Priscilla Almodovar: A Woman of the Year Building the American Dream

Priscilla Almodovar has been recognized as one of USA TODAY’s Women of the Year, an honor bestowed upon women who have demonstrated exceptional impact within their communities and across the nation. Her story is one of perseverance, dedication, and a deep-seated commitment to making the American dream of homeownership more accessible.

Almodovar’s journey began humbly. As a young girl, barely four years old, she would sit patiently in the back of her mother’s college classes, absorbing the lessons of hard work and determination. She watched her mother juggle the responsibilities of education and family, a powerful image that would shape her own future. Now, decades later, as the CEO and president of Fannie Mae, Almodovar finds herself surrounded by strong, dedicated women, a testament to the progress made and the work still to be done.

At 57, Almodovar’s career is a beacon of success in housing affordability, finance, and the pursuit of the American dream. "When you invest in a woman, you’re investing in her children, probably her parents," Almodovar shared with USA TODAY from her office in Washington, D.C., her words radiating warmth and optimism despite the dreary weather outside. "Women just get involved and our wake is so much broader than just what we do day to day. And when you look at household formations, I mean, single women are driving household formation as well."

Fannie Mae plays a crucial role in the U.S. housing market, providing mortgage financing across the country. The entity purchases one in four U.S. mortgages, creating the liquidity, stability, and affordability necessary for banks to extend more mortgages to potential homeowners. "We rely on the capital markets, and we bring the two together to make the housing system more fair, more safe, more sound because of what we do," she explained.

While the intricacies of mortgage financing might seem detached from everyday life, Almodovar understands that a home is the most personal and often the most expensive purchase a person can make. Her own family’s experience underscores this understanding.

Her parents, immigrants from Puerto Rico, arrived in New York City with dreams of a better life. Almodovar vividly remembers their first apartment, a fourth-floor walk-up in Brooklyn. They scrimped and saved, diligently working towards the day they could finally purchase their own home in Sunset Park, Brooklyn. The purchase was a significant financial strain, requiring them to rent out the second floor to make ends meet. Yet, it was also a quintessential American dream story, a testament to their hard work and aspirations.

"That home, when I look back, is what paid for me and my siblings to go to college," she reflected. The home served as a foundation for their future success, providing the stability and security needed to pursue higher education. The neighborhood was predominantly Latino at the time, and her parents deliberately chose to buy a home just a few blocks from where they had been renting, maintaining their ties to the community. They remained in that home for many years before eventually moving to the suburbs of Long Island.

Her upbringing has profoundly shaped her perspective on housing. "I’ve learned that renter, homeowner doesn’t matter. Everyone wants a safe place to live. They want community; they want a neighborhood; and they want the best for their family. Where you live – from what type of home to what neighborhood you grew up in – is foundational to life’s outcomes," Almodovar emphasized.

Equipped with a bachelor’s degree from Hofstra University and a law degree from Columbia University, Almodovar has built a distinguished career at the intersection of Main Street and Wall Street. She found her calling in real estate because of its tangible nature. "What I love about real estate, and how I first got into this business, is it’s tangible," she explained. "You’re building a home for someone. You could actually see it and feel it and walk the neighborhoods and then people live in that home."

Almodovar is acutely aware of the housing affordability crisis gripping the nation. High mortgage rates, soaring home prices, and a limited supply of available housing are creating significant challenges for aspiring homeowners. According to a recent Pew Research Center survey, nearly 70% of Americans are "very concerned" about housing costs, a sharp increase from 61% in April 2023. Furthermore, she acknowledges the persistent issue of discrimination, which continues to impede people’s ability to secure mortgages.

Despite these challenges, Almodovar remains optimistic. "It’s not the only way, but it’s one of the ways we build generational wealth in this country," she said, referring to homeownership. "So it’s becoming harder, but it’s not impossible."

Fannie Mae is actively working to address these obstacles at a macro level, collaborating with landlords to set aside affordable units for working families and making mortgage credit more accessible. On a micro level, Almodovar, as president and CEO of a $4.3 trillion financial institution, faces a diverse array of decisions every day.

Her responsibilities span cybersecurity, day-to-day operations, and employee issues. She also navigates external requests from sellers, servicers, and investors, while managing a complex board. "Every day is different. It’s exciting. It makes coming to work that much more fun," she remarked.

Adding to the dynamic nature of her role is the ever-present political landscape. "I’m in the housing party," Almodovar stated. "We work with every administration. That’s what we do. We’re in these markets, good time, bad times. Every administration."

She recognizes that President Donald Trump, as a developer, possesses a deep understanding of the housing sector. "We are ready to work with everyone who’s committed to making housing more available for more Americans," she affirmed.

Almodovar finds solace and inspiration in her personal life. Her favorite room in her house is her study, a sanctuary filled with books on a variety of subjects, from cookbooks and running guides to finance and aging. There, she can relax on her comfortable couch and recharge. An avid runner who has completed marathons, Almodovar also enjoys a diverse musical playlist, ranging from Queen to Alicia Keys to Marc Anthony.

She cherishes the time she spends with her husband, Eric Dinallo, whom she describes as her "champion, big cheerleader, truth-teller." She also prioritizes spending time with her children whenever possible.

Almodovar still vividly remembers attending her first ribbon-cutting ceremony for a new homeowner. She had worked on the financing, a seemingly abstract deal on paper. But witnessing the joy and pride of the new homeowner was a transformative experience. "Then someone actually had a home like, holy cow, that’s pretty powerful," she recalled. "It’s just as complex as any other financial transaction, but ultimately I’m impacting a person and their home."

The four-year-old girl who once sat quietly in the back of her mother’s college classes is now teaching the course, shaping the future of housing and inspiring countless others to pursue their own American dreams. Her journey serves as a powerful reminder that hard work, determination, and a commitment to serving others can pave the way for extraordinary success.