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THE WHITE HOUSE

Office of the Press Secretary

For Immediate Release January 5, 1999

         PRESIDENT CLINTON NAMES ARMANDO FALCON JR. AS DIRECTOR 
         OF THE OFFICE OF FEDERAL HOUSING ENTERPRISE OVERSIGHT 
           AT THE DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

The President today announced his intent to nominate Armando Falcon, Jr. to serve as Director of the Office of Federal Housing Enterprise Oversight at the Department of Housing and Urban Development.

Mr. Armando Falcon, Jr., of San Antonio, Texas, served for eight years on the legal staff of the Committee on Banking and Financial Services, United States House of Representatives, reaching the position of General Counsel in 1995. In 1989, Mr. Falcon was an attorney in private practice in San Antonio, Texas. From 1986 to 1988, he served as a law clerk to the Texas Attorney General.

Mr. Falcon received his BA degree from St. Mary's University, an MPP degree from the John F. Kennedy School of Government at Harvard University, and his JD from the University of Texas School of Law.

The Office of Federal Housing Enterprise Oversight (OFHEO) performs the function of financial regulator of the Federal National Mortgage Association (FNMA) and the Federal Home Loan Mortgage Corporation (FHLMC) ("the enterprises"). The office operates as an arms-length entity within the Department of Housing and Urban Development and ensures that the Enterprises are adequately capitalized and operating safely.

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