Fannie Mae Names New CEO

Patricia Almodavar, Fannie Mae’s new CEO

Fannie Mae announced yesterday that Priscilla Almodovar has been appointed as its new CEO. Almodovar is currently the CEO of Enterprise Community Partners Inc., a nonprofit organization and a major developer of affordable housing. After joining Fannie Mae, Almodovar will be the first female CEO in the company’s history.

Simultaneously, Enterprise’s Board announced it has elevated Lori Chatman, president of Enterprise’s Capital Division, and COO Drew Warshaw as interim co-CEOs as the organization commences a nationwide search for its next leader.

Almodovar has more than 30 years of experience in real estate finance, investment and development across a diverse array of organizations. She became CEO of Enterprise in 2019 and led the formation of Enterprise’s Equitable Path Forward, a $3.5 billion affordable housing plan. Almodovar also led Enterprise into a partnership with Morgan Stanley for the formation of the $25 million Disaster Recovery Accelerator Fund, which expedites aid to underserved communities after natural disasters.

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Prior to joining Enterprise, Almodovar worked at JPMorgan Chase  as managing director and co-head of Real Estate Banking. Prior to her tenure at Chase, Almodovar had served as president and CEO of the New York State Housing Finance Agency, the State of New York Mortgage Agency and Affordable Housing Corporation.

Since 2021, Almodovar has served on U.S. Energy Secretary Jennifer Granholm’s advisory board, working on solutions for underserved communities. Almodovar is also a board member of Realty Income. She has repeatedly been ranked on The Fortune list of the 50 most powerful Latinas, in addition to Hispanic Businesses’ list of the 100 most powerful Hispanics.