Freddie Mac Taps Industry Veteran Michael J. DeVito as its New CEO


Michael J. DeVito is the new CEO of Freddie Mac, effective June 1. 

Interim CEO Mark B. Grier will resume his duties as a full-time member of Freddie Mac’s board.

DeVito has more than 30 years of experience in the mortgage and financial services industry.

He spent more than 23 years at Wells Fargo and Co., rising to the level of executive vice president, head of home lending, where he was responsible for all aspects of the company’s mortgage and home equity business.

At Wells Fargo, DeVito worked across home lending, including in loan origination, servicing, portfolio management, secondary marketing and risk. At various points during his tenure, he served as head of home lending production, home lending servicing, default servicing, loan workout, the head of education financial services, and mortgage retail underwriting and operations. He retired from Wells Fargo in 2020.

In a release, Sara Mathew, non-executive chair of Freddie Mac’s board of directors, says DeVito “is a well-regarded leader with proven success in virtually every aspect of the mortgage industry.”

“His background and experience make him an excellent choice to lead Freddie Mac at this time,” Mathew says. “On behalf of the board of directors, I would also like to thank Mark Grier for his leadership as Interim CEO and we are pleased that he will continue to contribute to the company as a member of the board.”

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