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Fannie appoints interim CEO

Fannie Mae has appointed former Berkadia executive Hugh R. Frater as its interim chief executive officer.

Fannie’s CEO Tim Mayopoulos will exit the job on Oct. 15, and Frater will assume the interim position the next day pending final approval from the Federal Housing Finance Agency, Fannie said in a release.

Frater joined Fannie Mae’s board in January 2016. He previously served as chairman and CEO at Berkadia Commercial Mortgage, and held several other executive and management positions.

“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, Fannie’s chairman.

Perry also praised Mayopoulos, who has led the government-sponsored enterprise since 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.


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