Kevin Palmer has been appointed to head Freddie Mac’s multifamily business, effective May 9.
A company veteran, he moves to his new post after serving as senior vice president for single-family portfolio management.
“Over the course of his more than two decades at Freddie Mac, Kevin Palmer has demonstrated broad knowledge of the mortgage industry, a deep understanding of our company, and an unyielding commitment to our mission. These qualities make him the right leader to take our multifamily business forward,” said Michael DeVito, CEO of Freddie Mac. “Freddie Mac Multifamily has a long and successful track record of supporting affordable rental housing, managing risk, and innovating to support our customers. Kevin’s background and experience will help us continue that important work.”
Freddie Mac purchased $70 billion in multifamily loans in 2021, reaching its Federal Housing Finance Agency (FHFA) volume cap for the year. In addition, the government-sponsored enterprise (GSE) made $674 million in low-income housing tax credit equity investments, bringing its total multifamily housing support to $70.7 billion for the year.
The GSE financed approximately 650,000 rental units, of which 95% are affordable to households earning at or below 120% of the area median income (AMI).
For 2022, the FHFA has set the multifamily loan caps for Fannie Mae and Freddie Mac at $78 billion. The caps include the 50% mission-driven requirement, but the support for units affordable at 60% of the AMI has increased from 20% of volume in 2021 to 25% this year.
In previous roles, Palmer had broad responsibility for Freddie Mac’s single-family portfolio, overseeing pricing, servicing, credit risk transfer, and various other capital markets and risk management activities.
He will serve as a member of the company’s Senior Operating Committee and report to the company’s president, Mike Hutchins.
“I’ve had the pleasure of working alongside Kevin for several years—his leadership, capital markets expertise, and commitment to Freddie Mac make him uniquely qualified to lead our multifamily business,” Hutchins said. “Kevin will bring these and other qualities to this critically important role. I look forward to working more closely with him to better serve our mission and expand our track record as a leading financier of affordable rental housing across the United States.”
Palmer takes over as head of multifamily after the departure of Debby Jenkins, who left to join Kayne Anderson Real Estate at the end of last year.
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