Finance | Insurance 2023: MICHAEL DeVITO
CEO, FREDDIE MAC, McLEAN
Freddie Mac’s leader since June 2021, DeVito has spent the past two years focused on advancing affordable housing, practicing risk management excellence, growing talent and delivering strong financial results.
A government-sponsored enterprise that buys mortgages and packages them as mortgage-backed securities, the Federal Home Loan Mortgage Corp. reported a net revenue of $21.3 billion in 2022, down 3% from 2021, and $9.3 billion in net income, down 23% year-over-year.
DeVito previously spent more than 23 years at Wells Fargo, rising to executive vice president and head of home lending, a role in which he oversaw the bank’s mortgage and home equity business. Prior to that, he served in a diverse array of positions within the company, working in default servicing, loan workout and mortgage retail underwriting and operations, as well as heading the bank’s education financial services.
He earned his bachelor’s degree in accounting from Ithaca College.