WASHINGTON, Oct. 26 /PRNewswire-FirstCall/ -- Fannie Mae today announced that the Board of Directors has elected John C. Sites Jr. to the Board. Sites will serve on the Board's Housing and Community Finance and Risk Policy and Capital Committees. Sites becomes the ninth new director elected to the company's Board since 2004.
Sites, 55, is a consultant to Wexford Capital, LLC, an SEC registered investment advisor headquartered in Greenwich, Connecticut that manages a series of affiliated hedge funds and private equity funds. He is also a General Partner of Rock Creek Partners II, Ltd., a private equity fund of Rock Creek Capital Advisors, an investment and advisory firm. Sites' previous employment also includes Daystar Special Situations Fund, LP, as a General Partner from 1996 to 2006.
"John's broad financial and mortgage market background will be important assets for the company and our shareholders," said Stephen B. Ashley, Chairman of the Board. "He will be an important addition to our Board and to Fannie Mae as the company executes on its business strategy and plan during this critical time in the housing market."
Sites was formerly an Executive Vice President and a member of the Board of Directors of Bear, Stearns & Company, Inc. During his 14 year tenure at Bear Stearns, Sites established the firm's mortgage department, served on the firm's executive and compensation committees, and was co-head of the firm's taxable fixed income group, including the U.S. Treasury Department, capital markets, corporate bond department, municipal bond, preferred stock and distressed and high yield departments. In addition, Sites oversaw the investment banking department with respect to financial institutions, and was also responsible for the asset management division.
"We're pleased to be adding John's strong financial and mortgage market experience to the Board," said Daniel H. Mudd, President and CEO. "John's capital markets experience will be especially valuable to Fannie Mae as we continue to provide liquidity and stability to our customers and partners at this critical time."
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. More information about Fannie Mae can be found on the Internet at http://www.fanniemae.com/.
