{"id":413279,"date":"2023-11-07T10:42:50","date_gmt":"2023-11-07T15:42:50","guid":{"rendered":"https:\/\/www.housingwire.com\/?p=413279"},"modified":"2023-11-07T11:00:48","modified_gmt":"2023-11-07T16:00:48","slug":"freddie-mac-elects-lance-drummond-as-next-board-chair","status":"publish","type":"post","link":"https:\/\/www.housingwire.com\/articles\/freddie-mac-elects-lance-drummond-as-next-board-chair\/","title":{"rendered":"Freddie Mac elects Lance Drummond as next board chair"},"content":{"rendered":"\n

Freddie Mac\u00a0<\/strong>announced Tuesday that Lance Drummond will be the chair of its board of directors due to Sara Mathew\u2019s retirement in February 2024, as required by the company\u2019s bylaws.\u00a0<\/p>\n\n\n\n

Drummond, who joined the board in 2015, is currently the chair of the compensation and human capital committee. He also serves as a member of the executive, audit and operations and technology committees.<\/p>\n\n\n\n

Sandra Thompson<\/a>, director of the\u00a0Federal Housing Finance Agency<\/a><\/strong>, said in a statement that Drummond \u201chas established himself as a talented director who cares deeply about Freddie Mac<\/a>\u2019s mission and its employees who propel the company forward.\u201d<\/p>\n\n\n\n

Drummond is a veteran of the financial services industry. He retired as executive vice president of operations and technology of\u00a0TD Canada Trust<\/strong>\u00a0in 2014. Before that, Drummond worked at\u00a0Fiserv Inc.<\/strong>,\u00a0Bank of America<\/strong>\u00a0and\u00a0Eastman Kodak Company<\/strong>.\u00a0<\/p>\n\n\n\n

Mathew said in a statement that Drummond\u2019s \u201cdeep knowledge of the company, understanding of its employees and dedication to the company\u2019s mission make him an outstanding choice to serve as the next board chair.\u201d <\/p>\n\n\n\n

Mathew joined the GSE\u2019s board in 2013 when she retired as chair and CEO of Dun & Bradstreet Corporation<\/strong>. She has served as non-executive chair at Freddie Mac since 2019. <\/p>\n\n\n\n

According to Thompson, under Mathew\u2019s leadership, \u201cFreddie Mac became a stronger, more focused company that serves its mission by supporting affordable housing, reducing risks, building financial stability and growing talent.\u201d   <\/p>\n\n\n\n

In the third quarter of 2023, Freddie Mac financed 271,000 mortgages, with 56% of eligible loans being affordable to low- to moderate-income families<\/a>. The company enabled 108,000 first-time homebuyers to purchase a home. <\/p>\n\n\n\n

In addition, it financed 118,000 rental units<\/a> in the third quarter, 90% of them for affordable to low- to moderate-income families.<\/p>\n\n\n\n

The GSE delivered a net income of $2.7 billion in the third quarter, an increase of 104% year-over-year, primarily driven by a credit reserve release in the single-family business. Net revenues reached $5.7 billion from July to September, up 10% year over year.\u00a0

In September, Freddie Mac\u00a0announced that\u00a0Michael DeVito<\/a>\u00a0will retire as CEO<\/a> in the first quarter of 2024 after less than three years in the job.<\/p>\n","protected":false},"excerpt":{"rendered":"

Freddie Mac\u00a0announced Tuesday that Lance Drummond will be the chair of its board due to Sara Mathew\u2019s retirement in February 2024. <\/p>\n","protected":false},"author":35414,"featured_media":297533,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1692,4590,268078],"tags":[2346,1217,22857],"coauthors":[242838],"acf":[],"yoast_head":"\nFreddie Mac elects Lance Drummond as next board chair - HousingWire<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.housingwire.com\/articles\/freddie-mac-elects-lance-drummond-as-next-board-chair\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Freddie Mac elects Lance Drummond as next board chair - HousingWire\" \/>\n<meta property=\"og:description\" content=\"Freddie Mac\u00a0announced Tuesday that Lance Drummond will be the chair of its board due to Sara Mathew\u2019s retirement in February 2024.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.housingwire.com\/articles\/freddie-mac-elects-lance-drummond-as-next-board-chair\/\" \/>\n<meta property=\"og:site_name\" content=\"HousingWire\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.housingwire.com\/wp-content\/uploads\/2021\/03\/admin-ajax-24.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"1450\" \/>\n\t<meta property=\"og:image:height\" content=\"689\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Fl\u00e1via Furlan Nunes\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Fl\u00e1via Furlan Nunes\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.housingwire.com\/articles\/freddie-mac-elects-lance-drummond-as-next-board-chair\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.housingwire.com\/articles\/freddie-mac-elects-lance-drummond-as-next-board-chair\/\"},\"author\":{\"name\":\"Fl\u00e1via Furlan Nunes\",\"@id\":\"https:\/\/www.housingwire.com\/#\/schema\/person\/3d4839fd6811337d031c4d0119e73295\"},\"headline\":\"Freddie Mac elects Lance Drummond as next board chair\",\"datePublished\":\"2023-11-07T15:42:50+00:00\",\"dateModified\":\"2023-11-07T16:00:48+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.housingwire.com\/articles\/freddie-mac-elects-lance-drummond-as-next-board-chair\/\"},\"wordCount\":361,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/www.housingwire.com\/#organization\"},\"keywords\":[\"FHFA\",\"Freddie Mac\",\"Sandra Thompson\"],\"articleSection\":[\"Mortgage\",\"Secondary\",\"Yahoo Finance\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.housingwire.com\/articles\/freddie-mac-elects-lance-drummond-as-next-board-chair\/#respond\"]}],\"copyrightYear\":\"2023\",\"copyrightHolder\":{\"@id\":\"https:\/\/www.housingwire.com\/#organization\"},\"isAccessibleForFree\":\"False\",\"hasPart\":{\"@type\":\"WebPageElement\",\"isAccessibleForFree\":\"False\",\"cssSelector\":\".wp-block-housingwire-piano-member\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.housingwire.com\/articles\/freddie-mac-elects-lance-drummond-as-next-board-chair\/\",\"url\":\"https:\/\/www.housingwire.com\/articles\/freddie-mac-elects-lance-drummond-as-next-board-chair\/\",\"name\":\"Freddie Mac elects Lance Drummond as next board chair - 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