Federal Home Loan Mortgage Corporation (Freddie Mac) reported a change in compensation for its Executive Vice President and Chief Financial Officer, James Whitlinger. The U.S. Federal Housing Finance Agency, acting as Conservator, approved updates under Freddie Mac’s Executive Management Compensation Program.
Whitlinger’s base salary remains at $600,000, while his fixed deferred salary is set at $1,535,000 and his at-risk deferred salary at $915,000, effective January 1, 2026. These amounts reflect how much of his pay is deferred and how much depends on performance or other conditions.
Freddie Mac, formally the Federal Home Loan Mortgage Corporation, filed an 8-K to report a governance action taken by its conservator. Since the Federal Housing Finance Agency (FHFA) was appointed Conservator on September 6, 2008, it has held all voting and related rights normally exercised by stockholders, officers, and directors, including electing the board.
On February 3, 2026, the FHFA, as Conservator, executed a written consent re-electing all eligible, then-current directors to Freddie Mac’s Board of Directors, effective the same day. Directors re-elected include Mark H. Bloom, Kathleen L. Casey, David S. Farbman, Aleem Gillani, Michael T. Hutchins, Clinton C. Jones, III, Ralph W. (Cody) Kittle, III, Michael Parrott, William J. Pulte, and Kenny M. Smith.
This Form 3 reports that Kenny M. Smith is an officer of Federal Home Loan Mortgage Corp, serving as CEO. The filing date of the reportable event is 12/17/2025. According to the filing, the reporting person beneficially owns no non-derivative securities of the company, with Table I showing "No Securities Owned" and an amount of 0 held directly. Table II shows no derivative securities reported, such as options or warrants.
Freddie Mac has appointed Kenny M. Smith as its new Chief Executive Officer, effective December 17, 2025, and he will also join the company’s Board of Directors on that date.
Smith, age 64, is a retired senior principal of Deloitte Consulting, where he worked since 1993, including serving as Vice Chairman and U.S. Financial Services Industry Leader and as Global Lead Client Service Partner for Wells Fargo & Company. His direct compensation as CEO will consist solely of base salary of $600,000 per year, pro-rated for his service in 2025, along with eligibility for employee benefits previously described in Freddie Mac’s 2024 Annual Report.
Freddie Mac will enter into a memorandum agreement, as well as restrictive covenant, confidentiality, and indemnification agreements with Smith, using forms previously filed for executive officers. Michael Hutchins will remain President of Freddie Mac and continue to serve on its Board.
Freddie Mac reported results of operations for the quarter ended September 30, 2025 and furnished supporting materials. The company submitted a press release as Exhibit 99.1 and a Financial Results Supplement as Exhibit 99.2.
Exhibit 99.1 is deemed “filed” under Section 18 of the Exchange Act, while Exhibit 99.2 is being “furnished” and is not deemed filed or subject to Section 18, nor incorporated by reference except as expressly stated. The filing date is October 30, 2025.
Freddie Mac reported third‑quarter results reflecting stable core earnings with softer non‑interest performance. Net income was $2.8 billion, down 11% year over year, as a credit reserve build replaced last year’s release. Net revenues were $5.7 billion, down 2%, with higher net interest income offset by lower non‑interest income.
Net interest income rose 9% to $5.5 billion, driven by continued mortgage portfolio growth and lower hedge‑related expense. Non‑interest income fell 66% to $284 million on investment losses and less favorable fair value changes. Provision for credit losses was $175 million versus a $191 million benefit a year ago, reflecting new single‑family acquisitions and updated house‑price forecasts.
Net worth reached $67.6 billion as of September 30, 2025. The senior preferred stock liquidation preference was $137.5 billion and is scheduled to increase to $140.2 billion on December 31, 2025 based on the quarterly net worth increase. Freddie Mac provided $124 billion in market liquidity in 3Q 2025, supporting approximately 483,000 home purchases, refinancings, and rental units. The mortgage portfolio was $3.6 trillion (Single‑Family $3.1 trillion; Multifamily $480 billion). Credit enhancement coverage stood at 62% of Single‑Family and 90% of Multifamily.
Freddie Mac disclosed that Michael T. Hutchins agreed to extend his tenure as President and Interim Chief Executive Officer through the earlier of the appointment of a permanent CEO or December 19, 2025. The filing notes this change as a material event and lists associated exhibits. This extension preserves executive continuity while the board completes its CEO search, keeping senior leadership in place short term but leaving the timing of a permanent appointment unspecified.