Changes at Freddie Mac and Fannie Mae continue to unfold at a rapid pace, with the latest development being the appointment of Michael T. Hutchins as the interim CEO of Freddie Mac. That follows the departure of Diana Reid, who was terminated from her role as CEO by Bill Pulte, the newly confirmed director of the FHFA, a source has told Bloomberg.
Hutchins, who has been Freddie Mac's president since 2020, brings extensive experience in the financial services industry, having previously served in senior roles at UBS and Salomon Brothers. His interim leadership role is not new, as he has stepped in to guide the company during transitional periods.
Meanwhile, Pulte has been swiftly reshaping the landscape of both Freddie Mac and Fannie Mae, including ousting 14 board members from both entities and appointing himself as chairman of their boards. This move is highly unusual and is likely part of larger efforts by the Trump administration to transform these organizations, which have been under government oversight since the 2008 financial crisis.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
