Freddie Mac on Friday announced that its president Michael Hutchins has been appointed interim CEO, effective March 16, but the company continues its search for a permanent appointment. He will replace Michael DeVito, who is retiring after three years in the job.
Hutchins, who is a member of the company’s senior operating committee, was also appointed a member of the board on Friday.
A veteran with 30 years of experience in the industry, Hutchins joined Freddie Mac in 2013 as senior vice president and then executive vice president of investments and capital markets. In 2020, he was appointed Freddie Mac president, overseeing single-family and multifamily investments, capital markets, operations, and technology divisions.
Before joining the company, he held senior positions at UBS and Salomon Brothers and was co-founder and CEO of PrinceRidge.
Hutchins brings a “deep understanding of every aspect of Freddie Mac,” and his “experience in housing and financial services is invaluable as the company navigates a challenging market,” said Lance Drummond, non-executive board chair.
Drummond, who became the chair of the board of directors in February after Sara Mathew’s retirement, added that the company will continue “a thorough search for a permanent CEO.”
Hutchins will lead a company that reported a full-year profit of $10.5 billion in 2023, representing a 13% year-over-year increase.
The government-sponsored enterprise (GSE) financed 955,000 mortgages last year, with 56% of eligible loans deemed affordable to low- and moderate-income families. It enabled 375,000 first-time buyers to purchase a home. Freddie Mac also financed 447,000 rental units, with 92% of eligible units labeled as affordable to low- and moderate-income families.
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