WASHINGTON, March 28 (Xinhua) -- Federal National Mortgage Association, commonly known as Fannie Mae, announced on Wednesday that it appointed Hugh R. Frater as its new Chief Executive Officer (CEO).
"Hugh's deep understanding of the housing and the financial services industries, broad experience, and strong leadership skills make him an ideal choice to lead Fannie Mae," said Jonathan Plutzik, chair of Fannie Mae's Board of Directors.
Frater, a veteran in financial business, said he's honored to lead Fannie Mae and do his part in the company's contributions to the housing finance system.
"The Fannie Mae of today is customer focused, innovative, and committed to leading a housing finance system that is safe, sound, and sustainable for taxpayers and creditworthy borrowers of all income levels," said Frater.
Previously, Frater served as Interim CEO of Fannie Mae and held the role since October 2018. He became a member of Fannie Mae's Board in 2016.
"I look forward to continuing to work with this outstanding leadership team to deliver on Fannie Mae's strategic priorities and transform the mortgage experience for our customers and partners," Frater added.
Fannie Mae is a government-sponsored enterprise in the United States.
The company's primary purpose is to securitize mortgage loans in the form of mortgage-backed securities in order to increase liquidity in the U.S. housing market.
The company ranked number 21 on the Fortune 500 list of the largest U.S. companies in 2018.
"Hugh's deep understanding of the housing and the financial services industries, broad experience, and strong leadership skills make him an ideal choice to lead Fannie Mae," said Jonathan Plutzik, chair of Fannie Mae's Board of Directors.
Frater, a veteran in financial business, said he's honored to lead Fannie Mae and do his part in the company's contributions to the housing finance system.
"The Fannie Mae of today is customer focused, innovative, and committed to leading a housing finance system that is safe, sound, and sustainable for taxpayers and creditworthy borrowers of all income levels," said Frater.
Previously, Frater served as Interim CEO of Fannie Mae and held the role since October 2018. He became a member of Fannie Mae's Board in 2016.
"I look forward to continuing to work with this outstanding leadership team to deliver on Fannie Mae's strategic priorities and transform the mortgage experience for our customers and partners," Frater added.
Fannie Mae is a government-sponsored enterprise in the United States.
The company's primary purpose is to securitize mortgage loans in the form of mortgage-backed securities in order to increase liquidity in the U.S. housing market.
The company ranked number 21 on the Fortune 500 list of the largest U.S. companies in 2018.
Latest comments