Fannie Mae Names Hugh Frater Interim CEO; Tim Mayopoulos to Leave Oct. 15

Fannie Mae, Washington, D.C., appointed Hugh R. Frater as Interim CEO, effective October 16, subject to final Federal Housing Finance Agency approval. He will succeed Timothy J. Mayopoulos, who announced his intention to depart in July and will leave the company on October 15.

“Hugh has a deep understanding of the housing and the financial services industries, and his experience on our Board makes him an ideal choice to lead Fannie Mae as the Interim CEO,” said Egbert L.J. Perry, Chairman of Fannie Mae’s Board of Directors.

Mayopoulos had served as CEO since June 2012. “Under Tim’s leadership, Fannie Mae helped stabilize the housing market, while strengthening the company’s business model, returning it to profitability, and positioning it well for the future,” Perry said. “Our Board of Directors is deeply grateful for Tim’s years of dedication and stewardship and his commitment to helping to make housing finance safer and better.”

Frater has served on Fannie Mae’s Board since 2016. He has held a number of executive and management roles throughout his career. Frater currently serves as Non-Executive Chairman of the Board of VEREIT Inc. and as a director of ABR Reinsurance Capital Holdings Ltd. He previously led Berkadia Commercial Mortgage LLC, a national commercial real estate company.

Frater served as Chairman of Berkadia from April 2014 to December 2015 and served as CEO of Berkadia from 2010 to April 2014. Earlier in his career, Frater served as Executive Vice President with PNC Financial Services, where he led the real estate division. Previously he was a Founding Partner and Managing Director of BlackRock Inc.