Freddie MacChief Financial Officer Christian Lown informed the company of his intention to resign at the end of this month.
Freddie Mac said in an 8-K filing with the government that the government-sponsored enterprise (GSE) will “begin the process of identifying a successor.” Securities and Exchange Commission (U.S. Securities and Exchange Commission) Friday. Long’s resignation was announced on June 5 and became effective on June 28.
A spokesman for Freddie Mac said the company would issue an update when it became available, but did not provide further details, including the reason for the resignation.
Lown joined the GSE in June 2020 as the company planned to exit regulation. It didn’t happen in the end.
Previously, Lown served as chief financial officer of: Navit Corporation., a student loan servicer he joined in 2003 and serves as managing director of the Financial Institutions Group Morgan Stanley.
When Long joined Freddie Mac, then-CEO David Brickman said in a statement that his background in debt and equity capital markets and mergers and acquisitions would be “invaluable” in preparing companies to exit conservatorships. ”.
At that time, federal housing finance agency The Federal Housing Finance Agency (FHFA) has moved in this direction, issuing a rule allowing Fannie Mae and Freddie Mac to build capital.
Freddie Mac has faced some leadership changes recently. Its chief executive, Michael DeVito, will retire in the first quarter of 2024 after less than three years on the job.
In March, Freddie Mac announced that its president, Michael Hutchins, a 30-year veteran of the mortgage industry who joined the GSE in 2013, was named interim CEO.
Meanwhile, the company continues to search for a permanent chief executive.
Freddie Mac reported full-year 2023 profits of $10.5 billion, an annual increase of 13%. The business financed 955,000 mortgages last year, with 56% of qualifying loans deemed affordable to low- and moderate-income households.
