The board of directors of Freddie Mac [1] has announced that, effective June 1, 2021, Michael J. DeVito will take over as CEO. At that time, Interim CEO Mark B. Grier [2] will resume his duties as a full-time member of Freddie Mac’s board of directors.
With more than 30 years of mortgage and financial services experience, DeVito spent more than 23 years at Wells Fargo and Company, serving most recently as EVP/Head of Home Lending, where he was responsible for all aspects of the company’s mortgage and home equity business.
“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 [3], 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 retired last July from Wells Fargo after a 23-year stint with the company and replaced by Kristy Fercho [4] as Head of Wells Fargo Home Lending. While at Wells Fargo, DeVito worked across the company’s Home Lending channel, including loan origination, servicing, portfolio management, secondary marketing, and risk. At various points during his tenure, he served as Head of Home Lending Production, Home Lending Servicing, Default Servicing, Loan Workout, Head of Education Financial Services, and Mortgage Retail Underwriting and Operations.
“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,” said DeVito. “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.”