Fannie Mae

Office address: Midtown Center, 1100 15th Street NW, Washington, DC 20005
Year established: 1938 
Company type: financial services 
Employees: 8,100+ 
Expertise: mortgage, processing, securitization, financial services 
Parent company: N/A 
CEO and key people: Priscilla Almodovar (CEO), David Benson (President), Sharifa Anderson (SVP & chief D&I officer), Bradley Bolivar (SVP & CIO), Malloy Evans (EVP & Head of Single-Family), Michele Evans (EVP & Head of Multifamily), Chryssa Halley (EVP & CFO)
Financing status: government-sponsored enterprise 

Fannie Mae is a mortgage financing company that is backed by the US government to expand and ensure people’s access to affordable housing. Instead of directly lending to borrowers, the company purchases loans from lenders and banks, freeing up capital for more affordable mortgages. With total assets amounting to $4.325 trillion, it grew to have over 8,100 employees and 9 operating locations.  

History of Fannie Mae 

The Federal National Mortgage Association, or Fannie Mae, was founded in 1938. Its creation during the Great Depression, as part of a New Deal program, was aimed at revitalizing the housing market. It was established as a government agency to ensure a steady flow of funding to the housing sector. 

Over the decades, Fannie Mae has been one of the top mortgage firms to lead the financing industry. It popularized the 30-year, fixed-rate mortgage, which has become a standard in providing predictable and manageable housing payments for American homeowners. 

Fannie Mae was left on the verge of bankruptcy during the 2008 housing crash, so it was put into government conservatorship. The company was granted substantial bailouts, which have been fully repaid; however, it continues to operate under conservatorship. Currently, Fannie Mae is tasked with supporting the US housing finance system by making residential mortgages more accessible to the general population. 

Products and Services of Fannie Mae 

Fannie Mae has a variety of offerings that are tailored to make housing affordable and serve different client needs. Key offerings include: 

  • HomeReady® Mortgage: offers down payments as low as 3% and is designed for creditworthy, low-income borrowers 

  • HomeStyle® Renovation: allows borrowers to finance both the purchase and renovation costs of a home under one loan 

  • HomeStyle® Energy: provides financing for energy efficiency improvements to reduce utility bills and improve the comfort and safety of homes 

  • 97% loan-to-value options (LTV): supports qualified first-time homebuyers with financing options 

  • HFA Preferred™: combines HomeReady features with local Housing Finance Agency (HFA) flexibilities 

  • manufactured housing and Native American lending: offers specialized financing for affordable alternatives to site-built homes and increases financing opportunities for Native American communities 

  • down payment assistance and shared equity programs: aids borrowers in overcoming barriers to homeownership 

  • RefiNow™: a refinancing option with expanded eligibility to assist current Fannie Mae borrowers 

Culture at Fannie Mae 

Fannie Mae is committed to environmental, social, and governance (ESG) principles, actively participating in sustainability initiatives and community engagement programs. Its business strategies integrate these principles by expanding their Green Bond Business, developing a Social Bond Framework, and more. 

Fannie Mae also supports diversity and inclusion in the work environment as evidenced by its workforce composition: 58% are racial or ethnic minorities and 44% are women.  

Fannie Mae also has a culture which supports its employees as they offer benefits like flexible work arrangements, competitive salaries, company perks, and more. These benefits focus on five important aspects in their workers’ lives: 

  • health  

  • finances  

  • career  

  • work-life fit  

  • community 

About Fannie Mae CEO Priscilla Almodovar and Key People 

Priscilla Almodovar became Fannie Mae's first female CEO in 2022, bringing extensive experience in the housing finance sector. Prior to this, she held leadership roles in companies like Enterprise Community Partners and JPMorgan Chase. Her educational background includes a BA from Hofstra University and a JD from Columbia University. 

She is supported by a team of executives dedicated to sustaining Fannie Mae’s mission of facilitating access to affordable housing: 

  • David C. Benson, as president, plays a crucial role in the organization's financial and operational strategies 

  • Sharifa Anderson, serving as SVP & chief D&I officer, leads initiatives to foster diversity and inclusion within the organization 

  • Bradley Bolivar is the SVP & CIO of Fannie Mae and oversees the technological advancements that drive Fannie Mae's operations 

  • Malloy Evans serves as the EVP & head of single-family, and directs strategies to support single-family housing finance 

  • Michele M. Evans, as EVP & head of multifamily, manages the multifamily housing finance segment 

  • Chryssa C. Halley, the EVP & CFO, ensures Fannie Mae’s financial health and strategic investment 

The Future at Fannie Mae 

In 2024, Fannie Mae's strategies and partnerships aim for a more resilient and inclusive housing market. The organization's efforts are directed towards maintaining strong single-family construction, enhancing affordable housing through increased LIHTC cap investments, and addressing housing inequalities. These initiatives, with projections of a recovering housing market with lower mortgage rates, show Fannie Mae's commitment to promoting access to affordable housing. 

Fannie Mae's mission and strategic leadership position places the company as a vital contributor to the accessibility of affordable housing in the United States. Its future endeavors will continue to focus on supporting homeownership for Americans. 

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