Freddie Mac has named a new CEO, appointing housing industry veteran Michael J. DeVito to the position effective June 1.
DeVito will succeed David Brickman, who resigned in November and officially stepped down in January, as full-time CEO of the government-sponsored enterprise. Mark B. Grier had been filling in as interim CEO of Freddie Mac; he will resume his duties as a member of Freddie’s board when DeVito assumes the role.
“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 Sara Mathew, non-executive chair of Freddie Mac’s board of directors. “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.”
DeVito brings more than 30 years of experience in the mortgage and financial services industry to Freddie Mac, most notably at Wells Fargo. He spent more than 23 years at the bank, rising to the level of executive vice president and head of home lending. He also served in various other leadership roles during his tenure at Wells Fargo, including head of home lending production, home lending servicing, default servicing and loan workout, head of education financial services, and mortgage retail underwriting and operations. He retired from Wells Fargo in the summer of last year.
“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,” DeVito said. “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.”
