Barry Habib added to Fannie Mae board

Barry Habib, long-time mortgage industry trainer and pundit who is the founder and CEO of MBS Highway, has been named to the Fannie Mae board.

Prior to starting MBS Highway, Habib put out the Mortgage Market Guide. He was also an executive at several lenders, including Residential Finance, RPM Mortgage and Certified Mortgage.

Outside of the mortgage business, Habib is known as the lead producer of the Broadway show Rock of Ages.

Habib's appointment to the Fannie Mae board was made on July 21, a Securities and Exchange Commission filing notes.

"The appointment of Mr. Habib is until the earlier of: (1) the next annual election of Board members; or (2) the date on which he resigns or is removed by U.S. Federal Housing FHFA, as conservator, while Fannie Mae is in conservatorship," the filing said.

Fannie Mae has not yet determined which committees Habib will sit on or whether there are any transactions or relationships he is a part of that are required to be disclosed according to federal regulations.

He will be compensated for his service. The amount listed in Fannie Mae's 10-k filing for non-management directors is $160,000. Depending on committee assignments and position, an additional "retainer" can be paid.

National Mortgage News has reached out to MBS Highway and Fannie Mae to get additional comments.

In a LinkedIn post from a week ago, Habib seemed to be aligned with Federal Housing Finance Agency Director Bill Pulte in views on Federal Reserve Chairman Jerome Powell.

"Jerome Powell has led the Fed into making bad decisions, which contributed to higher inflation," Habib said. "Now he claims the Fed should keep rates elevated and not cut because the job market is 'solid.' Are Powell and the Fed justified or are they leading the US in the wrong direction again?"

Pulte is also the chairman of both Fannie Mae and Freddie Mac.