By Maria Saporta
As a nod to the impact he has had on cities, Atlanta’s own Egbert L.J. Perry has been named as chairman of Fannie Mae.
Perry, chairman and CEO of the Integral Group, has served on the board of Fannie Mae since 2008. He will assume his Fannie Mae chairmanship in late March.
“As we continue to support America’s economic recovery through the creation of a better housing finance system, we are excited and honored to have Egbert as our new chairman,” said Tim Mayopoulos, CEO of Fannie Mae. “Egbert’s appointment further reflects our commitment to the continued reform of the nation’s housing finance system.”
Perry founded Integral in 1993 to provide real estate development, advisory and investment management services and is a celebrated innovator in urban revitalization.
Today, Integral is a diversified, vertically-integrated real estate and infrastructure development company with approximately 300 employees. The company has successfully developed urban infill projects in more than a dozen markets nationally with a strong presence currently in Atlanta, Denver and San Francisco and a growing international presence in the Caribbean and Africa.
Perry has extensive experience in developing public-private partnerships for major urban mixed-use projects and places a keen focus on creating value in cities and transforming communities.
Complementing his leadership at Integral, Mr. Perry has served on the board of the University of Pennsylvania since 1996. He is the current chair of Central Atlanta Progress, and he is on the advisory board of the Penn Institute for Urban Research. Perry also is chair-elect of the Atlanta Business League. He is a former board member of the Federal Reserve Bank of Atlanta.
“Fannie Mae plays an essential role in helping millions of Americans gain access to affordable homeownership and rental housing,” Perry said in a statement. “I am honored to leverage my experience to partner with director Watt, my fellow board members and the Fannie Mae management team to support this very important organization and its work. Fannie Mae has made significant progress over the last five years, and I look forward to playing an expanded role in its next chapter.”
Since 2009, Fannie Mae has provided more than $4.1 trillion in liquidity, enabling 3.7 million home purchases and 12.3 million refinanced mortgages.
The company has also helped mitigate foreclosures through 1.5 million workout solutions and more than one million loan modifications since 2009.
Most recently, Fannie Mae announced fourth quarter earnings of $6.5 billion and that it would pay dividends totaling $7.2 billion in March. Once the March dividend payment is made, Fannie Mae will have paid the government $121.1 billion, exceeding the size of the federal preferred stake of $117.1 billion.