Kevin Palmer has been appointed to head Freddie Mac’s multifamily business enterprise, effective May perhaps 9.
A enterprise veteran, he moves to his new article just after serving as senior vice president for solitary-family members portfolio management.
“Over the system of his much more than two a long time at Freddie Mac, Kevin Palmer has shown broad awareness of the home finance loan field, a deep comprehension of our firm, and an unyielding motivation to our mission. These qualities make him the suitable chief to take our multifamily organization ahead,” stated Michael DeVito, CEO of Freddie Mac. “Freddie Mac Multifamily has a prolonged and effective monitor record of supporting inexpensive rental housing, controlling threat, and innovating to assistance our prospects. Kevin’s qualifications and encounter will assistance us proceed that critical perform.”
Freddie Mac purchased $70 billion in multifamily financial loans in 2021, achieving its Federal Housing Finance Agency (FHFA) quantity cap for the year. In addition, the federal government-sponsored business (GSE) created $674 million in very low-income housing tax credit score equity investments, bringing its total multifamily housing assistance to $70.7 billion for the yr.
The GSE financed roughly 650,000 rental models, of which 95% are affordable to households earning at or down below 120% of the region median income (AMI).
For 2022, the FHFA has set the multifamily personal loan caps for Fannie Mae and Freddie Mac at $78 billion. The caps contain the 50% mission-pushed prerequisite, but the assistance for models inexpensive at 60% of the AMI has amplified from 20% of volume in 2021 to 25% this yr.
In earlier roles, Palmer had broad responsibility for Freddie Mac’s one-family members portfolio, overseeing pricing, servicing, credit rating danger transfer, and several other cash markets and possibility administration things to do.
He will serve as a member of the company’s Senior Working Committee and report to the company’s president, Mike Hutchins.
“I’ve had the pleasure of performing together with Kevin for numerous years—his leadership, money markets know-how, and motivation to Freddie Mac make him uniquely skilled to direct our multifamily company,” Hutchins stated. “Kevin will provide these and other characteristics to this critically significant function. I seem forward to doing the job far more carefully with him to superior serve our mission and develop our track report as a major financier of affordable rental housing across the United States.”
Palmer normally takes above as head of multifamily after the departure of Debby Jenkins, who still left to be a part of Kayne Anderson Genuine Estate at the stop of very last 12 months.
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