Fannie Mae names Akwaboah acting CEO, replacing Almodovar

Fannie Mae Chief Operating Officer Peter Akwaboah has added the acting CEO title following the departure of Priscilla Almodovar, the company announced late Wednesday afternoon.

Akwaboah, a former Morgan Stanley executive, came on board at Fannie in February 2024.

In addition, John Roscoe and Brandon Hamara have been named as co-presidents of the government-sponsored enterprise. 

“Peter’s deep operating background, as the former Morgan Stanley COO of global technology, makes him the perfect fit for the acting CEO position while the board conducts its search for a permanent CEO,” said William Pulte, who is the chairman of Fannie Mae in addition to his role as head of its regulator U.S. Federal Housing, in a press release.

“With the addition of Peter as acting CEO and John Roscoe and Brandon Hamara as co-presidents, we now have a deep bench of three experienced leaders at the very top of Fannie Mae,” Pulte continued. “This means a safer, sounder Fannie Mae, all while growing our great Fortune 25 Company,”

Almodovar joined Fannie Mae in September 2022 as CEO, replacing Hugh Frater, who had retired in May of that year. She also held the president’s title, a role she took on in 2024 following the retirement of David Benson.

“We appreciate Priscilla Almodovar for her years of service to Fannie Mae, and we wish her great success in her next endeavor,” Pulte said in the press release. The release did not specify why she is leaving the company.

Almodovar, who came to the job with a background in affordable housing and community development, said leading Fannie Mae had been “the privilege of a lifetime.

“Together, we have made Fannie Mae stronger than ever,” Almodovar continued. “I will be eternally grateful to the entire Fannie Mae family, our many partners and Director Pulte for the opportunity to lead this incredible organization that helps millions of American homeowners and renters access their American Dream.”

Roscoe, in the first Trump administration, had been chief of staff at what had been known as the Federal Housing Finance Agency.

Hamara, who had been vice president of land acquisition at Tri Point Homes, was supposed to start in November as Fannie Mae’s senior vice president and head of operations for single-family and multifamily, a Securities and Exchange Commission filing dated Oct. 6 said.

Hamara was also named to Fannie Mae’s board starting on Oct. 7. He had been one of Pulte’s first appointments to a revamped Freddie Mac board. An SEC filing said he resigned from that post on Oct. 6.