WASHINGTON, DC -- Fannie Mae (FNM/NYSE), today announced its collaboration with three national non-profit organizations, lender partners, and community-based organizations to launch a 10-week internship initiative for college students who have an interest in working in the mortgage industry. The 2005 American Dream Team Program^TM, which begins today with a four-day orientation session in Washington, DC, is designed to help Fannie Mae's lending partners develop an ethnically diverse pool of well-trained professionals who can create the products and efficiencies lenders need to better serve the changing population of home buyers in the U.S.

Starting on June 6, 2005, the 50 college juniors and seniors identified through INROADS, Inc. and LOFT ("Latinos on Fast Track" initiative, a collaboration between the Hispanic Heritage Foundation and the Hispanic College Fund) will begin work in the local offices of 37 mortgage lenders, and seven non-profit organizations that provide housing counseling services. The participating lenders and nonprofits serve multicultural neighborhoods in underserved markets.

"This week's orientation sessions are introducing the interns to the basics of the mortgage industry and the importance of community-based outreach in driving minority homeownership. As we kick off National Homeownership Month in June, these sessions are designed to expose this next generation of mortgage professionals to real world information and experience that will help them to become trusted advisors and responsible leaders in the communities they choose to serve," said Pilar O'Leary, director of operating initiatives at Fannie Mae and coordinator of the company's American Dream Team Internship Program.

"We're proud to inaugurate this internship program, which will help bring new perspectives and diversity to the job and increase minority homeownership," said Daniel Mudd, Fannie Mae's Interim Chief Executive Officer.

According to the U.S. Census Bureau, minority homeownership is currently at 51 percent, compared to 69 percent for the general population. By the end of this decade, the U.S. population is expected to grow by 30 million people. Immigration will account for nine million of these new Americans, and minorities will represent 80 percent of the population growth. As a result, economists estimate that 46 percent of future first-time home buyers by the end of this decade will be minorities and immigrants.

The INROADs interns will be placed with lenders serving the following markets: New York City, Washington, DC; Philadelphia, Atlanta; Chicago; St. Louis, MO; Fort Worth and Houston, TX; Little Rock; Oklahoma City, OK; Birmingham, AL; New Orleans; Gary, IN; Columbia, SC; Charlotte, Durham and Greensboro, NC; and Jackson, MS.

The LOFT interns will be placed with lenders and non-profits serving the following markets: New York City; Paramus and New Jersey Metro, NJ; Washington, DC; Northern Virginia; Yuma and Phoenix, AZ; Central Valley, Inland Empire, Los Angeles, San Francisco, San Jose, CA; Reno, NV; Ft. Pierce, Orlando and Miami and Central FL; Western Michigan; Chicago; Ft. Worth, Houston, and the Border Region in South Texas.

The list of lenders and non-profit organizations participating in the American Dream Team Internship Program is attached.

Founded in 1970, INROADS, Inc. is the nation's largest non-profit source of salaried corporate Internships for high performing Black, Hispanic/Latino and Native American Indian college students, among others. The intensive INROADS Leadership Training Process has helped more than 38,000 of these young men and women develop professional skills and competencies to be successful in careers in business and industry. With more than 50 offices throughout the U.S., Mexico, Canada and South Africa, INROADS trains and places nearly 5,500 young men and women each year in salaried corporate Internships. For more information about INROADS Internships please visit http://www.INROADS.org. INROADS Internships are open to all ethnic groups.

About the Hispanic Heritage Foundation

The Hispanic Heritage Foundation celebrates and promotes Hispanic pride, culture and accomplishment through national and regional leadership and educational programs. Since 1988, the nonprofit organization provides year-round programs to meet their mission including: the venerable Hispanic Heritage Awards, the Youth Awards, a leadership program providing educational support in 12 regions celebrating the achievements of young role models in the classroom and community; and the LOFT (Latinos on Fast Track) initiative, which was created to funnel top-emerging Latinos into America's workforce and put young leaders in a position to lead. More information about LOFT can be found at www.hispanicheritageawards.org.

