Fannie Mae, a major source of financing for the apartment industry, named a new CEO that has more than 30 years in real estate, finance and community development.
Priscilla Almodovar replaces Dave Benson, who has served as interim CEO since May. Benson took over for Hugh Frater, who retired May 1 after three years at the helm. Benson returns to his position as president.
Almodovar takes over at time when the housing market faces 30-year fixed mortgage rates rising to 6.7%, the highest level since 2007, the year before the Great Recession. Fannie Mae and its sister government-sponsored enterprise Freddie Mac have been under government conservatorship since the 2008 housing industry collapse required bailouts for both.
Almodovar also will be navigating Fannie Mae through the choppy waters of heightened concerns over housing affordability even as new and existing home sales drop and rent growth remains relatively strong despite slowing.
“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," Michael Heid, Fannie Mae's chairman, said in a statement.
Addressing housing affordability has been one of Almodovar’s specialties. She most recently spent more than three years as CEO of Enterprise Community Partners, a nonprofit group focused on affordable rental housing that has one of the largest community development financial institutions as a subsidiary.
Before that, she had been with JPMorgan for nearly 13 years running community development and real estate banking. For three years, she was CEO of the New York State Housing Finance Agency.
Almodovar also is on the board of San Diego-based Realty Income, a real estate investment trust that focuses on free-standing, single-tenant properties, including industrial and retail real estate.