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SMILOW WILL RETIRE AS CHIEF CREDIT OFFICER EFFECTIVE JANUARY 1993

SMILOW WILL RETIRE AS CHIEF CREDIT OFFICER EFFECTIVE JANUARY 1993
 WASHINGTON, June 16 /PRNewswire/ -- The Federal National Mortgage Association (Fannie Mae) (NYSE: FNM) today announced that Michael A. Smilow, executive vice president and chief credit officer, will retire from the company at the end of January 1993.
 Following Smilow's announcement at the company's June board of directors meeting, Fannie Mae management advised the board that it will conduct a search to fill the position of chief credit officer.
 Smilow joined Fannie Mae in 1984 as executive vice president- marketing. He became the company's chief credit officer three years ago.
 "Throughout the recession of the past 18 months, Fannie Mae's credit performance has been second to none, and for that we have Mike Smilow to thank," said James A. Johnson, Fannie Mae's chairman and chief executive officer. "Mike helped build Fannie Mae by bringing an important discipline and lasting foundation to our underwriting standards. We are enormously grateful to him for all he has done for the company, but especially for building a strong credit policy organization that will serve Fannie Mae well for years to come."
 "Working for Fannie Mae has been the highlight of my career in the mortgage finance industry," Smilow stated. "I am very proud of what we have accomplished in achieving a prudent balance between Fannie Mae's mission and the imperative for the company to control the credit risks inherent in fulfilling its mission."
 Smilow, 55, said that having accomplished what he set out to do at Fannie Mae, this was an appropriate time for him to conclude his work with the company. He told the board that he intended to identify and pursue new business challenges.
 Fannie Mae, the USA's Housing Partner, is a congressionally chartered, shareholder-owned company and the nation's largest investor in home mortgages.
 -0- 6/16/92
 /CONTACT: Gene Eisman of Fannie Mae, 202-752-6673/
 (FNM) CO: Federal National Mortgage Association ST: District of Columbia IN: FIN SU: PER


MH -- DC014 -- 0761 06/16/92 14:53 EDT
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Publication:PR Newswire
Date:Jun 16, 1992
Words:335
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