FHFA replaces Freddie Mac board member, assigns audit role

The Federal Housing Finance Agency is continuing to reshuffle leadership at the board level and in the executive ranks at the government-sponsored enterprises.

Capital One Multifamily Finance executive Grace Huebscher resigned from Freddie Mac's board and Michael Parrott has succeeded her, according to the GSE's recent securities filing and an uncredentialed new board member listing. 

Another filing shows recent addition Ralph "Cody" Kittle, a partner at investment firm RenWave Kore, has been named a member of a board group dedicated to audit functions.

The changes occur amid a backdrop of broader analysis of public spending and assessment of whether it is time to step up efforts to remove government-sponsored enterprises Freddie Mac and Fannie Mae from the conservatorship they've been in since 2008's Great Financial Crisis.

Fannie Mae and Freddie Mac's boards and executive leadership have been in flux since mid-March as the FHFA has worked to find what it considers the right mix. 

Also, Fannie's Chief Compliance Officer Nancy Jardini has reportedly left the enterprise, according to a Semafor reporter on social media platform X, who cites anonymous sources. Jardini's time at Fannie ended this month, according to her LinkedIn profile.

FHFA Director Bill Pulte has been leaning heavily on X, which has ties to Trump administration ally Elon Musk, to disseminate FHFA policy changes in line with broader federal efforts to reduce many types of policy instituted during President Biden's term.

Pulte rescinded a climate-related risk management requirement for the Federal Home Loan Bank system, and a directive for joint discussions between the FHLBs, Fannie, Freddie and the Department of Housing and Urban Development on solar energy.

He also ended a real-estate owned strategy Fannie Mae had been using since late 2021, the enterprises' use of special purpose credit programs, an advisory bulletin on unfair and deceptive acts and practices, and plans to add certain tenant protections to multifamily programs.

The FHFA director confirmed that he has ordered enterprise employees to return to in-office work for the full five-day week and is reviewing compensation, Bloomberg Politics reports.

He toured enterprise offices recently with Fox News and showed concern about hybrid staffing policies leaving the facilities underutilized. Pulte also echoed broader administration goals aimed at ending diversity, equity and inclusion initiatives in that interview.