PRESIDENT BUSH APPOINTS HU PRESIDENT TO FANNIE MAE BOARD

Hampton, VA - President George W. Bush has appointed William R. Harvey, president of Hampton University, to the 18 member Board of Fannie Mae. Of the 18 members, the president of the United States appoints five.

Fannie Mae was created by Congress in 1938 to bolster the housing industry during the depression. It is a private, shareholder-owned company that works to make sure mortgage money is available for people in communities all across America. Fannie Mae currently operates under a congressional charter with a mandate to increase the availability and affordability of home ownership for low, moderate and middle income Americans.

Fannie Mae, the nation's largest source of financing for home mortgages, had a business volume for the first six months of 2001 of $271.3 billion. Estimated revenue for 2001 is approximately $8.1 billion.

Harvey is in his 24th year as president of Hampton University. He has served on several corporate boards of financial institutions including Signet Banking Corporation, Newport News Savings Bank and the Virginia-Maryland-North Carolina and D.C. Advisory Board of First Union Bank.

In addition to Fannie Mae, Harvey currently serves on the Board of Directors of Trigon Blue/Cross Blue/Shield and Newport News Shipbuilding Company.

For additional information, please contact: Yuri R. Rodgers at (757) 727-5253 or via email: yuri.milligan@hamptonu.edu