FANNIE MAE AWARDS $1,000 TOWARD CLOSING COSTS TO TWO OAKLAND AREA FIRST-TIME HOME BUYERS; AWARDS CEREMONY TOMORROW AT NOON

OAKLAND, Calif., March 22 /PRNewswire/ -- "Our house may be made of bricks and mortar, but our home will be constructed of love and caring. It will shelter us as our family expands. ... It will prosper with our hopes and dreams. And our home will be there as a sanctuary to comfort us when needed. For us, owning a home is less about realizing a dream than living one."

"Owning a home means many things to me. It means putting down roots so that my children will have a place to grow. Home is where you start your day, return at night, celebrate holidays and mark the milestones of life -- another birthday, another inch taller marked on the door jamb."

These are the words of Quentin Falconer and David Newdorf -- the two winners of the Fannie Mae Foundation's 1996 Essay Award. Entrants were asked to write a 500-word essay on "What Owning a Home Means to Me." The essays were judged by representatives of local businesses, non- profit groups, and government. Each of the two winners will receive $1,000 toward closing costs when purchasing a home in California.

The awards will be presented on Saturday by Mayor Elihu Harris and Warriors Vice President and Assistant General Manager Al Attles at noon at the Fannie Mae Foundation Home-Buying Fair in the Oakland Coliseum. The Fair is sponsored by the Fannie Mae Foundation and the Golden State Warriors and is free of charge to the public. The Fair is open Saturday only, from 9:30 a.m. to 3 p.m.

The Fannie Mae Foundation supports national and local non-profit organizations working to provide decent and affordable housing in communities throughout the United States. To promote homeownership, the Foundation also sponsors public service outreach efforts, including consumer education and home-buying fairs.

The Foundation's sole source of funding is Fannie Mae, a private corporation with a congressional charter and a public mission to increase the availability and affordability of housing for low-, moderate-, and middle-income Americans.

For a menu of Fannie Mae news releases available by fax 24 hours (no charge) or to retrieve a specific release, please call 1-800-758-5804, ext. 305450, or access the address http://www.prnewswire.com on the Internet.

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/NOTE TO EDITORS: The essay award winners, as well as representatives from Fannie Mae and the Golden State Warriors, will be available to the media after the noon awards ceremony.

Readers or viewers who would like more information about the Fannie Mae Foundation's Home-Buying Fair may call toll-free, 1-800-732-6643 and ask for Operator 7./

/CONTACT: Carol Blymire of Fannie Mae, 202-752-4330, pager, 1-800-SKY-8888, PIN 197-0417 or Internet: carol_blymire@fnma.com /

(FNM)

CO: Fannie Mae ST: District of Columbia, California IN: FIN SU:

JA-KW -- DCF002 -- 3366 03/22/96 11:00 EST