Veteran consultant steps in as CEO while Mike Hutchins stays on as president
Freddie Mac appointed longtime financial services adviser Kenny M. Smith as chief executive officer, marking a key leadership transition at one of the country’s two housing finance giants. The move takes effect on December 17, with Smith also joining the company’s board of directors.
The board’s decision came as policymakers and investors continue to debate the future of government‑sponsored enterprises and how any eventual exit from conservatorship might reshape competition, guarantee fees and access to the “cash window” for smaller lenders.
Michael Hutchins, who has been serving as interim CEO, remains in his long‑standing role as president.
“Kenny Smith's background and decades of experience in financial services will be an asset to Freddie Mac as we continue to meet the needs of homeowners, renters and the industry in 2026 and beyond,” Hutchins said.
Smith’s appointment followed months of heightened scrutiny of the government‑backed mortgage companies, as large investors continue to press their own ideas for reform, including potential changes to capital structures and the long‑running senior preferred stock arrangements.
Freddie Mac has sharply increased the amount of mortgage‑backed securities and home loans it keeps on its own books in recent months. Its retained portfolio – the bonds and loans it holds instead of selling to investors – grew more than 25% in the five months through October.
Deep advisory background in banking and housing finance
Smith brought nearly 40 years of experience in strategy, operations, risk management and governance across financial services firms.
He spent 27 years at Deloitte Consulting, including five years as vice chairman and US financial services industry leader, where he oversaw banking and capital markets, real estate, insurance and investment management practices.
At Deloitte, Smith also served as global lead client service partner for Wells Fargo from 2008 to 2019, advising on a wide range of strategic and risk issues.
“I am honored and excited to join the team at Freddie Mac,” Smith said. “Freddie Mac plays a vital role in the nation's housing finance system, and I look forward to working with our talented team to expand access to homeownership and rental housing across the country.”
Smith earned a Bachelor of Business Administration from Texas Tech University, was recognized as a distinguished alumnus of its Rawls College of Business and served as an emeritus advisory council member. He is also a certified public accountant.
Continuity at the top as policy questions mounted
For mortgage lenders, the leadership shift signals continuity rather than an abrupt change in direction, with Hutchins remaining as president while an experienced outside adviser took the CEO role.
Market participants now expect Smith and Hutchins to navigate ongoing debates over capital, pricing and access that could influence how credit flowed to both homeowners and multifamily borrowers in the years ahead.
A veteran of bank and housing advisory work, Smith stepped into the CEO role at a moment when Freddie Mac’s decisions on pricing, credit and risk management are poised to shape how lenders compete and how borrowers access mortgage credit through the next phase of housing finance reform.
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