Fannie Mae Announces Departure of Arne Christenson; Michele Davis To Serve as Acting Senior Vice President - Regulatory Policy

Dec 15, 2003, 00:00 ET from Fannie Mae

    WASHINGTON, Dec. 15 /PRNewswire/ -- Fannie Mae (NYSE:   FNM) today announced
 that Arne L. Christenson, Senior Vice President - Regulatory Policy, will be
 leaving the company in February 2004 to assume a new role as Senior Vice
 President of Government Affairs and head of American Express Company's
 Washington, DC office.  Michele Davis, Fannie Mae's Vice President for
 Regulatory Policy and former Assistant Secretary for Public Affairs of U.S.
 Department of Treasury, will assume Christenson's duties.
     Christenson, who joined Fannie Mae five years ago, was responsible for
 managing the company's relationship with its regulators.  "Arne is a team
 player whose contributions to Fannie Mae were exceptional.  He understands the
 housing finance business and helped to develop and effectively communicate our
 public policy positions to policymakers, regulators, affordable housing
 constituencies, and the financial markets.  He brought together a corporate-
 wide focus on meeting our Congressional charter mandates, which helped us
 better serve consumers by providing constant liquidity to mortgage markets,
 meeting our housing goals for underserved populations, and managing the
 company within safety and soundness regulations," said Frank Raines, Chairman
 and Chief Executive Officer of Fannie Mae.  "We are fortunate to have someone
 with Michele's keen understanding of the public policy issues take on Arne's
     Michele Davis joined Fannie Mae in 2002 and has been responsible for the
 company's public policy research activities and policy development on a wide
 range of issues related to mortgage financing and the capital markets.  Davis
 also manages key long-term regulatory and public policy projects.
     In her role at the Treasury Department, Davis was the Department's lead
 representative for media, business, professional trade organizations, consumer
 groups and the public.  The Office of Public Affairs develops and implements
 communications strategy for the Department and advises officials within the
 Department and its bureaus how best to communicate issues and priorities of
 public interest.  Davis also oversaw the Office of Public Liaison and the
 Office of Public Education.
     Previously, Davis served as communications director to House Majority
 Leader Dick Armey (R-TX) from 1997 until January 2001.  In this position,
 Davis served as chief spokesperson for the Majority Leader's office and as an
 advisor to the House Republican leadership.  Prior to that, Davis served as a
 top policy aide for the Majority Leader.
     Before joining the Majority Leader's staff, Davis served as an economist
 with the minority staff of the Joint Economic Committee in Congress.  She also
 worked as an economist with Citizens for a Sound Economy, a free-market
 advocacy organization.
     A native of Louisville, Kentucky, Davis has a Master's degree in economics
 from American University and earned her B.S. in Foreign Service from
 Georgetown University.
     Fannie Mae is a New York Stock Exchange company and the largest non-bank
 financial services company in the world.  It operates pursuant to a federal
 charter and is the nation's largest source of financing for home mortgages.
 Fannie Mae is working to shrink the nation's "homeownership gaps" through a $2
 trillion "American Dream Commitment" to increase homeownership rates and serve
 18 million targeted American families by the end of the decade.  Since 1968,
 Fannie Mae has provided $5.7 trillion of mortgage financing for 58 million
 families.  More information about Fannie Mae can be found on the Internet at
     Style Usage:  Fannie Mae's Board of Directors has authorized the company
 to operate as "Fannie Mae," and the company's stock is now listed on the NYSE
 as "FNM."  In order to facilitate clarity and avoid confusion, news
 organizations are asked to refer to the company exclusively as "Fannie Mae."

SOURCE Fannie Mae