Fannie Mae has appointed Simon Johnson and Christopher Brummer to its board of directors. Fannie Mae said their vast expertise will complement its board at a time when the company remains focused on the safety and soundness of its business, while providing liquidity to the mortgage market and enabling affordable housing for millions of people across America.
In addition, the board term limit for Robert Herz was extended for three years, allowing him to serve through June 2024.
“We’re pleased to welcome both Simon and Christopher to Fannie Mae’s Board of Directors,” Board Chairwoman Sheila Bair said in a release. “They are proven public policy leaders adding noteworthy financial technology, economic, and regulatory experience to our exceptional board.
“I also want to thank Bob Herz for his continued service on our board and the benefit of his counsel and audit expertise as we collectively guide Fannie Mae in its drive to create a stronger, more stable housing market,” Bair added.
Johnson has served as a professor at the MIT Sloan School of Management since 1997. He is currently the Ronald A. Kurtz Professor of Entrepreneurship and head of the Global Economics and Management Group at the MIT Sloan School of Management. Johnson is also a research associate for the National Bureau of Economic Research, a private nonpartisan organization that facilitates cutting-edge investigation and analysis of major economic issues.
Brummer is the faculty director of the Institute of International Economic Law and Agnes N. Williams Professor of Law at the Georgetown University Law Center, where he began teaching in 2009. Prior to that, he served as an assistant professor of law at Vanderbilt Law School from 2006 to 2009 and as an academic fellow at the Securities and Exchange Commission’s Office of International Affairs from 2008 to 2009.
“Simon and Christopher bring deep economic, regulatory, and business expertise, enhancing our already talented and diverse board and providing unique and valuable insights to Fannie Mae as we continue advancing our mission to sustainably serve homeowners and renters by providing liquidity to the residential mortgage market through all market cycles,” Fannie Mae CEO Hugh Frater said.