A year after Freddie Mac’s CEO announced his retirement, the mortgage giant has announced a new chief executive.
Diana Reid, an industry veteran with more than four decades of experience, will fill the role immediately, succeeding the firm’s president and interim CEO, Michael Hutchens, according to a statement Tuesday. Reid most recently worked as an independent director and adviser to several organizations.
She will also hold a seat on Freddie Mac’s board of directors.
“Diana’s proven track record and vast experience in housing finance, real estate and capital markets make her an excellent choice to further Freddie Mac’s mission-driven work,” Lance Drummond, the non-executive chair of the board, said in the statement. “I have the utmost confidence that she is the right person to take Freddie Mac into the future.”
As a government-backed enterprise, Freddie Mac doesn’t originate loans or lend money directly to borrowers, instead its mission is to provide liquidity and keep credit available for both single-family mortgages and rental housing. To do this, the firm buys loans from lenders and packages them into securities that are then sold to investors.
Reid said she is eager to help Freddie Mac further its mission.
“It is an honor to join Freddie Mac and lead the company as it carries out its vital role in the housing finance market,” she said in the firm’s statement. “I look forward to working with the board, management and my colleagues at Freddie Mac to continue and expand the company’s contributions in providing liquidity, stability and affordability for housing in communities across the country, and to ensure the company’s safety and soundness for the next generation.”
The appointment comes a year after the firm’s previous CEO, Michael DeVito, announced he would be retiring in the first quarter of this year. Starting March 15, Hutchens, who has served as Freddie Mac’s president since 2020, took on the role of interim CEO while the firm continued its search for a permanent chief executive.