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ROBERT B. ZOELLICK NAMED EXECUTIVE VICE PRESIDENT, GENERAL COUNSEL AND CORPORATE SECRETARY-DESIGNATE AT FANNIE MAE

 WASHINGTON, March 15 /PRNewswire/ -- The Federal National Mortgage Association (Fannie Mae) (NYSE: FNM) today announced that Robert B. Zoellick will become Fannie Mae's executive vice president, general counsel and corporate secretary-designate. Zoellick will succeed Caryl S. Bernstein when she retires June 30, 1993.
 As the principal legal officer of the corporation, Zoellick's responsibilities will include overseeing the corporate legal functions and providing legal counsel and advice to the board of Directors and senior management. He also will be responsible for Fannie Mae's regulatory affairs, government relations, international consulting projects and the formulation of the corporation's public policy positions. He also will take part in the development of business strategy and international investor relations.
 "We are tremendously pleased to have Bob Zoellick join Fannie Mae, in a time when the corporation's business and impact on housing is at an all-time high," said James A. Johnson, Fannie Mae's chairman and chief executive
officer. "The nation's housing finance challenges continue to be great, we are eager to face them, and our efforts to do so will be aided greatly by Bob's enormous talent."
 Zoellick, 39, served as deputy chief of staff of the White House from August 1992 to January 1993. From 1989 to 1992, he was counselor of the State Department, and beginning in 1991, served also as undersecretary for economics and agricultural affairs. Zoellick also served as President George Bush's personal representative for the G-7 Economic Summits in London and Munich.
 He worked at the Treasury Department from 1985 to 1988 in various positions including counselor to Secretary James Baker, and executive secretary and deputy assistant secretary for financial institutions policy.
 From 1983 to 1985, Zoellick held the post of vice president and assistant to the prior chairman and chief executive officer of Fannie Mae, David O. Maxwell. He also practiced law in Washington and clerked for Judge Patricia Wald of the U.S. Court of Appeals for the D.C. Circuit.
 Zoellick received a J.D. magna cum laude from the Harvard Law School and a master's degree in Public Policy from the Kennedy School of Government at Harvard. He is a Phi Beta Kappa graduate of Swarthmore College.
 "Bob's broad range of knowledge on business, financial and governmental issues, and his background here in the 1980s, combine to make him the ideal person to help formulate Fannie Mae policy on the legal, regulatory and business issues that will most affect the company and the housing finance system in the coming years," Johnson said.
 In a statement, Johnson paid tribute to Bernstein's service at Fannie Mae. "In her 12 years here, Caryl Bernstein has built a reputation as one of the nation's most talented and capable corporate counsels," Johnson said. "Her contribution to our company and to the mission of housing has been immeasurable."
 Fannie Mae, a shareholder-owned and privately managed company, is the nation's largest investor in home mortgages. During 1992, the corporation served 2.9 million low-, moderate-, and middle-income families and did $257 billion in total business. At the end of 1992, Fannie Mae was a $600 billion company, holding $156 billion in mortgages in its portfolio and had another $445 billion in outstanding, guaranteed Mortgage-Backed Securities.
 -0- 3/15/93
 /CONTACT: David Jeffers of Fannie Mae, 202-752-5962/
 (FNM)


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

DC -- DC011 -- 5991 03/15/93 11:25 EST
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Date:Mar 15, 1993
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