ldunbar@nul.org

New York, NY, November 15, 2000–During the 6:00 PM reception at the National Urban League’s 44^th Annual Equal Opportunity Day (EOD) Awards Dinner this evening at New York’s Pier Sixty, Chelsea Piers, the National Urban League and Fannie Mae will sign an historic "Memorandum Of Understanding" (MOU) to launch a five year partnership designed to increase the rate of homeownership among minority populations.

Under the terms of their agreement, Fannie Mae intends to purchase up to $50 million in mortgage products during the term of the partnership, including special mortgage financing through Fannie Mae approved lenders.

In addition, Fannie Mae will provide the National Urban League’s participating affiliates across the country with training, materials, and technology–including computers, printers, and software–thus enabling them to provide high-quality and comprehensive home buying services to consumers.

For its part, the National Urban League is committing to providing homebuyer education–including credit, financial management and homeownership counseling and education–to approximately 10,000 minority households in areas served by its affiliates during the five years of the partnership.

"As I declared during my keynote address at the League’s annual conference this summer, job one for the African-American community and the Urban League movement is to complete the drive into the economic mainstream and attain economic self-sufficiency," National Urban League President Hugh Price said.

"Research shows that the benefits of homeownership include the creation of assets and wealth, and we are pleased that Fannie Mae, the nation\'s largest provider of funds for home mortgages and one of the largest financial services corporations in the world is joining forces with us to meet this goal."

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The National Urban League’s Annual EOD Awards Dinner honors individuals and corporations who perpetuate the principle of equal opportunity and exhibit leadership qualities that result in notable contributions to the cause of equal rights. Proceeds from the dinner benefit the League’s education, technology, economic self-sufficiency and racial inclusion initiatives.

John Thain, President and Co-Chief Operating Officer, Goldman Sachs Group, Inc., is this year’s Dinner Chairman, and Roz Abrams, Anchor, Eyewitness News, WABC-TV, Channel 7, New York, is the Mistress of Ceremonies. Because this year marks the League’s 90^th anniversary, the evening’s festivities will also feature a look back at the organization’s nine decades of service.

National Urban League 44^th Annual EOD Awards Dinner honorees include:

• Merrill Lynch & Co. Inc — The Corporate Leadership Award (accepted by David H. Komansky, Chairman of the Board and Chief Executive Officer, Merrill Lynch & Co., Inc.) for their trailblazing efforts in creating an environment which fosters equal opportunity among society’s diverse cultures, while providing the catalyst for personal and professional achievement, as evidenced by the success of their historic ScholarshipBuilder program.

• Franklin Raines, Chairman and Chief Executive Officer, Fannie Mae — The National Public Service Award in recognition of his path-finding role heading the Office of Management and Budget and for becoming the first African-American to run a Fortune 500 company and shatter the CEO glass ceiling barrier.

• Kenneth I. Chenault, President and Chief Operating Officer, American Express Company — The Leadership Award in recognition of his achievements, advancements and leadership within America’s corporate stratosphere.

• Earvin "Magic" Johnson, President and Chief Executive Officer, Magic Johnson Enterprises — The Community Service Award for raising the economic development playing field of minority communities across the country, as evidenced by his successful chain of movie theaters, and for the philanthropic efforts enacted through the Magic Johnson Foundation, a non-profit organization which directs its efforts toward the health, educational, and social needs of inner city youth.

• Mrs. Ann S. Kheel and Mr. Theodore W. Kheel — The Special Recognition Award in honor of their combined decades of service to the League.

Fannie Mae is a New York Stock Exchange company and the largest non-bank financial services company in the world. It operates pursuant to a federal charter and is the nation\\\'s largest source of financing for home mortgages. Over the past 31 years, Fannie Mae has provided nearly $2.9 trillion of mortgage financing for over 35 million families. More information about Fannie Mae can be found on the Internet at //www.fanniemae.com.

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Founded in 1910, the National Urban League is a nonprofit organization that, through its more than 100 affiliates in 34 states and the District of Columbia, provides direct services and functions as an advocate to generate policy reforms that empower African-Americans to achieve economic, academic and racial equality. The League’s headquarters is located at 120 Wall Street in New York City. Visit the League’s Web Site at www.nul.org.