Fannie Mae Code of Conduct for Board of Directors

On Sept. 6, 2008, the Director of the Federal Housing Finance Agency (FHFA), the safety, soundness, and mission regulator of Fannie Mae (the Corporation), placed the Corporation into conservatorship (the Conservatorship) and appointed FHFA as conservator of the Corporation (in such capacity, the Conservator). For as long as the Corporation remains under the Conservatorship, the directors of the Corporation shall serve on behalf of the Conservator and shall be required to exercise authority as directed by and with the approval, where required, of the Conservator and shall have no duties to any person or entity except to the Conservator. Accordingly, the directors are not obligated to consider the interests of the Corporation, the holders of the Corporation's equity or debt securities, or the holders of the Corporation's mortgage-backed securities unless specifically directed to do so by the Conservator.

Fannie Mae Code of Conduct for Board of Directors (PDF)

Fannie Mae Employee Code of Conduct