Top execs reportedly leave Freddie Mac, FHFA

The Federal Housing Finance Agency has ousted two top Freddie Mac executives in addition to one of its own, unconfirmed reports from news platform Semafor indicate.

Freddie CEO Diana Reid and FHFA Chief Operating Officer Gina Cross have left, according to Semafor reporter Eleanor Mueller who posted on X. Cross was hired in December and had previously worked at service organization Americorps. Mueller also reported that FHFA Chief Human Resources Officer Dionne Wallace Oakley has left.

Freddie Mac President Mike Hutchins has resumed the role of interim CEO he previously had during the gap between former CEO Mike DeVito's departure in March 2024 and Reid's arrival in September of last year, according to the government-sponsored enterprise's website. A Securities and Exchange Commission filing also confirms Hutchins' new post and indicates Reid has departed.

The Semafor report also indicated that the heads of human resources at both the enterprise and its regulator and the COO at Freddie had been dismissed but the GSE does not specifically list anyone in the C-suite with an operations title on its website.

A separate Politico report described Cross and FHFA Human Resources Director Monica Matthews as "on leave."

Other changes at FHFA include the addition of Aaron Kofsky, a former financial policy advisor for Vice President J.D. Vance, according to Politico and Bloomberg reports. Kofsky has been named the senior associate director for the division of housing mission and goals.

The FHFA had not responded to inquiries at deadline. It has added a website update stating it is "rescinding" diversity, equity and inclusion programs, including those with "gender ideology" outside a "biological" definition of women, in line with broader Trump administration actions.

FHFA Director Bill Pulte earlier this week made sweeping changes to Freddie Mac and competitor Fannie Mae's boards and has been critical of hybrid work policies and underutilized office space at both of the influential government-related mortgage investors.

Since the initial shakeup and the quick resignation of one new appointee from Fannie's board, Christopher Herbert, chair of the mission and housing sustainability committee at Freddie, also has tendered his resignation. David Farbman, CEO of HealthRise has replaced him, according to an SEC filing and an update to the board members listed on Freddie's website.

At least one other Freddie Mac executive, Craig Phillips, is no longer at the GSE, according to earlier Washington Post reports. Phillips is a former Treasury official who had just come on board in January.

Both Phillips and the aforementioned Federal Housing Finance Agency CHRO posted separately on LinkedIn that their respective terms at Freddie ended this month.