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THE WHITE HOUSE

Office of the Press Secretary

For Immediate Release July 16, 1997

PRESIDENT NAMES MEMBERS TO THE FANNIE MAE BOARD OF DIRECTORS

The President today announced his intent to appoint five Members to the Federal National Mortgage Association Board of Directors (Fannie Mae). The members are as follows:

Kevin O'Keefe is a partner in the Chicago law firm of O'Keefe, Ashenden, Lyons & Ward. From 1994-1997 Mr. O'Keefe served as Deputy Assistant to the President for Intergovernmental Affairs and from 1993-1994 he served as Special Assistant to the President for Presidential Personnel. He is formerly a Member of the Board of Directors of the Central DuPage Hospital in Winfield, Illinois. Mr. O'Keefe graduated with a B.S. degree from the University of Illinois and received a Juris Doctorate from the Chicago Kent College of Law.

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.

Jose Villarreal is a partner with the law firm of Akin, Gump, Strauss, Hauer & Feld L.L.P., in San Antonio, Texas. He is also a member of the Board of Directors of the U.S. Hispanic Congressional Caucus Institute, the National Council of La Raza and the Close-Up Foundation. He received a B.A. degree from Purdue University and a Juris Doctorate degree from the Indiana University School of Law. Mr. Villarreal will serve as a representative of the low/moderate income housing industry.

Kathryn G. Thompson is Chair and Chief Executive Officer of the Kathryn G. Thompson Construction Company. She is also a founding member of the Lusk Center for Real Estate, University of Southern California School of Regional Planning.

Eli J. Segal, formerly the CEO of AmeriCorps, is now serving as the President and CEO of The Welfare-to-Work Partnership. He also serves on the Board of Directors of several profit and not-for-profit organizations, including Home Shopping Network and the National Alliance to End Homelessness. Mr. Segal graduated with a Bachelors degree from Brandeis University in 1964 and then went on to receive a Juris Doctor from the University of Michigan in 1967.

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 in the United States.

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