Stock

Fannie Mae names former JPMorgan MD Priscilla Almodovar as new CEO

© Reuters. FILE PHOTO: Fannie Mae headquarters is seen in Washington, DC, U.S. on February 21, 2014. REUTERS/Kevin Lamarque/File Photo/File Photo

(Reuters) – U.S. mortgage lender Fannie Mae on Thursday named Priscilla Almodovar, a former managing director at JPMorgan Chase & Co (NYSE:), as its chief executive officer effective Dec. 5.

Almodovar will replace interim CEO David Benson, who took over the top job in May after former chief Hugh Frater retired.

Almodovar is currently the CEO of Enterprise Community Partners, a nonprofit that says it focuses on providing affordable housing through financing and advisory services.

Her decade-long tenure at JPMorgan included five years as co-head of real estate banking.

The rate-sensitive mortgage industry in the United States has been on a cost-cutting drive this year, as demand weakened with interest rates on the most popular U.S. home loan climbing to its highest level since August 2008.

Related Articles