- Michael Hutchins was named interim CEO of Freddie Mac after Diana Reid’s termination.
- FHFA Director Bill Pulte removed 14 board members and is now chairman of both GSEs.
- 35 unionized FHFA employees were placed on administrative leave without warning.
- Freddie Mac workers were ordered back to the office five days a week starting May 1.
- The Fannie Mae board appointee with Elon Musk ties resigned after just one day.
The leadership overhaul at the government-sponsored enterprises (GSEs) continues as newly appointed FHFA Director Bill Pulte shakes up Freddie Mac (FMCC) and Fannie Mae (FNMA), per GlobeSt.
Shaking Things Up
Freddie Mac announced the appointment of Michael T. Hutchins as interim CEO, following the abrupt termination of Diana Reid, according to a Bloomberg source.
Hutchins, who served as president of the company since 2020, previously held senior roles at UBS and Salomon Brothers. He’s no stranger to transitional leadership, having stepped in before during key moments of change at the agency-backed lender.
Pulte, confirmed earlier this month as director of the Federal Housing Finance Agency (FHFA), is moving aggressively. On top of Reid’s ousting, Pulte removed 14 board members from Freddie Mac and Fannie Mae and installed himself as chairman of both boards—a highly unusual and controversial step.
The shakeup appears to be part of broader reforms pushed by the Trump administration, which long sought to restructure the GSEs placed under federal conservatorship during the 2008 financial crisis.
Get Smarter about what matters in CRE
Stay ahead of trends in commercial real estate with CRE Daily – the free newsletter delivering everything you need to start your day in just 5-minutes
Internal Turmoil
In a separate move, the FHFA placed 35 unionized employees on administrative leave without prior notice. The affected workers—spread across consumer protection, equal opportunity, and research departments—were reportedly escorted out of the office and denied access to their belongings.
The National Treasury Employees Union, which represents the workers, criticized the lack of transparency, while the FHFA said the decision was part of a broader agency streamlining effort aimed at improving efficiency and compliance.
RTO Mandate
As part of his changes, Pulte also instituted a return-to-office policy for Freddie Mac, requiring all employees to work onsite five days a week starting May 1. A similar mandate is expected soon at Fannie Mae.
Board Drama
Meanwhile, Christopher Stanley, a newly appointed Fannie Mae board member and cybersecurity expert with ties to Elon Musk’s ventures (including SpaceX and X), resigned just one day after taking the role.
While details remain unclear, Stanley’s abrupt departure raises more questions about the ongoing shakeup and what comes next for Fannie Mae’s leadership.
Looking Ahead
Pulte’s rapid-fire changes are signaling a clear shift in tone and direction for the GSEs. With leadership turnover, board reshuffling, and sweeping policy changes already underway, market participants will be watching closely for any further disruption—or reforms—impacting the mortgage finance ecosystem.
