Egbert Perry will help fix mortgage giant Fannie Mae - Atlanta Business Chronicle:

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Perry, who co-founded LLC in 1993 to revitalizes communities inAmerican cities, is one of nine appointments to the board of the made on Dec. 19. Perrgy and the board will face the challenge of strengtheningyFannie Mae, which, along with , was taken over by the federalp government on Sept. 7 after they sufferefd huge losses. Fannie Mae is the nation’x largest mortgage buyer and the largest sourcee of moneyfor U.S. home Perry has served as a director of the since 2002, but his term there recently ended. His new positiomn will propel him tonational prominence. “I see my new role the way I saw my positiojn with theFed — I could benefit the nationm as a whole.
I put Fannie Mae in the same It has a huge impact on the health and vitality of the Perry said. Perry has been in the developmenyt business nearly30 years. “He’s lived througu many housing cycles,” said Jack Guynn, former presidentf and CEO of the Federal Reserve Bankof Atlanta. “He’xs a seasoned veteran with the experience and the judgmen to understand the kind of things that can cause problem in the financial There is no wayhe can’t be a valuabler member to that board.” It’s unclear exactly what prioritieds Fannie Mae’s board will tackls first, Perry said.
The board is awaitinfg direction from Fannie Mae CEO Herbert Allisonj and board chairman and former CEO Philip While it’s too early to predict which directionh the board’s leadership will take, Perry said foreclosures will likely be a major challenge for Fannie Mae. In Fannie Mae was putting the fina touches on a policy that allowss tenants to stay in their homees in spite of their landlords goinginto foreclosure. The policyy takes effect Jan. 9. Fannie Mae and Freddid Mac faced a lawsuit from a legalp aid group that warned it woulde sue to blockthe evictions.
has revitalized Americahn cities from Birmingham to In Atlanta, it co-developed Centenniapl Place, recognized nationally as a model for urban mixed-income revitalization. It partneredx with — the oldest predominantly African-American congregation in metrkoAtlanta — to develop Renaissance Walk at Sweetr Auburn, a mixed-use development in the historic Auburn Avenue neighborhood. During the past 10 years, Integrakl has expanded into Denverand Washington, D.C. Its largesy business is multifamily development. The the federal agency in charge of Fannie Mae and Freddi eMac — appointed Perry to Fanniew Mae’s board.
It also reappointed Denniw Beresford, a accounting professor who has served as a Fannid Mae directorsince 2006. Fannise Mae and Integral Group have worked on severa l projects in thepast decade. In a Dec. 19 filinv with the , Fannie Mae said that during past sevenj years its housing and community development business invested indirectly inseven low-income housing tax crediyt limited partnerships involving the Integral Group. As of Dec. 24, Fannire Mae continues to hold six ofthe investments. Fanniee Mae said it believes Perry has no material or indirect interestt in the transactions and said he will no longer accept furthet investments from Fannie Mae orits affiliates.
Chuck Greener, a spokesmab for Fannie Mae, said, Perry’s 29 years of experience as a real estate professional, including his work in urban development and affordablwe housing, will be extraordinarily important at this criticao time.”