Fannie Mae has named Hugh R. Frater as its interim CEO, effective on Oct. 16. He will succeed Timothy J. Mayopoulos, who will step down as CEO on Oct. 15.
Frater has served on Fannie Mae’
s board of directors since 2016. He has previously CEO of Berkadia Commercial Mortgage LLC from 2010 to 2014 and chairman of Berkadia from April 2014 to December 2016. He also serves as non-executive chairman of the board of VEREIT Inc. and as a director of ABR Reinsurance Capital Holdings Ltd.
“I have great respect for Fannie Mae and the significant role it plays in our housing system,” said Frater. “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. I look forward to working alongside the leadership team as we continue to look for new ways to serve our customers, implement our strategy and strengthen the company.”