Fannie Mae has appointed Hugh Frater as interim chief executive officer. Frater’s appointment will be effective on Oct. 16. He will succeed Timothy Mayopoulos, who announced his intention to depart in July 2018.
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.
Frater previously led Berkadia Commercial Mortgage LLC. He served as chairman of Berkadia from April 2014 to December 2015 and he served as chief executive officer of Berkadia from 2010 to April 2014.
Earlier in his career, Frater was an executive vice president at PNC Financial Services, where he led the real estate division, and was a founding partner and managing director of BlackRock, Inc.