Three directors elected to Fannie Mae’s board include the former head of Wells Fargo & Co.’s mortgage lending operation.
The Washington-based secondary lender announced that its board of directors elected three new directors
to join its board.
The company’s three new directors are reportedly “recognized industry leaders with deep and diverse housing finance expertise.”
Fannie Mae Chairman Egbert L.J. Perry said in the statement, “These three leaders bring to the board a combination of deep experience and knowledge about the mortgage business, stature and influence in the housing finance industry, and immense respect in affordable housing circles.”
One of the board recruits, Michael J. Heid, recently retired as president of Wells Fargo Home Mortgage, the largest single-family loan originator in the country. He worked for Wells Fargo for 28 years.
Another of the trio, Hugh R. Frater,
previously served as chairman and chief executive officer of Berkadia Commercial Mortgage, one of the largest multifamily lenders, the statement said.
The third new director is
Renee L. Glover, founder and managing member of The Catalyst Group LLC. Her consulting firm targets urban revitalization, real estate development and community building, urban policy and business transformation.
Glover “has served on the board of directors for Habitat for Humanity International, as a member of the board of directors of the Federal Reserve Bank of Atlanta and as a commissioner of the Bipartisan Policy Center Housing Commission,” the statement said.
Fannie Mae President and CEO
Timothy J. Mayopoulos added, “Mike, Renee, and Hugh are terrific additions to the board at a time of important change to the company and housing finance.”
