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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.
- 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.