March 27, 2019Fannie Mae Announces Hugh R. Frater as Chief Executive Officer
Company Appoints Interim CEO, Fannie Mae Board Member, and Former Berkadia CEO to Lead the Largest Provider of Liquidity to the U.S. Housing Market
WASHINGTON, DC – Fannie Mae (FNMA/OTCQB), the largest provider of liquidity to the U.S. housing market, today announced that it has appointed Hugh R. Frater as Chief Executive Officer effective March 26. As CEO, Frater will set the overall enterprise vision and strategic direction of the company. In addition to his role as CEO, Frater remains on the Board of Directors. Frater previously served as Interim CEO.
"Following a six month nationwide search of qualified candidates, I am pleased to announce Hugh R. Frater as Fannie Mae CEO. Hugh's deep understanding of the housing and the financial services industries, broad experience, and strong leadership skills make him an ideal choice to lead Fannie Mae," said Jonathan Plutzik, Chair of Fannie Mae's Board of Directors. "Hugh's contributions as Interim CEO over the last several months demonstrate his commitment to strengthening the company and delivering value to our customers and partners. This appointment also provides continuity in Fannie Mae's leadership team as we fulfill our mission to provide liquidity and support to the mortgage market."
"I am honored with this opportunity to lead Fannie Mae and to play a part in the company's important contributions to the housing finance system," said Frater. "The Fannie Mae of today is customer focused, innovative, and committed to leading a housing finance system that is safe, sound, and sustainable for taxpayers and creditworthy borrowers of all income levels. I look forward to continuing to work with this outstanding leadership team to deliver on Fannie Mae's strategic priorities and transform the mortgage experience for our customers and partners."
Frater served as Fannie Mae's Interim CEO since October 16, 2018 and on Fannie Mae's Board since 2016. He has held a number of executive and management roles throughout his career. Frater currently serves as Non-Executive Chairman of the Board of VEREIT, Inc. He previously led Berkadia Commercial Mortgage LLC, a national commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties.
He served as Chairman of Berkadia from April 2014 to December 2015 and he served as Chief Executive Officer of Berkadia from 2010 to April 2014. Earlier in his career, Frater was an Executive Vice President at PNC Financial Services, where he led the real estate division, and was a Founding Partner and Managing Director of BlackRock, Inc.Fannie Mae helps make the 30-year fixed-rate mortgage and affordable rental housing possible for millions of Americans. We partner with lenders to create housing opportunities for families across the country. We are driving positive changes in housing finance to make the home buying process easier, while reducing costs and risk. To learn more, visit fanniemae.com and follow us on twitter.com/FannieMae.