Freddie Mac has announced that Michael Hutchins will retain his roles as Interim CEO and President until a permanent CEO is appointed, or until December 19.
Hutchins’ extension was announced in a company regulatory filing, as the government-sponsored enterprise (GSE) continues its search for a permanent CEO.
In March of 2024, Freddie Mac appointed its then President Hutchins to the additional role of Interim CEO. Hutchins also became a member of Freddie Mac’s Board of Directors. Hutchins was named President of the GSE in 2020, and is a member of the company’s Senior Operating Committee, as leadership of the company’s Single-Family, Multifamily, Investments & Capital Markets and Enterprise Operations & Technology divisions report to him.
Hutchins has worked in the financial services industry for more than 30 years. Prior to joining Freddie Mac, he was Co-Founder and CEO of PrinceRidge. Prior to founding PrinceRidge, he was with UBS from 1996-2007, holding a variety of positions, including as Global Head of the Fixed Income, Rates & Currencies Group. Prior to UBS, Hutchins worked at Salomon Brothers from 1986-1996, and held a number of management positions, including Co-Head of Fixed Income Capital Markets.
In other Freddie Mac news, Matthew Abrusci has joined the GSE as EVP, General Counsel and Corporate Secretary, bringing more than 30 years of legal experience across the financial services sector to his new role.
He joins the company from Mitsubishi UFJ Financial Group (MUFG) Americas, where he served as General Counsel. MUFG offers services including commercial banking, trust banking, securities, consumer finance, asset management, leasing, and others. Previously, he held senior legal positions at the Royal Bank of Canada (RBC), Credit Suisse Securities (USA) LLC, and Merrill Lynch & Company Inc.
Abrusci received his bachelor’s degree and his juris doctorate from St. John’s University.
“Matthew Abrusci brings deep experience across the legal spectrum, and I have no doubt he will quickly become a valued member of Freddie Mac’s executive team,” said Hutchins.
The Trump administration is considering an initial public offering (IPO) of both Freddie Mac and Fannie Mae, a move estimated to raise approximately $30 billion for the government. It is still up for debate whether or not the two entities would IPO as one company or two separates.
The planned IPO could see both companies valued at $500 billion or more combined, and could entail selling between 5% and 15% of their stock.
President Trump recently engaged with some of the nation’s top banking minds to explore bringing Fannie and Freddie public. Fannie Mae and Freddie Mac help provide stability and affordability to America’s home mortgage market. The National Association of Realtors (NAR) reports that Freddie and Fannie support approximately 70% of the U.S. mortgage market.
President Trump has reportedly met with J.P. Morgan CEO Jamie Dimon and Goldman Sachs CEO David Solomon on the matter, as well as Bank of America CEO Brian Moynihan. During these sessions, Trump has reportedly discussed ideas and strategies on launching large-scale IPOs for Fannie and Freddie, and how some of the nation’s major banks could participate in the process.
On September 6, 2008, with consent of the Board of Directors of Freddie Mac and Fannie Mae, the Director of the Federal Housing Finance Agency (FHFA) exercised statutory authority to place each GSE into conservatorship. This move established the two conservatorships in response to a deterioration in the housing markets that severely damaged the financial condition of each and left both of them unable to fulfill their missions without government intervention.
The post Hutchins Agrees to Extending Role as Freddie Mac Interim CEO first appeared on The MortgagePoint.
