More changes at Freddie Mac and the Federal Housing Finance Agency (FHFA) took place yesterday.
According to various reports, several top executives—including Freddie Mac’s CEO Diana Reid and key FHFA officials—were fired, signaling a major shift in leadership at the agencies that back nearly half of U.S. mortgages.
Executives Fired
SEMAFOR reporter Elenor Mueller was the first to share the news on X:
Scoop: Freddie Mac’s CEO, COO and head of HR plus the Federal Housing Finance Agency’s COO and head of HR were all fired today, two people familiar with the dismissals tell me.
More in tomorrow’s Principals: https://t.co/RwTC24k0xV
— Eleanor Mueller (@Eleanor_Mueller) March 20, 2025
According to Politico, the list of departures includes:
- Diana Reid, CEO of Freddie Mac (appointed just last September)
- Freddie Mac’s COO and head of HR
- Gina Cross, FHFA’s Chief Operating Officer (placed on administrative leave)
- Monica Matthews, FHFA’s HR Director (placed on administrative leave)
While details remain sparse, Bloomberg first reported that Michael Hutchens has stepped in as interim CEO at Freddie Mac, and this has been reflected on Freddie Mac’s website. If that name sounds familiar, it’s because Hutchens already played the interim role last year after Michael DeVito retired.
Bill Pulte’s Changes So Far
These terminations come shortly after Bill Pulte was sworn in as FHFA Director—and he’s already making some major changes.
- He’s put dozens of employees on leave at both Fannie Mae and Freddie Mac.
- He fired 14 board members at Fannie and Freddie and replaced them—while also appointing himself chairman of both boards.
- He’s pushing for a return-to-office mandate, arguing that too many GSE employees are working remotely.
Meanwhile, FHFA has also shut down two departments, cutting about 10% of its workforce.
Is Privatization Next?
It’s clear that Pulte isn’t wasting time reshaping FHFA.
How this plays out for the mortgage market—and whether privatization is the next step—will be something to watch in the months ahead.
