Fannie Mae recently announced that commercial mortgage executive Hugh Frater has officially been appointed to the position of chief executive officer.
As Fannie’s new CEO, Frater will be responsible for the overall vision and strategic direction of the company. He will also remain on its board of directors.
“Following a six-month nationwide search of qualified candidates, I am pleased to announce Hugh R. Frater as Fannie Mae CEO. 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,” said Jonathan Plutzik, chair of the company's board of directors.
“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," Plutzik added.
Frater is a mortgage industry veteran and has held several executive and management roles throughout his career, including leading Berkadia Commercial Mortgage as the company’s CEO. Furthermore, Frater currently serves as non-executive chairman of the board of VEREIT, a real estate investment trust company.
Frater said he is honored to lead Fannie Mae and play a part in its important contributions to the housing finance system.
“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,” Frater said. “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.”