Freddie Mac Names Head of Multifamily Business| Housing Finance Magazine
Kevin Palmer has been appointed to head Freddie Mac’s multifamily enterprise, productive May 9.
A corporation veteran, he moves to his new put up just after serving as senior vice president for one-relatives portfolio management.
“Over the training course of his much more than two decades at Freddie Mac, Kevin Palmer has shown wide expertise of the mortgage business, a deep understanding of our enterprise, and an unyielding motivation to our mission. These qualities make him the right leader to take our multifamily business forward,” said Michael DeVito, CEO of Freddie Mac. “Freddie Mac Multifamily has a long and thriving keep track of history of supporting very affordable rental housing, handling risk, and innovating to assistance our buyers. Kevin’s qualifications and encounter will help us carry on that essential work.”
Freddie Mac bought $70 billion in multifamily loans in 2021, achieving its Federal Housing Finance Company (FHFA) quantity cap for the yr. In addition, the governing administration-sponsored company (GSE) made $674 million in reduced-money housing tax credit rating fairness investments, bringing its total multifamily housing assistance to $70.7 billion for the 12 months.
The GSE financed about 650,000 rental units, of which 95% are affordable to homes earning at or underneath 120% of the region median money (AMI).
For 2022, the FHFA has set the multifamily financial loan caps for Fannie Mae and Freddie Mac at $78 billion. The caps involve the 50% mission-driven prerequisite, but the aid for units affordable at 60% of the AMI has amplified from 20% of quantity in 2021 to 25% this year.
In past roles, Palmer had wide duty for Freddie Mac’s solitary-loved ones portfolio, overseeing pricing, servicing, credit risk transfer, and several other funds marketplaces and danger administration routines.
He will serve as a member of the company’s Senior Running Committee and report to the company’s president, Mike Hutchins.
“I’ve had the satisfaction of functioning alongside Kevin for a number of years—his management, capital markets abilities, and commitment to Freddie Mac make him uniquely experienced to direct our multifamily enterprise,” Hutchins reported. “Kevin will carry these and other traits to this critically significant role. I search forward to functioning extra carefully with him to much better provide our mission and develop our keep track of record as a top financier of affordable rental housing across the United States.”
Palmer will take above as head of multifamily after the departure of Debby Jenkins, who remaining to be part of Kayne Anderson True Estate at the close of last 12 months.