Fannie Mae appoints affordable housing leader Almodovar as CEO
Fannie Mae appoints affordable housing leader Almodovar as CEO
Abstract
Government-sponsored enterprise Fannie Mae has tapped affordable housing veteran Priscilla Almodovar as its new CEO. With a professional background that includes experience in both real estate and community development, Almodovar will begin her tenure on Dec. 5, and also join the Fannie Mae board. David Benson, the GSE's president, has also been serving as interim CEO in the ensuing five months, as well as a member of the Fannie Mae board. "Priscilla's vast experience in large, complex businesses and her commitment to affordable housing makes her an ideal choice to further Fannie Mae's mission to facilitate equitable and sustainable access to homeownership and quality affordable rental housing across America," said Michael J. Heid, chairman of Fannie Mae's board of directors. Over the past year, Fannie Mae has been aiming to address equitable housing concerns, and recently has been at the forefront of efforts to introduce rental history in underwriting. "It's an honor to join Fannie Mae and lead the company as it carries out its vital role in the housing finance market and works to help ensure that equitable, affordable housing is available to people in communities across the country," Almodovar said. Fannie Mae reported earnings of $4.65 billion in the second quarter this year. Along with fellow government-sponsored enterprise Freddie Mac, Fannie Mae has been under government conservatorship since September 2008..