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Freddie Mac (FMCC) is a government-sponsored enterprise that plays a crucial role in the U.S. housing market by providing liquidity, stability, and affordability. The company primarily engages in acquiring loans from lenders, securitizing these loans into mortgage-related securities, and managing associated risks. Freddie Mac sells mortgage-related securities and offers guarantees on these securities to investors, generating income through net interest, guarantee fees, and gains on loan sales.
- Single-Family Segment - Involves the purchase, securitization, and guarantee of single-family loans, managing mortgage credit risk and market risk, and includes treasury functions not allocated to other segments.
- Multifamily Segment - Focuses on the purchase, securitization, and guarantee of multifamily loans, managing associated credit and market risks, and offers a variety of loan products through its Optigo network, including conventional, targeted affordable housing, and small balance loans.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Anil D. Hinduja Executive | Executive Vice President and Chief Risk Officer | None | Anil D. Hinduja has been the CRO since July 2015, with extensive experience in risk management roles at Barclays and Citigroup. | |
Craig S. Phillips Executive | Executive Vice President and Head of Corporate Strategy & External Affairs | None | Craig S. Phillips, appointed in January 2025, oversees corporate strategy and external affairs, with a background in financial services and capital markets. | |
Diana W. Reid Executive | Chief Executive Officer | Board Member at Welltower, Inc.; Advisory Board Member of Pittsburgh Opera; Founding Board Member of The Denyce Graves Foundation | Diana W. Reid is the CEO of Freddie Mac, appointed in September 2024, with over 40 years of experience in financial services, particularly in real estate lending and risk management. | View Report → |
Frank P. Nazzaro Executive | Executive Vice President - Enterprise Operations & Technology | None | Frank P. Nazzaro joined Freddie Mac in 2018 and has been leading technology and cybersecurity strategies since April 2021. | |
Heidi L. Mason Executive | Executive Vice President and General Counsel | None | Heidi L. Mason has been EVP and General Counsel since March 2022, providing legal and regulatory guidance to Freddie Mac. | |
James M. Whitlinger Executive | Executive Vice President and Chief Financial Officer | None | James M. Whitlinger has been with Freddie Mac since 2014, serving as CFO since January 2025, with a background in financial management and a previous role at GMAC ResCap, Inc.. | |
Ravi Shankar Executive | Executive Vice President and Head of Single-Family Portfolio & Servicing | Board Member of Common Securitization Solutions (CSS) | Ravi Shankar has been with Freddie Mac since 2013, currently leading the Single-Family Portfolio & Servicing division since February 2025. | |
Sonu Mittal Executive | Executive Vice President and Head of Single-Family Acquisitions | None | Sonu Mittal joined Freddie Mac in March 2023 and became EVP in February 2025, focusing on affordable housing and credit access. | |
Aleem Gillani Board | Director | Board Member at U.S. Bancorp | Aleem Gillani has been a Director since January 2019, with extensive experience in finance and risk management. | |
Allan P. Merrill Board | Director | Chairman, President, and CEO of Beazer Homes USA, Inc.; Member of various boards | Allan P. Merrill has been a Director since September 2020, with expertise in the homebuilding industry. | |
Christopher E. Herbert Board | Director | Managing Director at Harvard University's Joint Center for Housing Studies; Member of various advisory boards | Christopher E. Herbert has been a Director since March 2018, with expertise in housing policy and urban development. | |
Grace A. Huebscher Board | Director | Advisor to Capital One Commercial Bank; Member of The Kenyon Review Board | Grace A. Huebscher has been a Director since December 2017, with experience in capital markets and real estate. | |
Jane E. Prokop Board | Director | Executive Vice President at Mastercard Incorporated | Jane E. Prokop, elected in January 2025, brings nearly 30 years of experience in financial services and fintech. | |
Kathleen L. Casey Board | Director | Senior Advisor at Patomak Global Partners; Member of various boards and councils | Kathleen L. Casey has been a Director since October 2019, with expertise in financial regulatory policy and governance. | |
Kevin G. Chavers Board | Director | Director at Chimera Investment Corporation | Kevin G. Chavers has been a Director since February 2022, with over 30 years of experience in mortgage finance and capital markets. | |
Lance F. Drummond Board | Non-Executive Chair of the Board | Board Member at United Community Banks, Inc. and AvidXchange Holdings, Inc. | Lance F. Drummond has been a Director since July 2015 and became Non-Executive Chair in February 2024, with extensive experience in business transformation and governance. | |
Luke S. Hayden III Board | Director | CEO of Hayden Consulting | Luke S. Hayden has been a Director since February 2022, with a background in mortgage and financial services. | |
Mark H. Bloom Board | Director | None | Mark H. Bloom has been a Director since November 2019, with a background in technology and risk management. | |
Roy Swan Board | Director | Director at Global Impact Investing Network; Trustee at Parnassus Funds; Member of various councils | Roy Swan, appointed in February 2024, has over 30 years of experience in law, banking, and investment management. |
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The multifamily delinquency rate has increased to 39 basis points, up 15 basis points from the end of September 2023, primarily due to delinquent floating rate loans ; what strategies are you implementing to address this rise in delinquencies, and how do you foresee it impacting your multifamily credit risk profile?
