Federal National Mortgage Association announced that on June 12, 2024, Robert H. Herz notified Fannie Mae of his resignation from the Fannie Mae Board of Directors, and his resignation was accepted. Mr. Herz?s resignation will be effective June 30, 2024. Mr. Herz served on the Board for thirteen years, including for many years as Chair of the Audit Committee (until April 2024, when he was succeeded by Michael Seelig).
Absent a waiver, Federal Housing Finance Agency (?FHFA?) corporate governance regulations limit service on Fannie Mae?s Board of Directors to ten years or age 72, whichever comes first. In 2021, FHFA approved a waiver of the ten-year Board term limit, allowing Mr. Herz to serve on the Board through June 30, 2024.