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Posted 15 March, 2024

FEDERAL HOME LOAN MORTGAGE CORP appointed Michael T. Hutchins as new CEO

OTC:FMCC appointed new Chief Executive Officer Michael T. Hutchins in a 8-K filed on 15 March, 2024.


  Following the departure of Michael J. DeVito as Freddie Mac's Chief Executive Officer (CEO) effective March 15, 2024, President Michael T. Hutchins has been appointed to the additional role of interim CEO of the company effective March 16, 2024 and will become a member of Freddie Mac's Board of Directors on that date.  

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Overview of FEDERAL HOME LOAN MORTGAGE CORP
Financial Services • Mortgages
Federal Home Loan Mortgage Corp. engages in the provision of housing finance system solutions. It operates through the Single-Family and Multifamily segments. The Single-Family segment is involved in purchase, securitization, and guarantee of single-family loans, investments, and management of single-family mortgage credit risk and market risk. The Multifamily segment focuses on purchase, securitization, and guarantee of multifamily loans, investments, securities, and management of multifamily mortgage credit risk and market risk. The company was founded on July 24, 1970 and is headquartered in McLean, VA.
Market Cap
$696M
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FEDERAL HOME LOAN MORTGAGE CORP by TradingView
Relevant filing section
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

Following the departure of Michael J. DeVito as Freddie Mac's Chief Executive Officer (CEO) effective March 15, 2024, President Michael T. Hutchins has been appointed to the additional role of interim CEO of the company effective March 16, 2024 and will become a member of Freddie Mac's Board of Directors on that date. Mr. Hutchins has served as Freddie Mac's President since 2020 and will continue to lead the Single-Family, Multifamily, Investments and Capital Markets and Enterprise Operations and Technology (EO&T) divisions of the company in this capacity. In addition, the leaders of the company's Human Resources, Legal, Finance, Enterprise Risk Management, Diversity, Equity and Inclusion, and Chief Administrative Officer divisions will report to Mr. Hutchins, and he will have such additional responsibilities as determined by the Board of Directors. The Board is continuing its search for a new CEO for Freddie Mac. Mr. Hutchins will serve in this role until the earlier of the appointment of a permanent CEO or September 30, 2024.

Mr. Hutchins, 68, has served as our President since December 2020 after serving as our interim President beginning in November 2020. In this role, he oversees the company's Single-Family, Multifamily, Investments and Capital Markets, and EO&T Divisions. He previously served as EVP - Investments and Capital Markets from January 2015 to November 2020 and as SVP - Investments and Capital Markets from July 2013 to January 2015. From 2007 to 2013, prior to joining Freddie Mac, Mr. Hutchins was Co-Founder and CEO of PrinceRidge, a financial services firm. Prior to founding PrinceRidge, he was with UBS Group AG from 1996 to 2007, holding a variety of senior management positions, including the Global Head of the Fixed Income Rates & Currencies Group. Prior to UBS, Mr. Hutchins worked at Salomon Brothers, Inc. from 1986 to 1996, where he held a number of management positions, including Co-Head of Fixed Income Capital Markets.