Fannie Mae recently announced that CEO Timothy Mayopoulos will conclude his tenure as the company’s top executive Oct. 15. Hugh Frater, a Fannie Mae board member since 2016, will take over for Mayopoulos on an interim basis the following day, subject to final approval from the Federal Housing Finance Agency.
Mayopoulos announced his plans to step down July 23 and has said he plans to work with the board of directors and his successor to help ensure a smooth transition.
Read on to learn more details about Frater and what Fannie Mae officials have to say about his appointment to take over for Mayopoulos.