HORNETS 'JAM SESSION' TO FEATURE HOME-BUYING HELP SATURDAY, OCTOBER 21; FANNIE MAE AND THE HORNETS JOIN EFFORTS TO STEER FANS TOWARD ROAD TO HOMEOWNERSHIP

CHARLOTTE, N.C., Oct. 12 /PRNewswire/ -- Fannie Mae (NYSE: FNM) and the Charlotte Hornets today announced the Fannie Mae Home-Buying Fair at the Hornets 4th Annual Nabisco Jam Session from 11 a.m. to 3 p.m. Saturday, October 21 at the Charlotte Coliseum. This is where fans will have the chance to ask the experts everything they need to know about buying a home -- as well as to see the 1995-96 Hornets team, the cheerleading squad the HoneyBees, and their mascot Hugo.

Fair exhibitors, including lenders, community groups, and real estate professionals, will be on hand to talk one-on-one with fans about qualifying for a mortgage, repairing credit problems, and finding affordable loans and homes. Fans also may register for door prizes, including a television and Hornets merchandise. Admission to the Jam Session and the Home-Buying Fair is free, although there is a coliseum parking fee of $4.

"Fannie Mae's goal is to get people started on the path to homeownership," Glenn Austin, senior vice president of Fannie Mae's Southeastern Regional Office, said. "The Hornets Jam Session provides a fun and exciting place for fans to learn how to make their dream of homeownership come true."

Fannie Mae's research shows that a lack of information is a major barrier to homeownership for minorities and families of modest means. A result of the information gap is that the homeownership rate for minorities in Charlotte is significantly lower than the national average. According to the most recent Census Bureau figures, the homeownership rate in the city of Charlotte is 55.0 percent, lower than the national average of 64.2 percent. For African-American residents, the homeownership rate is only 37.7 percent.

The Hornets look forward to the Jam Session each season as a way to show appreciation to our fans," Spencer Stolpen, president of the Hornets, said. "We expect to have at least 10,000 fans at the Jam Session and Home-Buying Fair, which adds up to thousands of area residents a lot closer to homeownership -- a key to creating strong and prosperous neighborhoods here."

The Jam Session is brought to the public by select Nabisco products.

Exhibitors include BB&T, Central Carolina Bank and Trust, Centura Bank, Charlotte-Mecklenburg Housing Partnership, Inc., Chase Manhattan Mortgage, Coldwell-Banker Flouhouse, Countrywide Funding, Crossland Mortgage, Dover Mortgage Company, Family Housing Services, Inc., First Union National Bank, Home Federal Savings and Loan Association, Habitat for Humanity, Mechanics & Farmers Bank, NationsBank, Northwest Corridor Community Development Corporation, PNC Mortgage, Prestige Realty, Principal Residential Mortgage, Reid Park CDC, Spectrum Home Mortgage Division/Marine Midland Bank, and Wachovia Mortgage.

Fannie Mae is a congressionally chartered, shareholder-owned company and the nation's largest source of home mortgage funds. It has committed to provide $1 trillion in targeted lending for 10 million homes by the end of the decade. The targeted lending serves low- and moderate-income families, minorities, new immigrants, residents of central cities and other underserved areas, and people who have special housing needs. Fannie Mae is the nation's largest source of home mortgage funds.

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.

    -0-                        10/12/95 

/CONTACT: Tim Carlsgaard of Fannie Mae, 404-398-6259/

(FNM)

CO: Fannie Mae; Charlotte Hornets ST: District of Columbia, North Carolina IN: FIN SU:

JA-AM -- DC004 -- 5567 10/12/95 10:02 EDT