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THE WHITE HOUSE

Office of the Press Secretary

For Immediate Release August 9, 1995

PRESIDENT CLINTON NAMES CHAVERS AS PRESIDENT OF HUD'S GOVERNMENT

NATIONAL MORTGAGE ASSOCIATION

President Clinton today announced his intent to nominate Kevin G. Chavers to serve as president of the Government National Mortgage Association (Ginnie Mae), U.S. Department of Housing and Urban Development.

For the past year Chavers has served as senior vice president and executive assistant to the president of Ginnie Mae. Prior to serving at Ginnie Mae, he served as chief of staff at the office of Federal Housing Enterprise Oversight, which regulates Fannie Mae and Freddie Mac. Before joining the administration, Chavers was counsel to the Senate Committee on Banking, Housing and Urban Affairs. Chavers is a former associate with the law firm of Milbank, Tweed, Hadley and McCloy in New York where he concentrated his practice on real estate matters and mortage backed securities. Chavers received his B.A. in urban planning from the University of Virginia and his J.D. from Harvard Law School, where he was the editor-in-chief of the Blackletter Journal.

The Government National Mortgage Association (Ginnie Mae) is a government corporation within the Department of Housing and Urban Development. The president of Ginnie Mae is the chief executive officer and provides direction and overall policy coordination. The president directs and administers authorities delegated by the secretary of HUD such as coordination and management of the Mortgage-Backed Securities Program.