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WASHINGTON – One month after it dismissed KPMG LLP as the independent auditor for Fannie Mae, the firm’s Audit Committee of the board of directors approved the selection of Deloitte & Touche LLP as the company’s new independent auditor. The Audit Committee’s dismissal in December of KPMG was part of the fallout of the accounting scandal surrounding Fannie Mae. Deloitte & Touche will perform an audit of the company of 2004 and a re-audit of prior period financial statements which will be restated. Fannie Mae’s board, in accordance with its agreement with the Office of Federal Housing Enterprise Oversight (OFHEO), has named Adolfo Marzol as interim Chief Risk Officer for the company. He currently serves as Fannie Mae’s senior vice president for corporate strategy. He previously served as the company’s chief credit officer. In addition, former chief financial officer J. Timothy Howard who resigned from his position at Fannie Mae on Dec. 21 – the same day Franklin Raines retired from his position as CEO and chairman – resigned from the company’s board of directors, effective immediately.

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