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Fannie Mae names interim CEO

Fannie Mae named Hugh Frater interim CEO.

His appointment will take effect Oct. 16, subject to final Federal Housing Finance Agency approval. He will replace Timothy Mayopoulos, who will leave the company Oct. 15.

Frater has been a director of Fannie Mae since 2016. He serves as VEREIT Inc.'s nonexecutive chairman and as director at ABR Reinsurance Capital Holdings Ltd.