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On April 8, Fannie Mae announced that Board Chair Sheila Bair and CEO Hugh R. Frater are stepping down, effective May 1, 2022. The Board unanimously elected Michael J. Heid to succeed Bair as Chair and appointed David C. Benson, the company’s current president, as interim CEO and Board member subject to final FHFA approval—the board plans to conduct a national search for a permanent CEO.
NMHC’s Take: Fannie Mae and Freddie Mac have struggled to retain high level leaders as well as other key staff across all business lines including multifamily. NMHC members and staff discussed this issue at our quarterly meeting with FHFA following the announcement because this is a key issue for our industry.
