Freddie Mac has announced that Michael J. DeVito has informed the Board of Directors of his intention to retire as CEO of the government-sponsored enterprise (GSE) in the first quarter of 2024. Freddie Mac’s Board has announced that it will begin a search for DeVito’s successor, and a smooth transition is anticipated.
In the role of Freddie Mac CEO that DeVito has held since June 2021, he currently oversees all daily aspects of the GSE, in addition to serving as a member of the company's Board of Directors. As CEO, DeVito works to ensure that Freddie Mac fulfills its mission of providing liquidity, stability, and affordability to the nation’s housing market, focusing the GSE on four priorities: advancing affordable housing, practicing risk management excellence, growing talent, and delivering strong financial results.
“We are very saddened to hear of Michael’s departure, and the Board expresses its profound appreciation for his strong leadership and his many other contributions to Freddie Mac,” said Sara Mathew, Chair of Freddie Mac’s Board of Directors. “Above all, Michael demonstrated a true passion for the company’s mission and drove meaningful progress in making home possible for homebuyers and renters in communities across the nation.”
DeVito spent more than 23 years at Wells Fargo before retiring in July 2020 when he was replaced by Kristy Fercho 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.
“Michael DeVito has brought more than 30 years of experience and leadership in mortgage finance to Freddie Mac,” added Sandra L. Thompson, Director of the Federal Housing Finance Agency (FHFA). “I am grateful for his commitment and dedication which has put the company in a stronger financial position while still providing broad access to credit for all creditworthy borrowers. I am deeply grateful for his service and wish him well in his future endeavors. I will work closely with the Board in identifying a successor and ensuring a smooth transition to the new leadership.”