Fannie Mae, the largest provider of liquidity to the U.S. housing market, today announced that it has appointed Hugh R. Frater as Chief Executive Officer effective March 26. Frater served as Fannie Mae's Interim CEO since October 16, 2018 and on Fannie Mae's Board since 2016.
Jonathan Plutzik, Chair of Fannie Mae's Board of Directors, said: "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."
Frater has held a number of executive and management roles throughout his career and currently serves as Non-Executive Chairman of the Board of VEREIT. 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.