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THE WHITE HOUSE

Office of the Press Secretary

For Immediate Release July 31, 1997

                    PRESIDENT CLINTON APPOINTS MEMBERS 
                    TO THE FEDERAL HOME LOAN MORTGAGE 
               CORPORATION BOARD OF DIRECTORS (FREDDIE MAC)

President Clinton today announced his intent to appoint members to the Federal Home Loan Mortgage Corporation Board of Directors (Freddie Mac).

Dennis DeConcini, of Arizona, is a current member of the Board of Directors of the Federal Home Loan Mortgage Corporation. Senator DeConcini served as a United States Senator from Arizona for over 18 years. While in the Senate, he chaired the Select Committee on Intelligence and the Treasury Subcommittee on Appropriations. Prior to his election to the Senate, Senator DeConcini served as the Pima County Attorney. Before he began his government service, Senator DeConcini worked in Arizona as an attorney, managed Arizona Savings, and worked as Administrative Assistant and Special Legal Counsel in the Office of Arizona Governor Sam Goddard. Senator DeConcini also managed real estate development projects including commercial real estate.

Neil Hartigan, of Illinois, is a partner in the Corporate Department of McDermott, Will & Emory. Additionally, he serves as the Chairman of the World Trade Center, Chicago. While serving as Lieutenant Governor and Attorney General of Illinois, he also served as Chairman of the National Association of Lieutenant Governors and Chairman of the Consumer Committee of the National Association of Attorneys General. In the private sector, Mr. Hartigan was Chairman of the Real Estate Research Corporation (RERC) and Senior Vice President of First National Bank of Chicago.

Joe Serna, Jr., has served as Mayor of Sacramento, California since 1992. He is currently employed as a Professor in the Government Department at California State University at Sacramento. Prior to his election as Mayor, Mayor Serna was a Peace Corps worker in Guatemala and a member of the Sacramento Housing and Redevelopment Commission. He served as a member of the City Council from 1981 to 1992, concentrating on fiscal policy, urban planning, social and human services and public safety.

Harriett F. Woods, of Missouri, is currently a member of the Board of Directors of the Federal Home Loan Mortgage Corporation. Woods is a former Lieutenant Governor of Missouri, where she was a leader on the issue of affordable housing. She created a St. Louis Regional Housing Alliance (RHA) while heading the Institute for Policy Leadership at the University of Missouri.

The Federal Home Loan Mortgage Corporation (Freddie Mac) is 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. This includes activities related to mortgages for low and moderate-income families. Freddie Mac accomplishes its goals by providing a continuous flow of funds to mortgage lenders.

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