October 8, 2018 / 8:43 PM / 2 months ago

MOVES-Fannie Mae names Hugh Frater as interim CEO

Oct 8 (Reuters) - Fannie Mae named Hugh Frater as its interim chief executive officer to succeed Timothy Mayopoulos, who plans to leave the U.S. mortgage finance agency on Oct. 15, the company said on Monday.

Frater has served on Fannie’s board of directors since 2016. He currently serves as the non-executive chairman at VEREIT, Inc. and as a director of ABR Reinsurance Capital Holdings Ltd, Fannie said.

He served as chairman at Berkadia, a commercial real estate company, from April 2014 to December 2015 and held the role of CEO at Berkadia from 2010 to April 2014.

Frater is a former managing director at BlackRock, Inc. , joining the firm in 1988, the year it was founded and leaving it in 2004. In the wake of the 2007-2009 global financial crisis, the company consulted the Federal Housing Finance Agency on Fannie Mae and Freddie Mac.

In September 2008, the government took control of Fannie and Freddie in a $187 billion bailout after they were exposed to soured subprime mortgages during the global credit crisis. The two agencies hand over their profits to the U.S. Treasury under the terms of the conservatorship.

Frater's appointment as CEO will be effective on Oct. 16 and is subject to final approval from FHFA. (Reporting by Richard Leong and Trevor Hunnicutt Editing by Alistair Bell)

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