Fannie Mae Appoints Former Homebuilding Industry Executive Scott D. Stowell to its Board of Directors

Rhea-AI Summary

Fannie Mae (FNMA) has appointed Scott D. Stowell to its Board of Directors, bringing nearly 40 years of homebuilding industry experience. Stowell is the Founder, CEO, and President of Capital Thirteen , an advisory and real estate investment company. He previously served as CEO of Standard Pacific Homes and Executive Chairman of CalAtlantic Group. The appointment aims to leverage his expertise in addressing housing supply challenges and expanding mortgage credit access. Stowell currently serves on the boards of Toll Brothers, Pacific Mutual Holding Company, and HomeAid America.

Positive

• Addition of extensive homebuilding industry expertise to the board
• Strategic alignment with company's focus on addressing housing supply challenges
• Broad expertise across residential spectrum including affordable housing projects

Negative

• None.

WASHINGTON, Nov. 7, 2024 /PRNewswire/ -- Fannie Mae (OTCQB: FNMA) today announced Scott D. Stowell has been appointed to its Board of Directors. Mr. Stowell brings nearly 40 years of experience in the U.S. homebuilding industry to Fannie Mae's accomplished and diverse Board, which guides the company's efforts to responsibly expand access to mortgage credit and finance quality, affordable rental housing.

"We are pleased to welcome Scott to Fannie Mae's Board of Directors," said Michael J. Heid, Chair of the Board. "His leadership and guidance, especially from the homebuilding perspective, will be invaluable as Fannie Mae continues to create innovative solutions to help address today's housing challenges."  

"Scott's extensive industry knowledge will complement our dynamic and talented Board of Directors," said Priscilla Almodovar, President and Chief Executive Officer, Fannie Mae. "With broad expertise across the residential spectrum, including single-family homes, mixed-use communities, and projects meeting local governments' affordability requirements, we will benefit from Scott's deep understanding of the homebuilding process as lack of supply and new construction issues persist in the U.S. housing market."

Mr. Stowell is the Founder, CEO, and President of Capital Thirteen LLC, an advisory, real estate investment, and angel investing company. Mr. Stowell currently sits on the Board of Directors at Toll Brothers, Pacific Mutual Holding Company, and HomeAid America, a non-profit organization whose mission is to help people experiencing or at risk of homelessness build new lives through construction, community engagement, and education.

Mr. Stowell held various roles at Standard Pacific Homes from 1986 to 2015, advancing through the company to serve as CEO beginning in 2012. Upon the creation of CalAtlantic Group, Inc. in 2015, the result of the merger of Standard Pacific Homes and the Ryland Group, Mr. Stowell served as the Executive Chairman of CalAtlantic Group, Inc. After CalAtlantic merged with the Lennar Corporation in 2018, Mr. Stowell served on the Lennar Corporation Board of Directors until 2021.

About Fannie Mae
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SOURCE Fannie Mae

FAQ

Who is the newest board member appointed to Fannie Mae (FNMA)?

Scott D. Stowell, former homebuilding industry executive and current Founder, CEO, and President of Capital Thirteen , was appointed to Fannie Mae's Board of Directors in November 2024.

What is Scott D. Stowell's experience in the homebuilding industry before joining Fannie Mae (FNMA)?

Stowell has nearly 40 years of homebuilding industry experience, including roles at Standard Pacific Homes from 1986 to 2015 where he served as CEO, and as Executive Chairman of CalAtlantic Group until its merger with Lennar in 2018.

What other board positions does Scott D. Stowell currently hold besides Fannie Mae (FNMA)?

Stowell currently serves on the Board of Directors at Toll Brothers, Pacific Mutual Holding Company, and HomeAid America, a non-profit organization focused on helping people experiencing homelessness.