Former Fannie chief Frater named to Bipartisan Policy Council board

Former Fannie Mae CEO Hugh Frater has been appointed to the Bipartisan Policy Center board, along with three others, including former Philadelphia Mayor Michael Nutter.

“BPC welcomes four strategic thinkers who understand the importance of bipartisanship and policy innovation,” said BPC Board Chair Henry Cisneros, in a press release. “These new members bring a wealth of experience in development, financial services, disaster recovery, and philanthropy and a deep commitment to working across party lines to craft bipartisan solutions to our nation’s biggest challenges.”

Frater is currently the chair of Vessel Technologies, a manufacturer of panelized multifamily apartment buildings.

In October 2018, he was named interim CEO at Fannie Mae following Tim Mayopoulis’ departure. The following March Frater was elevated to the post on a full-time basis, which he held until May 1, 2022.

But before joining Fannie Mae, Frater was first CEO and later chairman of Berkadia Commercial Mortgage. He was also a founder and managing partner of Blackrock.

“I believe there are many who are tired of partisanship and that there are many pressing issues we face as a nation that can be addressed with collaborative solutions,” said Frater. “I am excited to work alongside such a distinguished group of leaders to advance bipartisan policies that will expand opportunities to unlock the potential of each and every American.”

Nutter is one of five co-chairs of the BPC Housing Council, a title which also includes Cisneros, the Department of Housing and Urban Development Secretary under Pres. Clinton. The other three co-chairs are U.S. Mortgage Insurers President Sean Appleton; Pam Patenaude, HUD deputy secretary in the Trump Administration; and former San Diego Mayor Kevin Faulconer.

Another new board member with a housing background is Terri Ludwig. From 2011 through 2018, she was CEO of Enterprise Community Partners, where she directed more than $35 billion in affordable housing and community development investments across the country.

Before that, Ludwig was president of Merrill Lynch Community Development. Currently, she is president of Ballmer Group Philanthropy.

The fourth new member is Madhu Beriwal, chair and founder of IEM, a consulting firm in the safety and security business. Beriwal is also a member of Pres. Biden’s National Infrastructure Advisory Council.