WASHINGTON DC -- Fannie Mae (FNM/NYSE) today announced that the company is realigning its organizational structure, effective immediately, as the company continues to serve the housing finance system and help to stabilize the market.

Fannie Mae's three lines of business -- Single-Family Mortgage Guaranty, Capital Markets, and Housing and Community Development -- and their leadership -- will report directly to the President and Chief Executive Officer, Herbert M. Allison, Jr. Technology and Operations will report to Chief Operating Officer Michael Williams. The structure and function of Government and Industry Relations is under review.

Allison also said that he would continue to review Fannie Mae's organizational structure to make needed changes. "Fannie Mae is building a new organizational structure as we take the company in a new direction to serve a dramatically changing market," Allison said. "The company's organization will be flatter, with clear lines of authority and strong checks and balances, and a closer link between our businesses and top management. Above all, we will embrace and make needed changes so we can better help to stabilize and serve the market ahead."