About the Hispanic College Fund

The Hispanic College Fund was founded in 1993 to educate and develop the next generation of Hispanic professionals in America by awarding scholarships to top students seeking a higher education in academic disciplines leading to careers in business, science, engineering and technology. For the past 12 years, the HCF has honored its scholarship recipients at its annual Scholarships Award Gala. The Gala is one of the few networking events held during Hispanic Heritage Month where students can engage in professional workshops, meet with their individual sponsors and celebrate their heritage. Recently, the HCF joined forces with the Hispanic Heritage Foundation on the LOFT (Latinos on Fast Track) initiative to further meet their mission.

Fannie Mae is a New York Stock Exchange Company. It operates pursuant to a federal charter. Fannie Mae has pledged through its American Dream Commitment to expand access to homeownership for millions of first-time home buyers; help raise the minority homeownership rate to 55 percent; make homeownership and rental housing a success for millions of families at risk of losing their homes; and expand the supply of affordable housing where it is needed most.

American Dream Team Program is a registered mark of Fannie Mae. Unauthorized use of this mark is prohibited.

American Dream Team Program Internship Sites
Lenders Hosting Interns Identified through INROADS, Inc.	MARKETS
American Heritage Federal Credit Union	Philadelphia, PA
Arvest Mortgage	Little Rock, AR
Carver Federal Savings Bank	New York City, NY
Central Mortgage	St. Louis, MO
Chevy Chase Bank	Metro Washington, DC
Cimarron Mortgage Company	Jackson, MS
Colonial Savings FA	Ft. Worth, TX
First Horizon	Houston, TX
First Mortgage Company, L.L.C.	Oklahoma City, OK
Gateway Funding Diversified Mortgage Services	Philadelphia, PA
Homeowners Mortgage Enterprises, Inc.	Columbia SC
Lake Mortgage Company Inc.	Gary, IN
Liberty Bank and Trust Company	Jackson, MS
MidFirst Bank	Oklahoma City, OK
MortgageAmerica, Inc.	Birmingham, AL
Pine State Mortgage Corporation	Atlanta, GA
Standard Mortgage Corporation	New Orleans, LA
Self-Help	Charlotte/Durham/ Greensboro, NC
ShoreBank	Chicago, IL
Trustmark National Bank	Jackson, MS

Lenders Hosting Interns Identified through the Latinos On Fast Track (LOFT) Initiative
AEA Federal Credit Union	Yuma AZ
Chevy Chase Bank	Metro Washington, DC
Desert Schools Federal Credit Union	Phoenix AZ
Fremont Bank	San Francisco Bay Area, CA
Greater Nevada Mortgage Services	Reno, NV
Guild Mortgage Company	Central Valley, CA
Harbor Federal Savings Bank	Ft. Pierce, Central Florida
Home Financing Center, Inc.	Miami, FL
Opteum Financial Services	Paramus, NJ
Independent Bank Corp.	Western Michigan
Investors Savings Bank	New Jersey Metro, New York City
Ivanhoe Financial, Inc.	Orlando, FL
Lyons Mortgage Services	New York City, NY
Meriwest Mortgage Company, LLC	San Jose, CA
MidAmerica Bank	Chicago, IL
Navy Federal Credit Union	Northern Virginia/ Washington, DC
Texas Bank	Ft. Worth, TX
Valley Mortgage	Border Region, South Texas

Non-Profit Partners Hosting Interns Identified through LOFT
Spanish Coalition for Housing	Chicago, IL
Border Fair Housing and Economic Justice Center	Border Region, South TX
Tejano Center for Community Concerns	Houston, TX
Latino Leadership	Orlando, FL
Community Housing Resources of Arizona	Phoenix, AZ
East Los Angeles Community Corporation	Inland Empire, CA
Hermandad Mexicana Latinoamerica	Los Angeles, CA