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MortgagePoint ยป Your Trusted Source for Mortgage Banking and Servicing News 14 October 2024 M O V E R S & S H A K E R S Government FREDDIE MAC NAMES DIANA REID NEW CEO The Board of Directors of Freddie Mac has announced the selection of real estate and financial services industry veteran Diana Reid to serve as the company's new CEO, effective immediately. Reid will also serve as a member of Freddie Mac's Board of Directors. President and Interim CEO Michael Hutchins will continue as the company's President. Reid brings more than four decades of banking, real estate, capital markets and affordable housing experience to Freddie Mac. She spent nearly 12 years leading PNC Financial Services Group's real estate business division through the financial crisis and on to a period of significant growth. "I am pleased to announce that Fred- die Mac's Board of Directors concluded its comprehensive search and selected Diana Reid as the company's next CEO," said Lance Drummond, Non-Executive Chair of Freddie Mac's Board of Direc- tors. "Diana's proven track record and vast experience in housing finance, real estate and capital markets make her an excellent choice to further Freddie Mac's mission-driven work. I have the utmost confidence that she is the right person to take Freddie Mac into the future." Prior to her executive role at PNC, Reid founded Beekman Advisors, where she provided real estate finance company owners, CEOs, and boards strategic advice and M&A execution. She spent nearly 20 years at the investment bank formerly known as Credit Suisse First Boston in Mortgage Trading, Debt Cap- ital Markets, and Financial Institutions Advisory. "It is an honor to join Freddie Mac and lead the company as it carries out its vital role in the housing finance market," Reid said. "I look forward to working with the Board, management, and my colleagues at Freddie Mac to continue and expand the company's contribu- tions in providing liquidity, stability, and affordability for housing in communities across the country, and to ensure the company's safety and soundness for the next generation." Reid is a member of the Board of Directors of Welltower Inc., the advisory board of Pittsburgh Opera, and a found- ing board member of The Denyce Graves Foundation. "I am delighted that Freddie Mac has selected Diana Reid as its next CEO," Federal Housing Finance Agency (FHFA) Director Sandra L. Thompson said. "Diana brings with her decades of expe- rience in mortgage banking and capital markets, as well as a proven track record of executive leadership. I look forward to working with her to build upon Freddie Mac's mission to promote affordable housing throughout the country in a safe and sound manner. I am also grateful to Mike Hutchins for his leadership during this interim period as Freddie Mac com- pleted its search for a permanent CEO. I look forward to working with the Freddie Mac team to ensure a smooth transition." Back in March, Freddie Mac appoint- ed Hutchins to the additional role of Interim CEO as the company contin- ued its search for a permanent CEO. Hutchins was named to the Interim CEO role following the departure of then CEO Michael J. DeVito, who stepped down March 15. "On behalf of the Board, I thank Mike Hutchins for his leadership as Interim CEO, which provided necessary stability and continuity for Freddie Mac's import- ant work," Drummond added. "We are delighted to benefit from his continued leadership as the company's President." Movers & Shakers DOUG DUNCAN TO STEP DOWN AS FANNIE MAE CHIEF ECONOMIST Douglas G. Duncan, current SVP and Chief Economist at Fannie Mae, has officially announced his retirement via a LinkedIn post. Duncan's post on his LinkedIn page ended speculation of an impending retirement and exit from the GSE. "I noticed someone ran a story about me retiring, so I thought I had better do it," said Duncan in his post. "Details in- clude stepping down as Chief Economist September 22, and then packing up all great memories and artifacts and people contact information for the next three months before turning in my ID badge at Fannie at the end of December." In his role as SVP and Chief Econo- mist at Fannie Mae, Duncan is respon- sible for forecasts and analyses of the economy and the housing and mortgage markets. He also oversees strategic re- search regarding the potential impact of external factors on the housing industry. Duncan is Fannie Mae's source for infor- mation and analyses on demographics and the external business and economic environment; the implications of changes in economic activity on the company's strategy and execution; and for fore- casting overall housing, economic, and mortgage market activity. Under his leadership, Fannie Mae's Economic & Strategic Research (ESR) Group earned the 2022 Lawrence R. Klein Award for Blue Chip Forecast Ac- curacy recognizing their industry-leading work over a four-year period. In both 2015 and 2016, Duncan and the ESR Group won the NABE Outlook Award, presented annually for the most accurate GDP and Treasury note yield forecasts, becoming the first recipient in the