Home Economy News Freddie Mac appoints Michael Hutchins as interim CEO

Freddie Mac appoints Michael Hutchins as interim CEO

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Freddie Mac appoints Michael Hutchins as interim CEO By Reuters

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Published Mar 15, 2024 01:17PM ET
Updated Mar 15, 2024 01:36PM ET

(Reuters) -Freddie Mac said on Friday it has appointed Michael Hutchins as interim CEO, while the federal government-backed home mortgage company continues to search for a permanent chief.

Hutchins will serve in this role until the earlier of the appointment of a permanent CEO or Sept. 30, the company said in a regulatory filing.

He was named president of the company in 2020 and is a member of its senior operating committee. He joined Freddie Mac in 2013 and has worked for financial services companies such as UBS and Salomon Brothers in his career spanning 30 years.

Hutchins will take on the role from Michael DeVito on March 16. DeVito served for nearly three years.

The company is looking for a new CEO at a time when it “navigates a challenging market to Make Home Possible for borrowers and renters across the nation”, it said.

U.S. mortgage rates rose for a fourth straight week, Freddie Mac reported last month, reaching a two-month high, and again becoming a factor eroding buyer traffic as tight inventory and home price gains limited affordability among prospective home buyers.

Freddie Mac appoints Michael Hutchins as interim CEO

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