Fannie Mae Names Three Housing Finance Veterans to Board of Directors

Pete Bakel

202-752-2034

WASHINGTON, DC – Fannie Mae (FNMA/OTC) recently announced that Hugh R. Frater, Renee L. Glover, and Michael J. Heid have been elected to the Board of Directors. These three new Directors are recognized industry leaders with deep and diverse housing finance expertise. The new Directors join other similarly accomplished individuals on a Board of Directors that will help guide Fannie Mae in its drive to be America’s most valued housing partner.

“We are thrilled to add these seasoned executives to the Fannie Mae Board of Directors,” said Egbert L.J. Perry, chairman of the Board. “These three leaders bring to the Board a combination of deep experience and knowledge about the mortgage business, stature and influence in the housing finance industry, and immense respect in affordable housing circles. Fannie Mae will benefit greatly from their keen insights and perspective as the company delivers on its mission to provide safe, affordable mortgage financing.”

“Mike, Renee, and Hugh are terrific additions to the Board at a time of important change to the company and housing finance,” said Timothy J. Mayopoulos, president and chief executive officer. “I very much appreciate having the benefit of their experience and knowledge as we continue to focus on improving the company, serving customers, and strengthening America’s housing finance system.”

Mr. Heid recently retired as president of Wells Fargo Home Mortgage, the largest originator of single-family mortgages in the United States. Mr. Heid spent 28 years at Wells Fargo where he served in a number of executive positions in the mortgage banking division. In addition to serving as president of Wells Fargo Home Mortgage, he was executive vice president of Wells Fargo Home Lending, and co-president, chief financial officer, and head of Loan Servicing. He was chairman of the Lending and Leasing Committee of the Financial Services Roundtable and served on the Board of Directors of the Mortgage Bankers Association.

Mr. Frater previously served as chairman and chief executive officer of Berkadia Commercial Mortgage, one of the nation’s largest multifamily lenders, providing comprehensive capital solutions and services for multifamily and commercial properties. Mr. Frater also served as chief operating officer of Good Energies, Inc., 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., the world’s largest investment manager, where he led the real estate practice. In addition to the Fannie Mae Board, Mr. Frater serves as Non-Executive Chairman of the Board of VEREIT, Inc. and as a director of ABR Reinsurance Capital Holdings, Ltd.

Ms. Glover is the Founder and Managing Member of The Catalyst Group, LLC, a national consulting firm focused on urban revitalization, real estate development and community building, urban policy, and business transformation. Ms. Glover previously served as president and chief executive officer of the Atlanta Housing Authority and its affiliates. She serves as a member of the Enterprise Community Partners Board of Directors, one of the largest nonprofit affordable housing and community development organizations in the country, and has served on the Board of Directors for Habitat for Humanity International, as a member of the Board of Directors of the Federal Reserve Bank of Atlanta, and as a Commissioner of the Bipartisan Policy Center Housing Commission.

Fannie Mae is a $3 trillion financial services institution that owns or guarantees approximately 30 percent of U.S. residential mortgages. Since 2009, Fannie Mae has provided $5 trillion in financing to keep America’s mortgage market up and running, helped keep families in their homes by preventing 1.9 million foreclosures, and helped homeowners save money through 4.4 million Refi Plus refinancings, all while making significant strides in improving the company and the housing finance industry. The company returned to profitability in 2012 and has sent $148 billion in dividends to taxpayers, approximately $32 billion more than it received in support.