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Freddie Mac extends interim CEO Hutchins' tenure as search continues

BY Reuters | AGENCY | 09/19/25 06:11 PM EDT

Sept 19 (Reuters) - Mortgage finance firm Freddie Mac's Michael Hutchins will remain in the roles of interim chief executive and president until a permanent CEO is appointed or until December 19.

The tenure extension, disclosed in a company regulatory filing on Friday, comes as the federal government-backed home mortgage firm searches for a permanent chief.

Recently, the Trump administration has indicated plans for initial public offerings of Freddie Mac and Fannie Mae later this year, marking a key milestone for the mortgage finance giants that have been under government control for years.

Fannie and Freddie were created by Congress to support the housing market by ensuring affordable mortgage financing, but crumbled after being severely bruised during the financial crisis.

They were bailed out with taxpayer funds, and the Department of Treasury received preferred shares in return, which paid billions of dollars in dividends over the years.

(Reporting by Savyata Mishra in Bengaluru; Editing by Alan Barona)

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In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.

Lower-quality debt securities generally offer higher yields, but also involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. Any fixed income security sold or redeemed prior to maturity may be subject to loss.

Before investing, consider the funds' investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.

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