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Office of the Press Secretary

For Immediate Release December 10, 1993


The President announced today that he intends to appoint three individuals -- Jerry MacArthur Hultin, Raymond J. McClendon, and James B. Nutter -- to the Board of Directors of the Federal Home Loan Mortgage Corporation (Freddie Mac), a stockholder-owned corporation chartered by Congress in 1970 which supports home ownership and rental housing through the creation and development of a secondary market for residential mortgages.

"Jerry Hultin, Raymond McClendon, and James Nutter all bring years of financial management experience to the task of overseeing the important work of Freddie Mac," said the President. "I appreciate their willingness to serve."

Jerry MacArthur Hultin is a partner in the law firm of Warner & Hultin, which specializes in commercial transactions and governmental representation, and Chairman of Hultin and Associates, a management and financial consulting firm. Among his consulting clients have been such private sector organizations as the Student Loan Marketing Association, Champion International, and the HEAF Management Corporation, as well as public entities ranging from the Ohio Department of Human Services and Department of Insurance, and Ohio State University. He also served as an advisor to the Clinton for President campaign on student loan issues, and a senior policy advisor for Ohio Attorney General Anthony Celebrezze's 1990 gubernatorial bid. Hultin, a resident of Hillard, Ohio, is a graduate of Ohio State University and Yale Law School.

Raymond J. McClendon is Vice Chairman and CEO of Pryor, McClendon, Counts & Co., Inc., the largest minority-owned and controlled investment banking firm in the United States. He also serves as Chairman of the National Association of Securities Professionals. McClendon previously worked at the Federal National Mortgage Association (Fannie Mae), where he was Vice President for Multi-Family Activities. He created and implemented Fannie Mae's Public Finance Department, which was responsible for products to meet the needs of state and local government housing challenges. He had previously served as Director of Financial Analysis and Auditing for the City of Atlanta. McClendon, a graduate of Morehouse College with an MBA from Georgia State University, is an active member of the Atlanta community. He and his wife, Ryland Needom McClendon, have four children.

James B. Nutter is the president of James B. Nutter and Company, a Kansas City mortgage banking firm now doing business in 25 states. He founded the business in 1951, and has been among the first to implement a variety of HUD programs. In addition, Nutter has been active in numerous mortgage banker associations and real estate boards, as well as local school and hospital boards and other civil activities. He is a U.S. Army veteran and a graduate of the University of Missouri.

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