– USA, VA – Freddie Mac (OTCQB: FMCC) today announced the appointment of housing-industry veteran Michael DeVito as its CEO, effective June 1, replacing Interim CEO Mark Grier who will resume his duties as a full-time member of the Board.
“I am delighted to announce that, after an exhaustive search, the Board of Directors has chosen Michael DeVito as the next CEO of Freddie Mac,” said non-executive chair, Sara Mathew. “Michael is a well-regarded leader with proven success in virtually every aspect of the mortgage industry. His background and experience make him an excellent choice to lead Freddie Mac at this time. On behalf of the Board of Directors, I would also like to thank Mark Grier for his leadership as Interim CEO and we are pleased that he will continue to contribute to the company as a member of the Board.”
About Michael DeVito
Mr. DeVito brings more than 30 years of experience in the mortgage and financial services industry to Freddie Mac. He spent more than 23 years at Wells Fargo and Company, rising to the level of EVP, Head of Home Lending, where he was responsible for all aspects of the company’s mortgage and home equity business.
At Wells Fargo, DeVito worked across Home Lending, including loan origination, servicing, portfolio management, secondary marketing, and risk. At various points during his tenure, Mr. DeVito served as Head of Home Lending Production, Home Lending Servicing, Default Servicing, Loan Workout, the Head of Education Financial Services, and Mortgage Retail Underwriting and Operations. He retired from Wells Fargo in 2020.
“I am honored to lead a mission-driven company with proven success in making home possible for millions of families over the past five decades,” said Michael DeVito. “I thank the Board for their confidence, and I look forward to getting to know the people and leaders who make Freddie Mac so successful. Working together, I’m certain we can continue to deliver the liquidity, stability, and affordability the housing markets need while enhancing our own safety and soundness.”
About Freddie Mac
Freddie Mac makes home possible for millions of families and individuals by providing mortgage capital to lenders. Since our creation by Congress in 1970, we’ve made housing more accessible and affordable for homebuyers and renters in communities nationwide. We are building a better housing finance system for homebuyers, renters, lenders, and taxpayers.
For more information: http://www.freddiemac.com/
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