Not wasting any time following his Senate confirmation last week, Federal Housing Finance Agency (FHFA) Director Bill Pulte made a series of major changes to the boards of government-sponsored enterprises Fannie Mae and Freddie Mac according to filings with the Securities and Exchange Commission (SEC). The news was first reported by Inside Mortgage Finance.
Based on the SEC filings, the Freddie Mac board removals included six members including board chair Lance Drummond, and Jane Prokop, who joined the board on Jan. 7. Pulte installed himself as board chair, who joins the board alongside Brandon Hamara, Clinton Jones and Ralph “Cody” Kittle.
At Fannie Mae, eight members were removed but CEO Priscilla Almodovar will remain onboard, as will existing members RenĂ©e Lewis Glover, Karin Kimbrough, Manuel Sánchez RodrĂguez and Scott Stowell. Michael Heid, the former chair, has been removed. The new appointees include Clinton Jones, Christopher Stanley (of Elon Musk’s SpaceX) and Michael Stucky. Pulte will also serve as chair of Fannie Mae’s board.
“Freddie Mac will provide information regarding any related party transactions and the new directors’ committee assignments as they become known,” the Freddie filing said, while for Fannie the board has yet to finalize any board assignments for the new members.
This is a developing story.
