Fannie Mae Names Hugh Frater Interim CEO

(RTTNews) - Fannie Mae (FNMA.OB), Monday said it has appointed Hugh Frater as Interim Chief Executive Officer, effective October 16, 2018.

Frater will succeed Timothy Mayopoulos, who announced his intention to depart in July 2018 and will leave the company on October 15, 2018.

"On behalf of the Board of Directors, we are excited to have an executive with such broad experience and impressive track record as our new Interim CEO," said Egbert Perry, Chairman of Fannie Mae's Board of Directors. "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."

"I have great respect for Fannie Mae and the significant role it plays in our housing system," said Hugh Frater, incoming Interim CEO. "I am humbled and excited to serve at an institution that has made tremendous strides in supporting its customers and making housing more affordable for millions of Americans while reducing risk to taxpayers."

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.