Read this article and learn about
- Why consolidation means more agility and shorter time-to-market
- Why an organization and its employees must always be ready for change
- Cross-organizational cooperation and joint value creation
Chryssa Halley, SVP, Controller, Fannie Mae
The global investment management industry faces much complexity and many challenges. In this recurrent CXO Corner relay column, we ask top executives to point the way ahead, sharing their views and best practices for meeting the challenges.
Journal: You’ve been with Fannie Mae since 2006. Can you take us through your professional journey in the organization and the development of your responsibilities?
Chryssa Halley: First, I think one of the main reasons why I have been able to reach my current position is that I’m always open for change. To make sure that Fannie Mae is constantly moving in the right direction, we are very much focused on change, and it’s important never to just say “no,” when you are presented with a new idea or challenge.
For my entire career, I’ve been working with the secondary mortgage market, most of the time as a Government-Sponsored Enterprise (GSE) specialist. Before I joined Fannie Mae, I worked at our biggest competitor in this space, Freddie Mac, for almost 15 years. When I joined Fannie Mae in 2006 as a Director in the tax group, it was at a pivotal time for the company. The credit crisis and a major accounting change both had a big impact on Fannie Mae. For those reasons, we went through a big restatement process, and I have spent most of the last 10 years working on a transformation of our accounting system. Three years ago, I became Deputy Controller and, just recently, I have been promoted to Controller and Principal Accounting Officer.
Journal: Tell us a bit about Fannie Mae – what is the firm’s vision, value proposition, and business model?
Chryssa Halley: Fannies Mae’s vision is to be America’s most valued housing partner, which is a tall order, and our value proposition is to enable affordable loans and rent to the American people. The business model behind this is to function as an aggregator and insurer of mortgages. This in turn
enables American families to buy, rent, and refinance their mortgages and get into the homes they want. We don’t deal directly with the borrowers but with the lenders. But we think about both our customers and our customers’ customers. This also means that when we talk about innovation, we think about the borrowers, the American people, and what they want. We need to make sure that we are continuously able to offer the products they are looking for.