Fannie Mae names permanent CEO

Fannie Mae has announced the appointment of former interim chief executive officer Hugh Frater as its CEO.

After serving as Fannie Mae’s interim CEO for six months, Frater will continue leading Fannie Mae towards its overall vision and strategic direction. The GSE said in a statement that Frater will also retain seat on its board, which he’s been part of since 2016.

Frater held various executive and management roles throughout his 48 years in the mortgage industry. He currently serves as non-executive chairman of the board of real estate investment company VEREIT.

Before VEREIT, he was the chairman and CEO of commercial real estate company Berkadia Commercial Mortgage, where he was responsible for regulatory, trade association and senior client relations, as well as strategy development and execution for the company’s commercial mortgage banker, sale adviser, and loan servicer.

"Following a six-month nationwide search of qualified candidates, I am pleased to announce Hugh R. Frater as Fannie Mae CEO," said Jonathan Plutzik, chair of Fannie Mae's board of directors. “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. 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."