Freddie Mac Names Head of Multifamily Business| Housing Finance Magazine

Kevin Palmer has been appointed to head Freddie Mac’s multifamily enterprise, productive May perhaps 9.

A company veteran, he moves to his new article right after serving as senior vice president for single-family members portfolio management.

“Over the system of his more than two decades at Freddie Mac, Kevin Palmer has shown broad know-how of the home finance loan business, a deep comprehending of our firm, and an unyielding commitment to our mission. These characteristics make him the appropriate chief to acquire our multifamily business forward,” stated Michael DeVito, CEO of Freddie Mac. “Freddie Mac Multifamily has a extensive and effective keep track of record of supporting economical rental housing, taking care of chance, and innovating to support our clients. Kevin’s qualifications and working experience will support us continue on that critical function.”

Freddie Mac bought $70 billion in multifamily financial loans in 2021, achieving its Federal Housing Finance Agency (FHFA) quantity cap for the 12 months. In addition, the governing administration-sponsored business (GSE) created $674 million in small-income housing tax credit rating fairness investments, bringing its full multifamily housing assistance to $70.7 billion for the year.

The GSE financed approximately 650,000 rental models, of which 95% are reasonably priced to households earning at or under 120% of the space median income (AMI).

For 2022, the FHFA has established the multifamily financial loan caps for Fannie Mae and Freddie Mac at $78 billion. The caps involve the 50% mission-driven need, but the support for models affordable at 60% of the AMI has enhanced from 20% of volume in 2021 to 25% this year.

In past roles, Palmer had wide duty for Freddie Mac’s one-loved ones portfolio, overseeing pricing, servicing, credit rating risk transfer, and numerous other capital markets and risk administration pursuits.

He will serve as a member of the company’s Senior Operating Committee and report to the company’s president, Mike Hutchins.

“I’ve had the satisfaction of operating along with Kevin for various years—his leadership, capital markets experience, and motivation to Freddie Mac make him uniquely capable to lead our multifamily business,” Hutchins claimed. “Kevin will bring these and other qualities to this critically vital job. I glance forward to functioning far more closely with him to much better serve our mission and grow our track document as a foremost financier of reasonably priced rental housing across the United States.”

Palmer will take above as head of multifamily just after the departure of Debby Jenkins, who still left to sign up for Kayne Anderson Serious Estate at the close of final year.