Freddie Mac Names Head of Multifamily Business| Housing Finance Magazine
Kevin Palmer has been appointed to head Freddie Mac’s multifamily company, efficient Might 9.
A company veteran, he moves to his new write-up after serving as senior vice president for solitary-household portfolio administration.
“Over the class of his far more than two a long time at Freddie Mac, Kevin Palmer has shown broad expertise of the house loan sector, a deep comprehension of our corporation, and an unyielding motivation to our mission. These traits make him the ideal leader to consider our multifamily business enterprise ahead,” stated Michael DeVito, CEO of Freddie Mac. “Freddie Mac Multifamily has a long and prosperous observe record of supporting affordable rental housing, running threat, and innovating to guidance our consumers. Kevin’s history and encounter will assistance us carry on that crucial operate.”
Freddie Mac procured $70 billion in multifamily loans in 2021, achieving its Federal Housing Finance Agency (FHFA) volume cap for the yr. In addition, the authorities-sponsored enterprise (GSE) created $674 million in very low-earnings housing tax credit equity investments, bringing its total multifamily housing assistance to $70.7 billion for the calendar year.
The GSE financed about 650,000 rental units, of which 95% are cost-effective to households earning at or below 120% of the space median profits (AMI).
For 2022, the FHFA has set the multifamily bank loan caps for Fannie Mae and Freddie Mac at $78 billion. The caps involve the 50% mission-pushed need, but the assistance for models economical at 60% of the AMI has improved from 20% of volume in 2021 to 25% this 12 months.
In past roles, Palmer had broad obligation for Freddie Mac’s one-family portfolio, overseeing pricing, servicing, credit history hazard transfer, and several other cash markets and possibility management routines.
He will provide as a member of the company’s Senior Working Committee and report to the company’s president, Mike Hutchins.
“I’ve experienced the pleasure of operating alongside Kevin for a number of years—his management, money marketplaces skills, and dedication to Freddie Mac make him uniquely certified to guide our multifamily business,” Hutchins claimed. “Kevin will convey these and other qualities to this critically critical function. I seem forward to doing work additional carefully with him to much better provide our mission and extend our keep track of record as a top financier of affordable rental housing throughout the United States.”
Palmer normally takes more than as head of multifamily just after the departure of Debby Jenkins, who left to sign up for Kayne Anderson Authentic Estate at the end of previous calendar year.