Fannie Mae appointed a new EVP and Chief Operating Officer, Morgan Stanley exec Peter Akwaboah.
Akwaboah brings almost thirty years of experience in the financial services industry to the position. He will oversee Fannie Mae’s Chief Information Office, Enterprise Operations, Business Resiliency, and Enterprise Workplace and Security functions.
“Peter’s many years of experience and unique combination of technology and operations expertise will add to our deep leadership bench, and his wealth of experience and industry knowledge will bring great value to the company,” said Fannie Mae CEO Priscilla Almodovar.
“We look forward to the talent and experience he’ll bring to our technology and operations as we continue to respond to the needs of the market, carefully balancing innovation, risk management, and our commitment to our housing mission.”
For much of the last decade, Akwaboah served as Managing Director and COO, Operations, Technology, and Firm Resistance, at Morgan Stanley.
Before that, he spent another decade at the Royal Bank of Scotland, including as Asia Pacific Chief Operating Officer for Operations, Technology, and Corporate Services.
His other experience includes leadership positions at Deutsche Bank, KPMG, and IBM.
Akwaboah serves on the Board of the Morgan Stanley Foundation and is a member of the Federal Reserve Bank’s Payments Risk Committee.
He will officially start his new role on May 20, 2024, and will report to Almodovar.
The appointment comes as Fannie Mae predicts housing activity will increase in the coming months. Its Economic and Strategic Research Group says that while affordability remains a problem, a boost in existing homes for sale and mortgage rates declining later in the year will allow sidelined buyers to re-enter the market.
“Right now, our base case scenario foresees economic growth decelerating, rates gradually declining, and new single-family home sales slowly recovering as construction adds supply,” the group wrote in a note.
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