Treasury, which administers the capital magnet fund, uses the money to provide competitive grants to community development financial institutions and nonprofit housing organizations.
The industry veteran joins a growing list of highly regarded members of GSE leadership who have recently decamped for greener pastures in private enterprise.
Until the Treasury Department and the Federal Housing Finance Agency amended their preferred stock purchase agreement in January, a $25 billion net worth was the threshold for restarting the net worth sweep of Fannie's quarterly profits.