Timothy Mayopoulos, who was ousted in a shake-up at Bank of America at the height of the financial crisis. As general counsel, Mr. Mayopoulos was responsible for advising the bank on its disclosure decisions. It is unclear how he advised executives to handle the information on Merrill’s bonuses and losses, which some shareholders later said would have changed their mind about approving the merger.

Fannie Mae-

Veteran Financial Services Executive Selected to Lead the Company’s Contribution to Building the Future of Housing Finance

Pete Bakel

202-752-2034

WASHINGTON, DC – Fannie Mae (FNMA/OTC) announced today that its board of directors has appointed Timothy J. Mayopoulos, 53, as president and chief executive officer and a member of the board effective June 18, 2012.  Mayopoulos, who currently serves as executive vice president, chief administrative officer, and general counsel, leads key corporate functions and the company’s business transformation program.

Mayopoulos assumes leadership of Fannie Mae at a pivotal point for housing finance.  Since joining Fannie Mae’s executive management team three years ago, he has played a key role in rebuilding the company and leading it through fundamental change.  Mayopoulos has managed critical functions, including the company’s human capital strategy, communications and marketing, government and industry relations, and the legal function.  He also has provided leadership and oversight of the company’s long-term strategies to achieve operating excellence and its efforts to improve the housing finance system.  His promotion follows an extensive search involving internal and external candidates.

“Our thorough and thoughtful evaluation of qualified and interested candidates focused on a singular goal – to secure the best leader for Fannie Mae,” said Philip Laskawy, chairman of the board.  “We achieved our goal by selecting Tim.  He is an experienced and effective leader on a remarkable management team that has stabilized the company and positioned Fannie Mae to return value to taxpayers in the years ahead.  Tim delivers a combination of proven leadership and execution focus.  His deep understanding of the unique challenges Fannie Mae is facing and his effective working relationships with our regulator, management, the board, and external partners will serve the company and industry well.  Tim’s appointment enables the company to sustain its rebuilding efforts and to accelerate our contributions to improving the nation’s housing finance system for the future.”

[FANNIE MAE]

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