About Priscilla Almodovar
Priscilla Almodovar, President and CEO of Fannie Mae, has described the current housing market as an "affordability crisis" characterized by high mortgage rates, high home prices, and a lack of supply. She has stated that the desire for homeownership remains a core part of the American dream, based on Fannie Mae's surveys. Almodovar has advised first-time borrowers, particularly those new to the country, to avoid lending their Social Security numbers or credit to others and to understand how lenders evaluate debt and income. She has also highlighted Fannie Mae's use of technology, including artificial intelligence, to underwrite non-traditional borrowers, such as those in the gig economy, by analyzing cash flow and rent payment history.
Almodovar has spoken about her role as the first woman and the only Latina CEO of Fannie Mae, a position she described as a "dream job." She has noted that she feels a "huge sense of responsibility" as the only Latina CEO in the Fortune 500, while expressing optimism that this will change. She has emphasized the importance of sharing credit to achieve policy goals and has advocated for investing in women, stating that "nothing bad happens when women have more money." Almodovar has also discussed her career journey, including leaving a partnership at a law firm to work in affordable housing, and has credited hard work as the source of her confidence.
Source: AI-verified profile updated from Priscilla Almodovar's recent appearances.
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Transcript (7 segments)
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Narrator0:00
Right now we have a housing affordability crisis in this country. You have high mortgage rates, high home prices, and a lack of supply. And we find that people still, notwithstanding how hard the market is today, the dream of having a home and being a homeowner, when we do our surveys, is still very much part of the American dream. In many ways, Priscilla Almodovar embodies the American dream. She is the head of the Federal National Mortgage Association, or Fannie Mae.
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Priscilla Almodovar0:30
I started out as a renter. My parents came to the mainland from Puerto Rico for a better life, and they rented. They were savers, and they bought their first home when I was about 5 years old. And that home, when I look back, is what paid for me and my siblings to go to college.
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Narrator0:47
Almodovar is the first woman CEO of Fannie Mae, a major source of mortgage financing and among the largest companies in the US by assets.
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Priscilla Almodovar0:56
When you're the president and CEO of a $4.3 trillion financial institution, the kinds of decisions that come across my desk are different every day.
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Narrator1:05
She says the decisions borrowers make can sometimes hold them back from reaching their housing goals. She offers some free advice.
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Priscilla Almodovar1:12
As we think of our future homeowners, very often they might be new to this country. We tell them, please don't lend your social security number to others and family members. That is mistake number one. Don't lend your credit to your aunt because she wants to buy that refrigerator and then doesn't pay the bill. How do you use a credit card? What expenses make sense to use a credit card versus when you should not put something on your credit card? So, just understanding how a lender looks at a borrower to really demonstrate their capability and potential to pay. So, it's debt and it's income.
That's why I am a big fan of intergenerational relationships, because I learn a lot from generations that are younger than mine. And I think I could also share a lot with younger folks as well. Just gaining perspective, which I would tell my younger self, it seems really bad now. Take a deep breath. It probably doesn't matter in the long run.
