Freddie Mac on Friday announced that Michael DeVito will retire as CEO in the first quarter of 2024 after less than three years in the job.

DeVito has communicated his intention to the board of directors, which will begin a search for a successor. “A smooth transition is anticipated,” the company said in a news release. 

DeVito, a mortgage industry veteran, spent more than 23 years at Wells Fargo, where he served as executive vice president and head of home lending, responsible for all aspects of the company’s mortgage and home equity details ⇒

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