Several of Freddie Mac’s top officials, including CEO Diana Reid, were fired yesterday by new FHFA Director Bill Pulte. President Michael Hutchins is to act as interim CEO.
Also reportedly fired was Chief Human Resources Officer Dionne Wallace Oakley. There are other unclear news reports of firings such as for a COO, but there is no Freddie Mac employee listed with that title.
A longtime leader in the banking industry, Reid was hired to lead Freddie in September 2024, having previously led the real estate division of PNC Financial Services Group. Hutchins previously served as an interim CEO before Reid was hired, having been named president of the organization in 2020.
It was previously reported on Monday that Pulte had removed eight members from the Fannie Mae board and introduced four new ones, including himself. He also removed six members from the board of Freddie, adding four new members, including himself. FHFA General Counsel Clinton Jones was also added to Fannie’s board.
Two separate filings with the Securities and Exchange Commission confirmed Pulte is now serving as chairman of both the Fannie and Freddie board.
Pulte was sworn in as the new FHFA director last Friday following his confirmation by the Senate, and has received support from many industry organizations such as the National Association of REALTORS®, the National Association of Home Builders and the Mortgage Bankers Association on his appointment.
The Trump Administration and Pulte have both expressed the sentiment of privatizing the GSEs (aka Fannie and Freddie). It is unclear whether these leadership changes relate to this plan or not.
