Fannie Mae-No Politics (FNMA)

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News: FHFA Appoints Egbert L. J. Perry as Fannie Mae (FNMA) Chairman

http://www.streetinsider.com/Management+Changes/FHFA+Appoints+Egbert+L.+J.+Perry+as+Fannie+Mae+(FNMA)+Chairman/9213159.html

The Federal Housing Finance Agency (FHFA) announced that in light of the fact that Philip A. Laskawy will have reached the company’s mandatory retirement age, in accordance with FHFA’s corporate governance regulation and Fannie Mae’s (OTCBB: FNMA) corporate governance guidelines, he will step down from the board effective March 31, 2014. FHFA also announced that Laskawy will be succeeded by current Fannie Mae board member Egbert L. J. Perry.

In making these two announcements, FHFA Director Melvin L. Watt said, “Phil Laskawy, the former chairman and chief executive officer of Ernst & Young, has provided dedicated leadership during an extraordinarily challenging period for both the country and the company. Under his leadership since 2008, Fannie Mae has helped millions of American families refinance their mortgages, buy new homes, rent affordable housing and avoid foreclosure. In his time as chairman, the company returned to profitability and achieved record financial results. I have complete confidence that Egbert Perry will continue to provide the same qualities of thoughtful and responsible leadership that Phil has provided.”

“Phil answered without hesitation or reservation a call to duty in 2008 to serve as chairman of Fannie Mae in order to help preserve the stability and liquidity of the nation’s housing finance system. We have deeply valued his leadership, passion, and integrity during the economic crisis and turnaround of our company,” said Timothy J. Mayopoulos, president and chief executive officer, Fannie Mae. "We look forward to continuing our progress with Egbert in his new role. Egbert’s combination of community development and commercial experience is exceptionally valuable. We appreciate his commitment to improving the company, ensuring that families have access to affordable mortgage credit, and creating a sustainable housing finance system for the future.”

Perry, a seasoned real estate and investment management professional, has served as a Fannie Mae director since December 2008. He is chairman and chief executive officer of The Integral Group LLC, which he founded in 1993 to provide real estate development, advisory and investment management services across major U.S. urban markets. Perry brings extensive experience in innovative urban development and revitalization projects and has played an important role in many public-private partnerships that have transformed communities across the nation. Perry has approximately 35 years of experience as a real estate professional, including work in urban development; developing and investing in mixed-income, mixed-use communities; affordable and work force housing; and commercial real estate projects in markets across the country. Perry previously served a seven-year term as a director of the Federal Reserve Bank of Atlanta and serves as a long-time trustee of the University of Pennsylvania.

“It is an honor to lead the board's governance of Fannie Mae and I look forward to continuing to work with my fellow board members, our management team, Director Watt and his team at FHFA to deliver on the company's essential role in the housing market,” said Perry.