Fannie Mae announced today the appointment of Simon Johnson and Christopher Brummer to its board of directors, as well as the extension of Robert Hertz’s board term for another three years.
Fannie CEO Hugh Frater said Johnson and Brummer bring “deep economic, regulatory, and business expertise,” and Board Chairwoman Sheila Bair said the duo are “proven public policy leaders.”
The news of Johnson and Brummer’s appointment comes one day after Federal Housing Finance Agency (FHFA) Director Mark Calabria announced the disbursement of $1.09 billion for Fannie Mae and Freddie Mac‘s affordable housing allocations. It’s the largest amount ever disbursed by the government sponsored enterprises, and more than double what was provided the prior year.
Fannie Mae’s full year net revenues increased 16% to $25.3 billion largely on the back of record acquisition volumes, while Freddie Mac recorded a net revenue increase of 18% to $16.7 billion.
Fannie Mae reported $138,558 in new business acquisitions in January 2021 – up robustly from January 2019, when it reported only $62,449. Fannie Mae also issued resecuritizations backed by $11.9 billion in Freddie Mac securities.
Johnson, an economist, is the co-founder of Baselinescenario.com and heads several departments at the MIT Sloan School of Management. He’s also a research associate for the National Bureau of Economic Research, a private nonpartisan organization that facilitates investigation and analysis of economic issues.
Johnson wrote an opinion piece for the Washington Post several years ago called “Mortgage Mavens,” where he discussed the impact of Freddie Mac and Fannie Mae on the 2015 housing economy. He was also a Bloomberg News columnist.
Brummer, a law professor at Georgetown, served as a member of the Biden-Harris presidential transition team. He is the current faculty director of the Institute of International Economic Law, and a nonresident senior fellow for the Atlantic Council’s GeoEconomics Center. He’s also as a member of the Commodity Futures Trading Commission’s subcommittee on virtual currencies.
Hertz is on the board of directors at both Morgan Stanley and Workiva Inc. He also serves as chair of the Audit Committee, the vice chair of the Compensation Committee, and as a member of the Nominating and Corporate Governance Committee.