THE WHITE HOUSE
Office of the Press Secretary
PRESIDENT NAMES MEMBERS TO THE FEDERAL NATIONAL MORTGAGE ASSOCIATION (FANNIE MAE) BOARD OF DIRECTORS The President today announced his intention to re-appoint four
Members to the Federal National Mortgage Association Board of Directors (Fannie Mae). The members are as follows:
William M. Daley currently serves as a partner in the Chicago law firm of Mayer, Brown and Platt. He previously served as President and Chief Operation Officer of Amalgamated Bank of Chicago. Mr. Daley will serve as a representative of the mortgage lending industry.
Thomas Leonard is currently a partner in the Philadelphia law firm of Obermayer, Rebmann, Maxwell & Hippel. He is formerly the Controller of the City of Philadelphia. In addition to a B.S. from Drexel University in Philadelphia, Mr. Leonard received a Juris Doctorate from Temple University Law School. He will serve as a Public Member.
John R. Sasso is President of Advanced Strategies, Inc., a corporate communications and public affairs consulting firm. He formerly served as the Senior Vice President of Hill, Holiday, Connors and Cosmopulos, Inc., one of New England's largest advertising agency. Mr. Sasso graduated with a B.A. degree from Boston University (1970). He will serve as a representative of the real estate industry.
Jose Villarreal is an attorney with the law firm of Akin, Gump, Strauss, Hauer & Feld, in San Antonio. He is also a member of the Board of Directors of the U.S. Hispanic Congressional Caucus and a former member of the San Antonio Zoning Commission. He received a B.A. degree from San Jose State University and later a Juris Doctorate degree from University of Santa Clara School of Law. Mr. Villarreal will serve as a representative of the low/moderate income housing industry.
The Board is responsible for determining the general policies that govern the operations of the Association. It is comprised of 18 members. Of these, 13 are elected annually by the voting common stockholders and five are appointed annually by the President. Fannie Mae is the largest investor in home mortgage loans and the third largest corporation, in terms of assets, in the United States. The Association makes mortgage funds available by buying conventional and government-issued mortgages in the secondary mortgage market; raising capital through the sale of short and long-term obligations, mortgages, and stock; and, issuing and guaranteeing mortgage backed securities.