CEO Priscilla Almodovar Out at Fannie Mae

The countdown clock for the privatization of Fannie Mae and Freddie Mac ticks along, but one of the enterprises will do so without its current leader..

Priscilla Almodovar, Fannie’s chief executive officer and president, resigned from her post atop the organization this week, Bisnow reported. Her resignation on Wednesday night was part of a broader shakeup.

“This is the right time for me to depart Fannie Mae after three incredible years,” Almodovar told staff in a memo. “Serving as President and CEO of Fannie Mae has been the privilege of a lifetime to carry out the extraordinary mission of this company.”

Almodovar had been in charge of the enterprise since 2022. She previously ran Enterprise Community Partners and worked for JPMorgan Chase, the New York State Housing Finance and the State of New York Mortgage Agency.

Chief Operating Officer Peter Akwaboah will assume the top position in an interim capacity while the board eyes a permanent replacement. Akwaboah arrived last year after stints with Morgan Stanley, the Royal Bank of Scotland, Deutsche Bank, KPMG and IBM.

Additionally, John Roscoe and Brandon Hamara were named co-presidents, effective immediately. Roscoe is the executive vice president, operations and public relations at Fannie Mae, while Hamara was a vice president at Tri Pointe Homes before joining Freddie’s board in March.

The leadership overhaul comes as the Trump administration pursues a plan to sell shares in the two government-backed mortgage giants — under federal conservatorship since their 2008 bailout — at a valuation that could reach $500 billion and raise roughly $30 billion.

The stakes are enormous. Fannie and Freddie underpin nearly half of all U.S. mortgages, so any misstep could ripple through housing markets and consumer borrowing.

The deal would mark a windfall for the federal government, which holds warrants for roughly 80 percent of both firms’ common stock.

Federal Housing Finance Agency director Bill Pulte said the administration wants the enterprises to go public by year’s end.

— Holden Walter-Warner