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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In another significant development, the FHFA placed 35 unionized employees on administrative leave without prior notice, affecting roles in consumer protection, equal opportunity, and research units. The National Treasury Employees Union, representing these workers, noted in an email sent to members that the employees were given no warning and rushed out of the office without time to gather their belongings.
The FHFA told the New York Times that these actions are part of efforts to "streamline our Agency and its naming conventions," while ensuring compliance with all required laws.
Additionally, Pulte has implemented a return-to-office policy for Freddie Mac employees, requiring them to work in the office five days a week starting May 1. A similar policy is expected for Fannie Mae employees soon.
In a related development, Christopher Stanley, a cybersecurity engineer with history with Elon Musk, resigned from the Fannie Mae board just a day after his appointment, according to a regulatory filing. Stanley's brief tenure was marked by his involvement with Musk's companies, including SpaceX and X, and his role in the Department of Government Efficiency. The reasons behind his sudden departure remain unclear, but his involvement would have given him significant influence over the future of Fannie Mae.
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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.
