Freddie Mac confirms new CEO

Major name to move into the role

Freddie Mac confirms new CEO

Freddie Mac has introduced a new CEO, appointing former Wells Fargo chief Michael DeVito to the role.

DeVito will take the helm of the mortgage giant, effective June 01. He will substitute interim CEO Mark Grier, who will resume his responsibilities as a full-time member of the Freddie Mac board of directors.

“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.”

DeVito has spent more than 23 years of his 30-year mortgage career at Wells Fargo, where he most recently served as head of the bank’s mortgage and home equity business. His time at Wells Fargo also included serving as head of home lending production, home lending servicing, default servicing, loan workout, head of education financial services, and mortgage retail underwriting and operations. He retired from the firm last July.

“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.”