Priscilla Almodovar on housing affordability
From Fannie Mae CEO Priscilla Almodovar's advice for first-time borrowers | USA TODAY Women of the Year · · USA TODAY
“Right now we have a housing affordability crisis in this country. You have high mortgage rates. You have high home prices and supply, lack of supply.”
On , Priscilla Almodovar, President, Chief Executive Officer & Director at FEDERAL NATIONAL MORTGA ASSN, spoke about housing affordability during Fannie Mae CEO Priscilla Almodovar's advice for first-time borrowers | USA TODAY Women of the Year on USA TODAY.
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.