Fannie Mae (OTC Bulletin Board: FNMA), the largest provider of liquidity to the U.S. housing market, today announced that it has appointed Hugh R. Frater as Interim Chief Executive Officer. Frater’s appointment will be effective on October 16, 2018, subject to final FHFA approval. He will succeed Timothy J. Mayopoulos, who announced his intention to depart in July 2018 and will leave the company on October 15, 2018.
“On behalf of the Board of Directors, we are excited to have an executive with such broad experience and impressive track record as our new Interim CEO,” said Egbert L.J. Perry, Chairman of Fannie Mae’s Board of Directors. “Hugh has a deep understanding of the housing and the financial services industries, and his experience on our Board makes him an ideal choice to lead Fannie Mae as the Interim CEO.”
Perry continued, “Under Tim’s Leadership, Fannie Mae helped stabilize the housing market, while strengthening the company’s business model, returning it to profitability, and positioning it well for the future. Tim has delivered for America’s housing market and for taxpayers. Our Board of Directors is deeply grateful for Tim’s years of dedication and stewardship, and his commitment to helping to make housing finance safer and better. We will miss his remarkable presence at the helm of the company, and wish him the very best as he enters the next phase of his professional career.”
“I am confident that Hugh will be an excellent complement to the strong management team at Fannie Mae,” said outgoing Fannie Mae CEO Timothy J. Mayopoulos. “Hugh will serve as a terrific leader who will maintain our momentum and move the company forward as it addresses the needs of both today’s and tomorrow’s homebuyers and renters, while strengthening the housing finance system.”
“I have great respect for Fannie Mae and the significant role it plays in our housing system,” said Hugh R. Frater, incoming Interim CEO. “I am humbled and excited to serve at an institution that has made tremendous strides in supporting its customers and making housing more affordable for millions of Americans while reducing risk to taxpayers. I look forward to working alongside the leadership team as we continue to look for new ways to serve our customers, implement our strategy and strengthen the company.”
Frater has served 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. and as a director of ABR Reinsurance Capital Holdings Ltd. He previously led Berkadia Commercial Mortgage LLC (“Berkadia”), 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.
Read Hugh Frater’s full bio here.
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