Kevin Palmer has been appointed to head Freddie Mac’s multifamily business, effective May perhaps 9.
A enterprise veteran, he moves to his new publish following serving as senior vice president for one-spouse and children portfolio management.
“Over the class of his a lot more than two decades at Freddie Mac, Kevin Palmer has demonstrated wide understanding of the house loan market, a deep comprehending of our business, and an unyielding determination to our mission. These attributes make him the correct leader to take our multifamily enterprise forward,” mentioned Michael DeVito, CEO of Freddie Mac. “Freddie Mac Multifamily has a extended and effective track history of supporting cost-effective rental housing, handling hazard, and innovating to support our clients. Kevin’s track record and working experience will assist us continue on that important work.”
Freddie Mac bought $70 billion in multifamily loans in 2021, reaching 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-income housing tax credit rating equity investments, bringing its complete multifamily housing support to $70.7 billion for the calendar year.
The GSE financed approximately 650,000 rental models, of which 95% are reasonably priced to households earning at or down below 120% of the spot median money (AMI).
For 2022, the FHFA has set the multifamily financial loan caps for Fannie Mae and Freddie Mac at $78 billion. The caps incorporate the 50% mission-driven prerequisite, but the aid for models inexpensive at 60% of the AMI has increased from 20% of quantity in 2021 to 25% this year.
In past roles, Palmer experienced wide responsibility for Freddie Mac’s single-relatives portfolio, overseeing pricing, servicing, credit score hazard transfer, and numerous other capital marketplaces and threat administration routines.
He will serve as a member of the company’s Senior Running Committee and report to the company’s president, Mike Hutchins.
“I’ve had the enjoyment of working along with Kevin for quite a few years—his management, cash marketplaces abilities, and motivation to Freddie Mac make him uniquely capable to lead our multifamily company,” Hutchins stated. “Kevin will convey these and other characteristics to this critically crucial role. I look forward to performing much more intently with him to better provide our mission and develop our monitor document as a top financier of very affordable rental housing throughout the United States.”
Palmer requires about as head of multifamily following the departure of Debby Jenkins, who remaining to be a part of Kayne Anderson Genuine Estate at the conclusion of previous 12 months.