Fannie Mae has appointed Priscilla Almodovar CEO and a member of its board of directors, effective December 5. She will succeed David C. Benson, who has served as interim CEO and a member of the board of directors since May. After Almodovar’s arrival, Benson will continue in his role as president.
Almodovar brings more than 30 years of experience in finance, real estate and community development across a number of institutions and organizations. Since 2019, she has served as president and CEO of Enterprise Community Partners, a national organization focused on increasing the supply of affordable housing, advancing racial equity, and supporting residents and communities.
“On behalf of the board of directors, we are excited to welcome Priscilla Almodovar as our next CEO,” says Michael J. Heid, chairman of Fannie Mae’s board of directors. “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.”
“I also want to express the board’s deep appreciation to Dave Benson for his invaluable service as interim CEO since May,” adds Heid. “We are fortunate to have a leader of Dave’s character, skill and commitment to the company, and will benefit from his continued leadership as president, as a critical member of the management committee, and a key partner and advisor to the board of directors.”
Prior to her role as president and CEO of Enterprise Community Partners, Almodovar worked for nearly a decade at JPMorgan Chase and led two of the firm’s national real estate businesses; most recently, she served as managing director and co-head of real estate banking where she served national and regional real estate developers, investors, owners and investment funds. Earlier in her career, she was president and CEO at New York State Housing Finance Agency, State of New York Mortgage Agency and Affordable Housing Corporation. She started her career at White & Case LLP, where she was named an equity partner.
“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,” comments Almodovar. “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.”