Freddie
Mac’s
chief
financial
officer,
Christian
Lown,
notified
the
company
of
his
intention
to
resign
at
the
end
of
this
month.

The

government-sponsored
enterprise
(GSE)
will
“begin
the
process
of
identifying
a
successor,”
Freddie
Mac
said
in
an
8-K
filing
with
the

Securities
and
Exchange
Commission
(SEC)
on
Friday. Lown’s
resignation,
was
was
announced
on
June
5,
takes
effect
June
28.

A
spokesperson
for
Freddie
Mac
said
the
enterprise
will
release
updates
as
they
become
available
but
did
not
provide
further
details,
including
the
reason
for
the
resignation.

Lown
joined
the
GSE
in
June
2020
amid
plans
for
the
enterprise
to

exit
conservatorship,
which
ended
up
not
happening.

Previously,
Lown
was
the
chief
financial
officer
of

Navient
Corp.,
a
student
loan
servicer
he
joined
in
2003,
and
was
a
managing
director
for
the
financial
institutions
group
at

Morgan
Stanley. 

When
Lown
joined
Freddie
Mac,
then-CEO
David
Brickman
said
in
a
statement
that
his
background
in
the
debt
and
equity
capital
markets,
as
well
as
mergers
and
acquisitions,
would
be
“invaluable”
in
preparing
the
enterprise

to
end
the
conservatorship. 

At
that
point,
the

Federal
Housing
Finance
Agency
(FHFA)
had
moved
in
that
direction
by
issuing
a

rule
that
allowed
allowing
Fannie
Mae
and
Freddie
Mac
to
build
capital.  

Freddie
Mac
has
faced
some
recent
leadership
changes.
Its
CEO,

Michael
DeVito,
retired
in
the
first
quarter
of
2024,
less
than
three
years
into
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
—
had
been
appointed
as
interim
CEO.

Meanwhile,
the
enterprise
continues
its
search
for
a
permanent
CEO. 

Freddie
Mac
reported
a

full-year
profit
of
$10.5
billion
in
2023,
a
13%
year-over-year
increase.
The
enterprise
financed
955,000
mortgages
last
year,
with
56%
of
eligible
loans
deemed
affordable
to
low-
and
moderate-income
families.

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