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FANNIE MAE ADDS 10 MINORITY- AND WOMEN-OWNED SECURITIES FIRMS TO DEBT SELLING GROUP TO INCREASE THEIR PARTICIPATION IN MARKET

 WASHINGTON, Nov. 30 ~PRNewswire~ -- The Federal National Mortgage Association (Fannie Mae) (NYSE: FNM) today named 10 minority- and women-owned firms to the selling group for its debt securities.
 "With the expansion of our debt selling group, we are acting on Fannie Mae's irrevocable commitment to provide new opportunities and increased market access to qualified minority- and women-owned securities firms," said James A. Johnson, Fannie Mae's chairman and chief executive officer.
 The new firms, which will be added to Fannie Mae's existing 48-member debt selling group effective Jan. 4, 1993, consist of six firms owned by African-Americans, two owned by women, and one each owned by Hispanics and Asian-Americans.
 The 10 firms were selected from among 43 applicants that applied for membership in the debt selling group following Johnson's Sept. 22 announcement of the company's "Access" program. That effort is designed to increase participation of minority- and women-owned securities firms in the market for Fannie Mae's debt and mortgage securities.
 The new firms added today to the debt selling group will participate in a market that in 1992 is projected to include $170 billion in discount notes and $36 billion in long-term and medium-term debentures and notes. "Access" also includes increased participation for minority- and women-owned firms in Fannie Mae's Mortgage-Backed Securities and Real Estate Mortgage Investment Conduits (REMICs) market, in which a total of $345 billion in securities is expected to be issued this year.
 "We are very gratified with the response to 'Access,' both in terms of the number of applicants and the breadth of their quality and experience," Johnson said.
 Johnson said that the new selling group members were selected using criteria that included their commitment to the securities industry, their capital base and knowledge of the market, length of experience, customer base, and quality of employees.
 "We will conduct regular reviews of the composition of our debt selling group, and we encourage those firms that were not selected for admission this time to remain in regular contact with us," Johnson said.
 He also noted that minority- and women-owned firms have other opportunities to do business with Fannie Mae, including mortgage and REMIC securities operations.
 The 10 firms added to Fannie Mae's debt selling group are:
 Artemis Capital Group, Inc. New York
 M. R. Beal & Company Chicago
 Doley Securities, Inc. New Orleans
 Grigsby Brandford & Co., Inc. San Francisco
 Guzman & Company Miami
 WR Lazard, Laidlaw & Mead, Inc. New York
 Pryor, McClendon, Counts & Co., Inc. Atlanta
 Redwood Securities Group, Inc. San Francisco
 Smith Mitchell Investment Group, Inc. Seattle
 Utendahl Capital Partners, L.P. New York
 Fannie Mae, the USA's Housing Partner, is a congressionally chartered, shareholder-owned company and the nation's largest investor in home mortgages.
 -0- 11~30~92
 ~CONTACT: David Jeffers, 202-752-5962, or Gene Eisman, 202-752-6673, both of Fannie Mae~
 (FNM)


CO: Fannie Mae ST: District of Columbia IN: FIN SU:

KD -- DC009 -- 1879 11~30~92 11:23 EST
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Publication:PR Newswire
Date:Nov 30, 1992
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