Freddie Mac’s board elected Kenny M. Smith to serve as chief executive officer, effective immediately, and Smith will also join the board as a director. The appointment follows the interim leadership of Michael Hutchins, who continues as president after serving as interim CEO.
Smith brings nearly four decades of experience in financial services, having held senior positions at Deloitte Consulting and in banking, capital markets, and real‑estate finance. His background includes leading large-scale transformation initiatives and managing complex regulatory environments, positioning him to guide Freddie Mac through its next phase of evolution.
Hutchins remains president, providing continuity as the organization transitions to a new CEO. His ongoing role underscores the board’s confidence in a smooth handover and the importance of maintaining stability during a period of significant change.
Freddie Mac has been under the conservatorship of the Federal Housing Finance Agency since the 2008 financial crisis, and privatization of the government‑sponsored enterprise has been a topic of ongoing discussion. Smith’s appointment signals the board’s intent to navigate the company through the remaining privatization process while preserving the firm’s core mission of supporting the U.S. housing market.
The housing market is currently facing elevated interest rates, with the average 30‑year fixed mortgage rate above 6% and a lock‑in effect that limits inventory. These conditions create market‑cycle challenges for Freddie Mac, which must balance liquidity provision with risk management in a high‑rate environment.
Michael Hutchins said, "Kenny Smith’s background and decades of experience in financial services will be an asset to Freddie Mac as we continue to meet the needs of homeowners, renters and the industry in 2026 and beyond." Smith added, "I am honored and excited to join the team at Freddie Mac. Freddie Mac plays a vital role in the nation’s housing finance system, and I look forward to working with our talented team to expand access to homeownership and rental housing across the country."
The appointment reflects Freddie Mac’s strategy to strengthen leadership with deep industry expertise while maintaining operational continuity. With Smith’s experience in large‑scale transformation and regulatory compliance, the company is positioned to address both the privatization transition and the current market‑cycle headwinds, reinforcing its role as a key liquidity provider in the U.S. mortgage market.
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