Timothy Howard retired in February 2005 from a 30-year career in the financial services industry, most recently serving as vice chairman and chief financial officer of Fannie Mae. Howard joined Fannie Mae in 1982 after having worked as an economist at Chase Econometric Associates and as a senior economist for the Wells Fargo Bank. Howard was given responsibility for the management of Fannie Mae’s mortgage portfolio business in December 1987, and was named the company’s CFO in January 1990. He held those positions for the balance of his career at Fannie Mae, during which time the company grew to become one of the largest, strongest and most influential financial institutions in the world. Credit losses during Howard’s fifteen-year tenure as Fannie Mae CFO averaged less than $250 million per year. Mr. Howard now lives with his wife, Debra, at their homes in McLean, Virginia and Puerto Aventuras, Mexico. The Howards have two children—Julia, a graduate of the University of Pennsylvania now working as an automotive service advisor pending her pursuit of a graduate degree in psychology, and Lauren, a senior at the University of North Carolina at Chapel Hill.