes; Abraham Rodriguez Jr.; Nan Roman; Marcia Rosen; Eric S. Stein; Gregory St. Etienne; Susan Taoka; and Jaye Morgan Williams.

Fannie Mae is a New York Stock Exchange company and the largest non-bank financial services company in the world. It operates pursuant to a federal charter and is the nation's largest source of financing for home mortgages.

Fannie Mae is working to shrink the nation's "homeownership gaps" through a $2 trillion "American Dream Commitment" to increase homeownership rates and serve 18 million targeted American families by the end of the decade. Since 1968, Fannie Mae has provided $4.5 trillion of mortgage financing for more than 49 million families.

More information about Fannie Mae can be found on the Internet at http://www.fanniemae.com.

Style Usage: Fannie Mae's Board of Directors has authorized the company to operate as "Fannie Mae," and the company's stock is now listed on the NYSE as "FNM." In order to facilitate clarity and avoid confusion, news organizations are asked to refer to the company exclusively as "Fannie Mae."