Priscilla Almodovar's Biography
Early Career and Education
Priscilla Almodovar embarked on her professional journey after earning her bachelor's degree from Hofstra University and her Juris Doctor from Columbia University School of Law. She began her career as an equity partner at the global law firm, White & Case LLP, specializing in international project finance1.
Transition to Housing Finance
Almodovar's first significant foray into the housing finance industry was through her leadership roles at the New York State Housing Finance Agency, State of New York Mortgage Agency, and Affordable Housing Corporation. Here, she was instrumental in providing construction and permanent loans, mortgages to first-time homebuyers, and credit insurance, making New York State Housing Finance Agency the largest issuer of housing bonds in the U.S. during her tenure1.
Advancing through the Industry
Before joining Fannie Mae, Almodovar served as President and CEO of Enterprise Community Partners, focusing on increasing the supply of affordable housing and advancing racial equity. Her prior experience includes leading two of JPMorgan Chase's national real estate businesses, where she was recognized for her contributions to Detroit's economic recovery and named one of the most influential women in the real estate industry by Affordable Housing Finance Magazine1 2 3.
Leadership at Fannie Mae
In December 2022, Almodovar became the CEO of Fannie Mae, marking her as the first female to hold this position. Under her leadership, Fannie Mae has focused on making homeownership more accessible, including for the "credit invisible" population, by considering timely rent payments in mortgage underwriting. This initiative is part of a broader effort to address racial bias in housing appraisals and reduce closing costs, amidst a challenging environment of high interest rates and low housing inventory1 4.
Volunteering and Community Involvement
Almodovar's commitment extends beyond her professional roles. She serves on the Board of New York Road Runners, a non-profit organization dedicated to inspiring people through running, highlighting her dedication to community involvement and well-being1.
Conclusion
Priscilla Almodovar's career is characterized by her relentless pursuit of equity in housing finance, her innovative approach to addressing systemic barriers, and her leadership in promoting affordable housing solutions. Her work has not only transformed the landscape of housing finance in the United States but also serves as an inspiration for future leaders in the industry.