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Home mortgage giant Freddie Mac (FMCC) hasn’t had to look far for a new interim CEO as it continues its search for a more permanent candidate for the role.
Michael T. Hutchins, Freddie Mac’s president since 2020, will temporarily step into the CEO role, the government-sponsored enterprise announced Friday. Higgins will continue his responsibilities as president, and become a member of Freddie Mac’s board of directors. He steps into the new role effective March 16, following the departure of previous CEO Michael J. DeVito on March 15. DeVito announced his retirement from Freddie Mac in September.
“Mike Hutchins is a proven leader who brings a deep understanding of every aspect of Freddie Mac to the role of Interim CEO,” said Lance Drummond, non-executive chair of Freddie Mac’s board of directors, in a statement.
Hutchins has more than three decades of experience in the financial services industry, with previous senior positions at UBS and Salomon Brothers and as co-founder and CEO of Princeridge. His career at Freddie Mac began in 2013 as senior vice president, followed by executive vice president of investments and capital markets. Hutchins could not immediately be reached for comment.
Hutchins’s appointment comes ahead of a busy upcoming few years for Freddie Mac. Together with Fannie Mae, the two government-sponsored entities have originated more than half of the $1.1 trillion in outstanding multifamily debt maturing within the next ten years — $300 million of which comes due in the next five years, according to reporting this week by Commercial Observer.
Nick Trombola can be reached at NTrombola@commercialobserver.com.
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