Fannie Mae recently appointed Hugh R. Frater as CEO. The appointment went into effective March 26. As CEO, Frater will set the overall enterprise vision and strategic direction of the company, Dannie Mae announced in a press release.
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,” Fannie Board of Directors Chair Jonathan Plutzik said in the release. “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,” Plutzik added. “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."
Frater served as interim CEO since Oct. 16, 2018 and on Fannie Mae's board since 2016, while holding a number of executive and management roles throughout his career. Frater currently serves as non-executive chairman of VEREIT, Inc., the release said. 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.
“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,” Frater said. “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.”