Fannie Mae Names Seasoned Executive J. Douglas Watt Senior Vice President and Chief Audit Executive

Pete Bakel

202-752-2034

WASHINGTON, DC – Fannie Mae (FNMA/OTC) announced today it has appointed J. Douglas Watt as senior vice president and chief audit executive effective July 11. Watt joins Fannie Mae from GE Capital Corporation where he was managing director and audit executive for the Americas. Watt also was a member of GE Capital’s senior audit leadership team and a member of several key GE Capital Americas management committees, including Operational Risk Management, Enterprise Risk Management, Credit Risk, and Compliance.

“Doug’s deep background in internal audit, audit risk assessment, and regulatory reform matters will contribute greatly to Fannie Mae’s strong culture of corporate governance and rigorous internal controls,” said Egbert L.J. Perry, chairman of the Board at Fannie Mae.

“Doug has significant audit experience and he will be a great addition to our leadership team. Doug joins us at a time of important change for the company and his experience will be highly valuable as we continue to improve our company and create a strong, sustainable housing finance system,” said Timothy J. Mayopoulos, president and chief executive officer at Fannie Mae.

Watt has 35 years of audit experience, including overseeing the internal auditing of GE Capital’s North American Commercial Lending and Leasing businesses, the largest GE Capital business segment, and helping to lead the audit function’s critical regulatory initiatives. Prior to GE Capital, Watt served as vice president, corporate audit services at Capital One Financial, where he led retail bank and commercial bank audit programs. Prior to joining Capital One Financial, Watt was a partner in the banking and capital markets practice at PricewaterhouseCoopers LLP, where he provided assurance and consulting services to a broad array of commercial and retail banks, reserve banks, broker dealers, trust, and asset management entities.

“Fannie Mae is a critically important company that plays an essential role in ensuring that eligible borrowers have access to good mortgage financing so they can buy or rent a home. Fannie Mae is at the center of the housing finance system and I am thrilled to join this great company. I look forward to working with the Board of Directors and the management team to ensure a safe and sustainable housing finance system in this country,” said Watt.

Watt holds a bachelor of arts in accounting from Pace University. He is a certified public accountant, member of the American Institute of Certified Public Accountants, and board member and audit committee chair for Homes with Hope of Westport, CT.