Fannie Mae Taps Hugh Frater as Permanent CEO
The former Berkadia CEO has been the GSE’s interim CEO since October 2018 and on its Board since 2016.
WASHINGTON, DC—Fannie Mae has named Hugh R. Frater as CEO. Frater has served as the GSE’s interim CEO since October 2018 and has been on its Board since 2016. Fannie undertook a six-month nationwide search to fill the position.
“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 in a prepared statement.
Other executive roles Frater has had includes non-executive chairman of the Board of VEREIT, which he still holds. He previously led Berkadia Commercial Mortgage serving as both Chairman and CEO at various times. Frater was also an EVP at PNC Financial Services and was a founding partner and managing director of BlackRock.
Fannie Mae’s counterpart, Freddie Mac, has also recently named its new CEO—David Brickman, who also served as interim CEO for a time before he was selected to be the permanent head.
Both executives are taking charge of the respective GSEs as expectation grow that their conservatorship will end and the GSEs likely privatized.