In September 2019, the Federal Housing Finance Agency (FHFA) overhauled its system of multifamily caps, simplifying its structure and setting caps for Fannie Mae and Freddie Mac of $100 billion each for the next five quarters. Two months later, Freddie Mac asked Rich Martinez to play a major role in guiding production volume, appointing him senior vice president, multifamily production and sales. Just three weeks later, patient zero, the first person diagnosed with COVID-19, fell ill. 

In retrospect, Freddie Mac’s decision to choose an industry veteran like Martinez — he has been with the agency for over thirty years — proved prescient. This was just one in a series of decisions that have enabled Freddie Mac to navigate the crisis — and to find itself, almost a year later, zeroing in on its caps.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2023 ALM Global, LLC. All Rights Reserved.