Fannie Mae has named Scott D. Stowell to its Board of Directors, bringing nearly 40 years of experience in the U.S. homebuilding industry to the Board. Members of Fannie Mae’s Board of Directors guide the company’s efforts to responsibly expand access to mortgage credit and finance quality, affordable housing.
“We are pleased to welcome Scott to Fannie Mae’s Board of Directors,” said Michael J. Heid, Chair of the Board. “His leadership and guidance, especially from the homebuilding perspective, will be invaluable as Fannie Mae continues to create innovative solutions to help address today’s housing challenges.”
Stowell is the Founder, CEO, and President of Capital Thirteen LLC, an advisory, real estate investment, and angel investing company. Stowell currently sits on the Board of Directors at Toll Brothers, Pacific Mutual Holding Company, and HomeAid America, a non-profit organization whose mission is to help people experiencing or at risk of homelessness build new lives through construction, community engagement, and education.
“Scott’s extensive industry knowledge will complement our dynamic and talented Board of Directors,” said Priscilla Almodovar, President and CEO of Fannie Mae. “With broad expertise across the residential spectrum, including single-family homes, mixed-use communities, and projects meeting local governments’ affordability requirements, we will benefit from Scott’s deep understanding of the homebuilding process as lack of supply and new construction issues persist in the U.S. housing market.”
Stowell has held various roles at Standard Pacific Homes from 1986-2015, advancing through the company to serve as CEO beginning in 2012. Upon the creation of CalAtlantic Group Inc. in 2015, the result of the merger of Standard Pacific Homes and the Ryland Group, Stowell served as the Executive Chairman of CalAtlantic Group Inc. After CalAtlantic merged with the Lennar Corporation in 2018, Stowell served on the Lennar Corporation Board of Directors until 2021.
Fannie Mae’s Economic and Strategic Research (ESR) Group recently revealed that the U.S. economy now looks to be on firmer footing than previously thought, following annual revisions to the national accounts and an improvement in payroll employment growth in both August and September. The ESR Group still anticipates a slowdown in economic growth from the strong 3.2% pace seen in 2023, but it will be less severe than previously anticipated. Growth in 2024 and 2025 is now anticipated to be 2.0% and 2.3%, respectively, close to the long-run trend growth rate. The current personal income data has undergone considerable upward revisions, which is largely responsible for an improvement in the overall economic outlook.
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