Kevin Palmer has been appointed to head Freddie Mac’s multifamily small business, efficient Might 9.
A enterprise veteran, he moves to his new submit after serving as senior vice president for one-household portfolio administration.
“Over the system of his a lot more than two a long time at Freddie Mac, Kevin Palmer has demonstrated broad knowledge of the mortgage loan market, a deep being familiar with of our organization, and an unyielding dedication to our mission. These qualities make him the correct chief to get our multifamily business ahead,” claimed Michael DeVito, CEO of Freddie Mac. “Freddie Mac Multifamily has a long and thriving observe document of supporting affordable rental housing, taking care of chance, and innovating to assist our buyers. Kevin’s qualifications and expertise will assist us carry on that critical work.”
Freddie Mac procured $70 billion in multifamily loans in 2021, achieving its Federal Housing Finance Company (FHFA) volume cap for the year. In addition, the federal government-sponsored business (GSE) produced $674 million in very low-earnings housing tax credit equity investments, bringing its overall multifamily housing guidance to $70.7 billion for the calendar year.
The GSE financed approximately 650,000 rental models, of which 95% are inexpensive to households earning at or beneath 120% of the place median profits (AMI).
For 2022, the FHFA has set the multifamily personal loan caps for Fannie Mae and Freddie Mac at $78 billion. The caps contain the 50% mission-driven need, but the support for units affordable at 60% of the AMI has elevated from 20% of volume in 2021 to 25% this yr.
In earlier roles, Palmer experienced wide accountability for Freddie Mac’s solitary-loved ones portfolio, overseeing pricing, servicing, credit history risk transfer, and a variety of other money markets and chance 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 doing the job together with Kevin for various years—his leadership, funds marketplaces know-how, and commitment to Freddie Mac make him uniquely qualified to lead our multifamily business enterprise,” Hutchins stated. “Kevin will convey these and other features to this critically important role. I appear ahead to operating additional closely with him to superior serve our mission and extend our monitor document as a major financier of affordable rental housing throughout the United States.”
Palmer normally takes above as head of multifamily following the departure of Debby Jenkins, who remaining to join Kayne Anderson Authentic Estate at the close of final yr.