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Fannie Mae Names Almodovar Its New CEO

David Krechevsky
Sep 29, 2022
Fannie Mae has announced that it will issue a request for proposals to hire an underwriting financial advisor who will assist in developing and implementing a plan for recapitalizing and ending its conservatorship

Financial services veteran brings more than 30 years experience and a strong commitment to affordable housing.

Fannie Mae late Thursday announced it has chosen an affordable housing advocate as its new chief executive officer. 

Priscilla Almodovar was named CEO and a member of the government-sponsored agency’s board of directors, effective Dec. 5. Almodovar will succeed David C. Benson, who in addition to his role as president has served as interim CEO and a member of the board since May. After Almodovar's arrival, Benson will continue in his role as president.

Priscilla Almodovar
Priscilla Almodovar

Almodovar brings more than 30 years of experience in finance, real estate, and community development across a number of institutions and organizations, Fannie Mae said in a news release. Since 2019, she has served as president and CEO of Enterprise Community Partners, a national organization focused on increasing the supply of affordable housing, advancing racial equity, and supporting residents and communities.

“On behalf of the board of directors, we are excited to welcome Priscilla Almodovar as our next CEO,” said Michael J. Heid, chairman of Fannie Mae’s board of directors. “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.”

Heid continued, “I also want to express the board’s deep appreciation to Dave Benson for his invaluable service as Interim CEO since May. We are fortunate to have a leader of Dave’s character, skill, and commitment to the company, and will benefit from his continued leadership as president, as a critical member of the Management Committee, and a key partner and advisor to the board of directors.”

Before her role as president & CEO of Enterprise Community Partners, Almodovar worked for nearly a decade at JPMorgan Chase and led two of the firm’s national real estate businesses; most recently, as managing director, co-head of Real Estate Banking, where she served national and regional real estate developers, investors, owners, and investment funds. 

Earlier in her career, she was president & CEO at New York State Housing Finance Agency, State of New York Mortgage Agency, and Affordable Housing Corp. She started her career at White & Case LLP, where she was named an equity partner.

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