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Press Release

Fannie Mae Announces Priscilla Almodovar as Chief Executive Officer

September 29, 2022

Press release also available in Spanish

WASHINGTON, DC – Fannie Mae (FNMA/OTCQB) today announced that it has appointed Priscilla Almodovar as Chief Executive Officer (CEO) and member of the Board of Directors, effective December 5, 2022. Almodovar will succeed David C. Benson, who has served as Interim CEO and a member of the Board of Directors since May 2022. After her arrival, Benson will continue in his role as President.

Almodovar brings more than 30 years of experience in finance, real estate, and community development across a number of institutions and organizations. Since 2019, she has served as President and CEO of Enterprise Community Partners, a national organization focused on increasing the supply of affordable housing, advancing racial equity, and supporting residents and communities.

"On behalf of the Board of Directors, we are excited to welcome Priscilla Almodovar as our next CEO," said Michael J. Heid, Chairman of Fannie Mae's Board of Directors. "Priscilla's vast experience in large, complex businesses and her commitment to affordable housing makes her an ideal choice to further Fannie Mae's mission to facilitate equitable and sustainable access to homeownership and quality affordable rental housing across America. I also want to express the Board's deep appreciation to Dave Benson for his invaluable service as Interim CEO since May. We are fortunate to have a leader of Dave's character, skill, and commitment to the company and will benefit from his continued leadership as President, as a critical member of the Management Committee, and a key partner and advisor to the Board of Directors."

Prior to her role as President and CEO of Enterprise Community Partners, Almodovar worked for nearly a decade at JPMorgan Chase and led two of the firm's national real estate businesses; most recently, as Managing Director, Co-Head of Real Estate Banking where she served national and regional real estate developers, investors, owners, and investment funds. Earlier in her career, she was President and CEO at New York State Housing Finance Agency, State of New York Mortgage Agency, and Affordable Housing Corporation. She started her career at White & Case LLP, where she was named an equity partner.

"It's an honor to join Fannie Mae and lead the company as it carries out its vital role in the housing finance market and works to help ensure that equitable, affordable housing is available to people in communities across the country," said Priscilla Almodovar. "I look forward to working with the Board, Management, and my new colleagues at Fannie Mae to continue this important work, which has benefited so many people over the company's more than 80-year history."

Almodovar is a Board member of Realty Income (NYSE: O). She is often featured in the media and has been named to Fortune's "50 Most Powerful Latinas" and Hispanic Business' "100 Most Influential Hispanics." She earned her bachelor's degree from Hofstra University and her Juris Doctor from Columbia University School of Law.

About Fannie Mae
Fannie Mae advances equitable and sustainable access to homeownership and quality, affordable rental housing for millions of people across America. We enable the 30-year fixed-rate mortgage and drive responsible innovation to make homebuying and renting easier, fairer, and more accessible. To learn more, visit: | Twitter | Facebook | LinkedIn | Instagram | YouTube | Blog

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