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The single-family serious delinquency rate rose to 54 basis points this quarter, an increase of 4 basis points from the previous quarter ; what are the underlying causes of this increase, and what measures are you taking to prevent further deterioration in loan performance?
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Your net income benefited significantly from credit reserve releases, including a $99 million benefit for single-family credit losses and a $92 million benefit for multifamily credit losses ; how confident are you that these reserve releases are prudent, especially given potential future economic uncertainties?
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You assume home prices will remain flat over the next 12 months and increase by 0.8% over the subsequent 12 months ; considering recent market volatility, how might deviations from this forecast affect your credit exposure and overall financial performance?
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With the upcoming implementation of minimum lease standards in multifamily properties beginning in February 2025 , what impact do you anticipate this will have on your lending practices and borrower relationships, particularly concerning compliance and operational costs?
Recent press releases and 8-K filings for FMCC.
- The 30-year fixed-rate mortgage (FRM) averaged 6.72% as of July 10, 2025, an increase from 6.67% last week. A year ago, the 30-year FRM averaged 6.89%.
- The 15-year FRM averaged 5.86%, up from 5.80% last week. A year ago, the 15-year FRM averaged 6.17%.
- Mortgage rates moved slightly higher following a stronger than expected jobs report, after declining for five consecutive weeks.
- Despite ongoing affordability challenges, home purchase and refinance applications have increased by 25% and 56%, respectively, compared to the same time last year, responding to the overall downward trajectory in rates.
- Freddie Mac's Primary Mortgage Market Survey® (PMMS®) indicates that the 30-year fixed-rate mortgage (FRM) averaged 6.67% as of July 3, 2025, a decrease from 6.77% last week and 6.95% a year ago.
- The 15-year FRM also saw a decline, averaging 5.80% as of July 3, 2025, down from 5.89% last week and 6.25% a year ago.
- This marks the fifth consecutive week of decreasing mortgage rates, with the current week experiencing the largest weekly decline since early March.
- Sam Khater, Freddie Mac's Chief Economist, stated that while overall affordability challenges remain, the declining rates are encouraging and are prompting more sellers to enter the market, providing an advantage to prospective buyers.
- Q1 2025 Results: Net revenues of $5.9 billion and net income of $2.8 billion mark increases of 2% and 1% YoY respectively .
- Net interest income rose 7% to $5.1 billion, driving the strong overall performance .
- The overall mortgage portfolio grew 3% YoY to approximately $3.6 trillion, reflecting gains across segments .
- In the single-family segment, net income reached $2.3 billion on $4.9 billion in revenues, with the mortgage portfolio expanding 2% to $3.1 trillion and new business activity rising from $62B to $78B .
- The multifamily segment saw net income decline to $533 million despite a 5% portfolio expansion to $467 billion and a modest uptick in the delinquency rate .
- The company financed 313,000 mortgages, supporting affordable home financing for households .
- Freddie Mac announced a fixed-price cash tender offer for the purchase of certain STACR Notes, with the offer details and conditions set forth in the related Offer Documents.
- The tender offer begins on April 30, 2025 and expires at 5 p.m. New York City time on May 6, 2025, with the expected settlement on May 8, 2025 and purchases on May 12, 2025.
- For media inquiries, the release provides Fred Solomon as the contact, with further information available via the provided contact details.
- Michael T. Hutchins has been named Interim Chief Executive Officer and continues as President, effective March 20, 2025, pending the appointment of a permanent CEO or until June 20, 2025.
- Diana Reid steps down as Chief Executive Officer and departs from the Board of Directors, effective March 20, 2025.
- Director Departure: Christopher E. Herbert resigned from the Board effective March 19, 2025, having served on key committees such as Mission and Housing Sustainability, Compensation and Human Capital, Executive, and Risk.
- New Board Appointment: David Farbman was appointed to the Board by the Federal Housing Finance Agency acting as Conservator, with his compensation detailed in the 2024 Annual Report on Form 10-K.
- Four new directors were appointed by the FHFA acting as Conservator, including William J. Pulte as Board Chair, with appointments effective March 17, 2025.
- The FHFA simultaneously removed six existing board members, signalling a significant board reshuffle.
- The report also includes exhibits detailing indemnification agreements for select new directors, as referenced from prior filings.