Kevin Palmer has been appointed to head Freddie Mac’s multifamily company, powerful May possibly 9.
A enterprise veteran, he moves to his new write-up immediately after serving as senior vice president for one-loved ones portfolio administration.
“Over the program of his far more than two decades at Freddie Mac, Kevin Palmer has shown broad understanding of the home finance loan industry, a deep knowledge of our corporation, and an unyielding determination to our mission. These qualities make him the appropriate leader to choose our multifamily company ahead,” stated Michael DeVito, CEO of Freddie Mac. “Freddie Mac Multifamily has a prolonged and successful keep track of file of supporting very affordable rental housing, running hazard, and innovating to assistance our prospects. Kevin’s qualifications and knowledge will assistance us keep on that vital function.”
Freddie Mac procured $70 billion in multifamily loans in 2021, reaching its Federal Housing Finance Agency (FHFA) quantity cap for the year. In addition, the governing administration-sponsored enterprise (GSE) produced $674 million in very low-cash flow housing tax credit history fairness investments, bringing its full multifamily housing assistance to $70.7 billion for the calendar year.
The GSE financed about 650,000 rental units, of which 95% are inexpensive to homes earning at or below 120% of the space median money (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 necessity, but the assist for units affordable at 60% of the AMI has greater from 20% of volume in 2021 to 25% this year.
In past roles, Palmer had wide duty for Freddie Mac’s single-loved ones portfolio, overseeing pricing, servicing, credit score risk transfer, and various other funds markets 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 had the pleasure of functioning alongside Kevin for many years—his leadership, funds markets expertise, and motivation to Freddie Mac make him uniquely skilled to direct our multifamily organization,” Hutchins said. “Kevin will convey these and other characteristics to this critically critical function. I search forward to performing additional intently with him to much better serve our mission and extend our track document as a major financier of reasonably priced rental housing across the United States.”
Palmer requires around as head of multifamily just after the departure of Debby Jenkins, who remaining to be part of Kayne Anderson Actual Estate at the conclusion of last calendar year.