WASHINGTON, DC -- Fannie Mae (FNM/NYSE) President and Chief Executive Officer Herbert M. Allison, Jr., has appointed David M. Johnson to serve as the company's executive vice president and chief financial officer, effective today.

"With his broad and deep financial services and capital markets experience, David will help lead Fannie Mae as we assist the market during this unprecedented correction and weather the challenges facing all financial companies today," Allison said. "Going forward, as the financial system and industry undergo significant change, David will also help to lead Fannie Mae's transition to the future."

Johnson comes to Fannie Mae from Hartford Financial Services Group, the diversified insurance/financial service company based in Hartford, Connecticut, where he was EVP and chief financial officer. Before that, Johnson served as chief financial officer at Cendant Corporation, and prior to that he served for 12 years at Merrill Lynch in investment banking. Johnson will serve in a broadened role as chief financial officer.

"It is an honor to join Fannie Mae, a company with a critical mission and mandate to support the housing market," Johnson said. "This is a critical time for our country, and I look forward to joining Fannie Mae's executive team as we carry out our mission."

As Johnson assumes the role of Fannie Mae's chief financial officer, Allison also announced that David C. Hisey would continue to serve the company as executive vice president and deputy chief financial officer, with responsibilities including financial planning and analysis, business unit finance, accounting, financial controls and the financial reporting and income tax functions. Hisey joined Fannie Mae in January 2005 as senior vice president and controller.

"David Hisey has done a terrific job leading our financial team through Fannie Mae's transition to conservatorship and during our most recent financial filing," Allison said. "Through this period of great change, David has been a rock -- for the front office, the financial team and the company -- and we appreciate his leadership of our financial team. His deep knowledge and experience in financial matters related to the mortgage market will continue to be critical to the company as we move ahead through this period."