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Fannie Mae (Federal National Mortgage Association, FNMA) is a government-sponsored, stockholder-owned corporation that operates in the U.S. housing finance system. The company provides liquidity, stability, and access to mortgage credit by working in the secondary mortgage market. Fannie Mae acquires residential mortgage loans from lenders, packages them into mortgage-backed securities (MBS), and guarantees payments to investors, earning revenue primarily through guaranty fees and net interest income.
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Single-Family - Operates in the secondary mortgage market for loans secured by properties with four or fewer residential units. Generates revenue through guaranty fees for assuming credit risk and net interest income from its retained mortgage portfolio and corporate liquidity portfolio.
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Multifamily - Operates in the secondary mortgage market for loans secured by properties with five or more residential units. Earns revenue from guaranty fees for assuming credit risk and net interest income from its retained mortgage portfolio and corporate liquidity portfolio.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Anthony Moon Executive | Executive Vice President and Chief Risk Officer | Board Member for the Cortland College Foundation | Joined Fannie Mae in 2022 as CRO. Previously served as CRO for Morgan Stanley's Wealth Management Division and held risk leadership roles at GE Capital and Bank of Tokyo-Mitsubishi. | |
Chryssa C. Halley Executive | Executive Vice President and Chief Financial Officer | None | Joined Fannie Mae in 2006 and became CFO in November 2021. She has held various leadership roles in financial management, corporate strategy, and risk management. | |
Danielle M. McCoy Executive | Senior Vice President, General Counsel, and Corporate Secretary | None | Joined Fannie Mae in 2006. Became General Counsel in January 2024. Previously served as Deputy General Counsel for Fair Lending and Corporate Governance. | |
Michele M. Evans Executive | Executive Vice President—Multifamily | None | Joined Fannie Mae in 1992. Became EVP—Multifamily in August 2020. Announced plans to retire in March 2025. | |
Peter Akwaboah Executive | Executive Vice President and Chief Operating Officer | Board Member at Foundation of Orthopedics and Complex Spine; Museum of American Finance | Joined Fannie Mae in May 2024 as COO. Previously held leadership roles at Morgan Stanley, Royal Bank of Scotland, and Deutsche Bank. | |
Priscilla Almodovar Executive | President and Chief Executive Officer | Board Member at Realty Income Corporation | Priscilla Almodovar became CEO of Fannie Mae in December 2022. She previously served as CEO of Enterprise Community Partners and held leadership roles at JPMorgan Chase and the New York State Housing Finance Agency. | View Report → |
Stergios Theologides Executive | Executive Vice President and Chief Administrative Officer | None | Joined Fannie Mae in 2019. Previously served as EVP, General Counsel, and Corporate Secretary before transitioning to CAO in January 2024. | |
Amy E. Alving Board | Board Member | Board Member at Howmet Aerospace Inc.; Member of the Department of the Air Force Scientific Advisory Board | Appointed to Fannie Mae's Board in October 2013. Brings expertise in technology, cybersecurity, and governance. | |
Christopher J. Brummer Board | Board Member | Faculty Director at Georgetown University Law Center; Nonresident Senior Fellow at Atlantic Council; Advisor to PayPal, Paradigm Operations LP, and Digital Dollar Project | Appointed to Fannie Mae's Board in February 2021. Expert in financial technology, regulatory finance, and global economic issues. | |
Scott D. Stowell Board | Board Member | Founder, CEO, and President of Capital Thirteen LLC; Board Member at Toll Brothers, Inc.; Board Member at Pacific Mutual Holding Company; Board Member at HomeAid America | Appointed to Fannie Mae's Board in November 2024. Has nearly 40 years of experience in the homebuilding industry, including leadership roles at Standard Pacific Homes and CalAtlantic Group. |
- The provision for credit losses in the multifamily segment increased due to ARM loans that were written down and an investigation into lending transactions with suspected fraud. Can you provide more details on these ARM loans and the nature of the suspected fraud impacting the portfolio?
- With expectations of slower economic growth and the anticipated increase in the single-family serious delinquency rate due to Hurricanes Helene and Milton, how is Fannie Mae adjusting its risk management strategies to mitigate potential credit losses in the near term?
- Given that housing affordability remains a significant challenge, with only 19% of surveyed individuals believing it's a good time to buy a home, what specific initiatives is Fannie Mae implementing to address affordability issues and stimulate existing home sales?
- In light of the projected decline in multifamily market origination volumes and the expectation of rent growth remaining below historical averages, how does Fannie Mae plan to manage its multifamily portfolio to maintain profitability and support affordable housing?
- The net income decreased to $4 billion this quarter from $4.5 billion in the previous quarter, partially due to smaller fair value gains. Can you elaborate on the factors that led to the decline in fair value gains and what measures are being taken to address this in future quarters?
Recent press releases and 8-K filings for FNMA.
- Fannie Mae has initiated a fixed-price cash tender offer to purchase all eligible CAS Notes, with the offer documents dated May 22, 2025.
- The offer, which includes detailed pricing and purchase terms for the various CAS Notes, will expire at 5:00 p.m. New York City time on May 29, 2025.
- BofA Securities and Wells Fargo Securities have been designated as the lead dealer managers for executing the tender offer.
- Fannie Mae posted solid Q1 2025 performance with $7.1 billion in net revenue and $3.7 billion in net income, marking its twenty-ninth consecutive quarter of positive earnings .
- Boosted its balance sheet with a net worth of approximately $98 billion, reflecting nearly 20% year-over-year growth .
- Delivered $76 billion in liquidity to support the U.S. mortgage market, benefiting about 287,000 households in home purchases, refinancing, and affordable multifamily rentals .
- Reported a 36.1% efficiency ratio in Q1 2025—up from 30.9% in Q1 2024—attributed to lower fair value gains and higher non-interest expenses .
- Provided guidance with expectations of mortgage rates averaging 6.5% in 2025 and forecasted modest improvements in home sales and price growth .
- Announcement details included scheduling a conference call and directing audiences to the company’s website for further information .
- Eight directors were removed from the Board by the U.S. Federal Housing Finance Agency, effective March 17, 2025, while five directors continue to serve.
- Four new directors were appointed, including William J. Pulte as Chairman, with compensation arrangements referenced from the annual report for the year ended December 31, 2024, and pending committee assignments.