Freddie Mac Names Head of Multifamily Business| Housing Finance Magazine
Kevin Palmer has been appointed to head Freddie Mac’s multifamily company, helpful Might 9.
A organization veteran, he moves to his new publish right after serving as senior vice president for one-relatives portfolio administration.
“Over the class of his much more than two decades at Freddie Mac, Kevin Palmer has shown wide awareness of the home finance loan industry, a deep knowing of our business, and an unyielding commitment to our mission. These qualities make him the correct leader to take our multifamily business ahead,” stated Michael DeVito, CEO of Freddie Mac. “Freddie Mac Multifamily has a prolonged and effective track record of supporting economical rental housing, taking care of threat, and innovating to support our clients. Kevin’s qualifications and working experience will assistance us continue that important get the job done.”
Freddie Mac procured $70 billion in multifamily loans in 2021, reaching its Federal Housing Finance Agency (FHFA) volume cap for the calendar year. In addition, the governing administration-sponsored company (GSE) manufactured $674 million in reduced-money housing tax credit history equity investments, bringing its complete multifamily housing help to $70.7 billion for the yr.
The GSE financed close to 650,000 rental units, of which 95% are affordable to homes earning at or under 120% of the region median cash flow (AMI).
For 2022, the FHFA has established the multifamily personal loan caps for Fannie Mae and Freddie Mac at $78 billion. The caps contain the 50% mission-pushed need, but the assist for units very affordable at 60% of the AMI has increased from 20% of quantity in 2021 to 25% this yr.
In prior roles, Palmer experienced wide accountability for Freddie Mac’s solitary-family portfolio, overseeing pricing, servicing, credit risk transfer, and numerous other cash marketplaces and hazard administration functions.
He will provide as a member of the company’s Senior Functioning Committee and report to the company’s president, Mike Hutchins.
“I’ve experienced the enjoyment of performing together with Kevin for several years—his management, capital markets abilities, and determination to Freddie Mac make him uniquely certified to direct our multifamily enterprise,” Hutchins mentioned. “Kevin will carry these and other traits to this critically important function. I glance forward to working far more carefully with him to better serve our mission and broaden our monitor document as a foremost financier of inexpensive rental housing throughout the United States.”
Palmer will take around as head of multifamily following the departure of Debby Jenkins, who still left to join Kayne Anderson True Estate at the stop of final yr.