Key Takeaways:
– Lance Drummond will be the chair of Freddie Mac’s board of directors, replacing Sara Mathew who will retire in February 2024.
– Drummond joined the board in 2015 and currently chairs the compensation and human capital committee.
– Sandra Thompson, director of the Federal Housing Finance Agency, praises Drummond’s dedication and talent.
– Drummond has extensive experience in the financial services industry, including roles at TD Canada Trust, Fiserv Inc., Bank of America, and Eastman Kodak Company.
– Mathew believes Drummond’s knowledge of the company and dedication to its mission make him an excellent choice for board chair.
– Under Mathew’s leadership, Freddie Mac became more focused, supported affordable housing, reduced risks, built financial stability, and grew talent.
– In the third quarter of 2023, Freddie Mac financed 271,000 mortgages, with 56% of eligible loans being affordable to low- to moderate-income families.
– The company also enabled 108,000 first-time homebuyers to purchase a home and financed 118,000 rental units, with 90% of them being affordable to low- to moderate-income families.
– Freddie Mac reported a net income of $2.7 billion in the third quarter, a 104% increase year-over-year, primarily due to a credit reserve release in the single-family business.
– Net revenues for the quarter reached $5.7 billion, a 10% increase year over year.
– CEO Michael DeVito will retire in the first quarter of 2024 after less than three years in the job.
HousingWire:
Freddie Mac announced Tuesday that Lance Drummond will be the chair of its board of directors due to Sara Mathew’s retirement in February 2024, as required by the company’s bylaws.
Drummond, who joined the board in 2015, is currently the chair of the compensation and human capital committee. He also serves as a member of the executive, audit and operations and technology committees.
Sandra Thompson, director of the Federal Housing Finance Agency, said in a statement that Drummond “has established himself as a talented director who cares deeply about Freddie Mac’s mission and its employees who propel the company forward.”
Drummond is a veteran of the financial services industry. He retired as executive vice president of operations and technology of TD Canada Trust in 2014. Before that, Drummond worked at Fiserv Inc., Bank of America and Eastman Kodak Company.
Mathew said in a statement that Drummond’s “deep knowledge of the company, understanding of its employees and dedication to the company’s mission make him an outstanding choice to serve as the next board chair.”
Mathew joined the GSE’s board in 2013 when she retired as chair and CEO of Dun & Bradstreet Corporation. She has served as non-executive chair at Freddie Mac since 2019.
According to Thompson, under Mathew’s leadership, “Freddie Mac became a stronger, more focused company that serves its mission by supporting affordable housing, reducing risks, building financial stability and growing talent.”
In the third quarter of 2023, Freddie Mac financed 271,000 mortgages, with 56% of eligible loans being affordable to low- to moderate-income families. The company enabled 108,000 first-time homebuyers to purchase a home.
In addition, it financed 118,000 rental units in the third quarter, 90% of them for affordable to low- to moderate-income families.
The GSE delivered a net income of $2.7 billion in the third quarter, an increase of 104% year-over-year, primarily driven by a credit reserve release in the single-family business. Net revenues reached $5.7 billion from July to September, up 10% year over year.
In September, Freddie Mac announced that Michael DeVito will retire as CEO in the first quarter of 2024 after less than three years in the job.
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