CREF Track Session 7: Fireside Chat with Hugh Frater, Former CEO of Fannie Mae
Fannie Mae and Freddie Mac (the GSEs) are the largest source of mortgage credit for the multifamily rental market — and have been in conservatorship for nearly 17 years. FHFA acts not only as their regulator but also as their conservator, now with the FHFA Director also serving as the Chair of each GSE Board. Treasury is the largest stockholder in each Enterprise. Each new Administration has brought its own policies, priorities, and personnel to FHFA, which in turn leads to shifts in focus for Fannie Mae and Freddie Mac. The Trump Administration is no different and has also brought unprecedented attention to the task of removing the GSEs from conservatorship. Join MBA President and CEO Bob Broeksmit and Former Fannie Mae CEO Hugh Frater for a fireside chat about Fannie Mae, Freddie Mac, their multifamily lending programs, and what the future holds.
Speakers
Introductions
With over two decades of experience in commercial real estate investments and finance, DJ brings deep industry expertise and long-standing relationships to the leadership team of BWE. As CEO and President, DJ is responsible for executing corporate strategies and goals and leads new company-wide initiatives, including mergers, acquisitions, and lift-out activities, while helping drive production across the firm. He began his commercial real estate career at Nationwide in Columbus, Ohio, underwriting and originating first mortgage loans on all property types for the general account. DJ then joined Rockbridge Capital, a leading private equity firm focused on providing subordinate debt and equity to the hospitality industry, where he served as a Vice President of both the Investments Group and Capital Markets Group. DJ joined BWE in 2011, and quickly established himself as a top producer, team builder, and leader in the firm. DJ has been a partner in BWE since 2014, was named President of BWE in January 2021, and was named CEO in July 2023. DJ resides in Columbus, Ohio with his wife, Sarah, and their three young children.
Moderator
Robert (Bob) Broeksmit is President and CEO of the Mortgage Bankers Association (MBA). Bob is a senior finance executive and corporate officer with a 35-year career in the mortgage sector. He has directed all aspects of lending activities, including marketing, sales, operations, secondary marketing, loan servicing, and default management. He has also served as a mortgage underwriting expert testifying on many large, high-profile cases. Prior to joining MBA in 2018, Bob served as President and Chief Operating Officer with Treliant, heading the firm’s mortgage litigation support practice and serving diverse financial services clientele including large banks, independent mortgage lenders, community banks, credit unions, and service providers to the mortgage industry. As a Washington-based financial services consultancy, Treliant’s mortgage practice included strategic advisory for executive management and corporate boards; litigation defense, including file reviews, litigation strategy, expert reports, and expert testimony; CFPB examination preparation and implementation of mortgage regulations promulgated by the CFPB and other regulators; and operational aspects of mortgage banking, ranging from origination to servicing and loss mitigation. Before Treliant, Bob held senior leadership positions in the mortgage business, including fourteen years with Chevy Chase Bank (including after its purchase by Capital One), where he was Executive Vice President and President of its B.F. Saul Mortgage Company subsidiary. Bob also was a Vice President at Prudential Home Mortgage for seven years. He has overseen annual originations of $9 billion, a balance sheet of $10 billion in residential mortgages, and a servicing portfolio of $20 billion. He also held positions at Great Western Mortgage, Krupp Residential Mortgage, and The Money Store. Bob has served as the Chairman of the Mortgage Bankers Association’s Residential Board of Governors and as a member of its Board of Directors. Firms under his leadership have garnered multiple awards for servicing operations excellence, including Freddie Mac’s Tier One and Hall of Fame designations. He is a Certified Mortgage Banker (CMB) and a graduate of Yale University.
Speakers
Hugh Frater joined Vessel Technologies, Inc. in 2021, and currently serves as the company’s Chairman. Vessel Technologies is a vertically integrated manufacturer and developer of prefabricated multifamily building systems. Prior to joining Vessel, Frater was a Founding Partner of BlackRock, Inc. the world’s largest investment management firm and later served as the CEO and Chairman of Berkadia, one of the nation’s leading commercial real estate services firms and then as board member and CEO of Fannie Mae, the largest lender to the single family residential and multifamily markets in the US and one of the world’s largest financial institutions. Prior to founding BlackRock, Frater was a Vice President at Lehman Brothers in the Financial and Savings Institutions Group and prior to that was Director of Programming for the Learning Channel, an educational cable television network. He earned an MBA from The Columbia University Graduate School of Business in 1985 with a degree in Finance, and graduated from Dartmouth College, AB.
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