The renowned U.S. mortgage lending company recently announced that the former CEO of JPMorgan Chase & Co. will take over as the replacement of interim CEO David Benson, who will continue in his role as chairman.

Michael J. Heid, Chairman of Fannie Mae's Board of Directors, stated:

On behalf of the Board of Directors, we are excited to welcome Priscilla Almodóvar as our next CEO.

Almodóvar’s Career 

Almodóvar, who brings more than 30 years of experience in areas such as finance, real estate, and community development across various organizations, has served since 2019 as President and CEO of Enterprise Community Partners, a national organization focused on increasing the supply of affordable housing, promote racial equity, and support residents and communities.

“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,” added Heid.

Previously, Almodóvar worked for nearly 10 years at JPMorgan Chase, where she led two of the company's national real estate businesses and served as CEO and co-director of Real Estate Banking, offering services to real estate developers, investors, owners and national and regional investment funds.

In addition, Almodóvar, who began her career at White & Case LLP, where she was named an equity partner, previously served as president and CEO of the New York State Housing Finance Agency, the New York State Mortgage Agency, and the Affordable Housing Corporation.

“It's an honor to join Fannie Mae and lead the company as it carries out its vital role in the housing finance market and works to help ensure that equitable, affordable housing is available to people in communities across the country. I look forward to working with the Board, Management, and my new colleagues at Fannie Mae to continue this important work, which has benefited so many people over the company's more than 80-year history,” said Almodóvar. 

Almodóvar, who has a BA from Hofstra University and her JD from Columbia University School of Law, is also a Realty Income board member and has been named to Fortune's "50 Most Powerful Latinas" and Hispanic Business' "100 Most Influential Hispanics."

About Fannie Mae

It promotes equitable and sustainable access to quality, affordable homeownership and rental housing for millions of people across the United States. It enabled the 30-year fixed-rate mortgage and are driving responsible innovation to make home buying and renting easier, fairer and more affordable.