“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,” Chairman Jonathan Plutzik said in a press release announcing the appointment.
Frater said the leadership team would continue to focus on Fannie Mae’s strategic priorities to “transform the mortgage experience for our customers and partners.”
“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,” he said.
Frater previously led Berkadia Commercial Mortgage LLC, a Berkshire Hathaway and Jefferies Financial Group company based in New York City. He served Berkadia’s CEO from 2010 to April 2014, and as its chairman from April 2014 to December 2015. Earlier in his career, Frater was an executive vice president at PNC Financial Services based in Pittsburgh, where he led the real estate division, and was a founding partner and managing director of BlackRock Inc. based in New York City.
Mark A. Calabria, director of the Federal Housing Finance Agency which has served as regulator and conservator of Fannie Mae and Freddie Mac since 2008, recently called upon Congress to end the government-sponsored enterprise (GSE) conservatorships “in the near future,” while finding a way to “transition to a reformed housing finance system.”
“I encourage Congress to pursue legislation to move our country toward a more sustainable housing finance system,” Calabria wrote in a June 11 letter accompanying his first annual report to Congress. “These reforms should reduce the risk to the taxpayer, promote private sector competition and support sustainable homeownership.”
Hugh Frater is No. 21 on Chief Executive and RHR International’s CEO1000 Tracker, a ranking of the top 1,000 public/private companies
Headquarters: Washington D.C.
Education:B.A. Dartmouth College, M.B.A. from Columbia University Graduate School of Business
First joined company: 2018
Prior to joining Fannie Mae: Berkadia Commercial Mortgage
Named CEO: 2018