MCLEAN, Va. - Mortgage finance company Freddie Mac (OTCQB: OTC:FMCC), a prominent player in the Financial Services industry with a market capitalization of $14.3 billion, has officially appointed James Whitlinger as its executive vice president and chief financial officer, a role he has filled on an interim basis since June last year. Whitlinger's permanent position took effect at the start of this year, following the departure of the previous CFO, Christian Lown. According to InvestingPro data, the company has shown remarkable market performance, with its stock delivering a 421% return over the past year.
With over 30 years of experience in financial management and accounting, Whitlinger has been with Freddie Mac for a decade, previously holding the position of senior vice president and Single-Family CFO since 2014. His tenure at the company has seen him step into the interim CFO role after Lown left the post in June 2024. Under his leadership, Freddie Mac has maintained strong financial metrics, with annual revenue reaching $23.04 billion and an impressive current ratio of 138.08, indicating robust liquidity management.
Diana Reid, Chief Executive Officer of Freddie Mac, expressed confidence in Whitlinger's capabilities, highlighting his extensive background and familiarity with the company's operations. "Jim is a proven leader with more than 30 years of financial management and accounting experience. As a 10-year veteran of Freddie Mac, he is well positioned to assume the CFO role and maintain the strength and continuity of our Finance functions," Reid stated.
Before joining Freddie Mac, Whitlinger's career spanned various senior roles, including executive vice president and CFO at GMAC ResCap, Inc., and senior vice president at Univest Bank and Trust Co. His extensive experience in the real estate finance industry positions him as a seasoned executive for the financial oversight of Freddie Mac.
Upon his appointment, Whitlinger shared his enthusiasm and commitment to the role. "I am excited and humbled to be chosen as Freddie Mac's next CFO," he said. He also acknowledged the trust placed in him by the board and senior leadership team and expressed eagerness to lead the Finance Division.
Freddie Mac has been a key player in the U.S. housing market since 1970, focusing on promoting liquidity, stability, affordability, and equity through various economic cycles. The company's mission is to make homeownership possible for families nationwide. InvestingPro analysis reveals the company maintains a GREAT financial health score, with particularly strong momentum metrics. Subscribers can access 12 additional ProTips and comprehensive financial analysis through InvestingPro's advanced platform.
This announcement is based on a press release statement issued by Freddie Mac.
In other recent news, Freddie Mac has reported noticeable fluctuations in the 30-year fixed-rate mortgage (FRM). The rate has risen to 6.91 percent, marking a six-month peak, after a series of increases and decreases. Concurrently, Freddie Mac announced a loss of -$0.02 per share in the third quarter, falling short of analyst estimates. However, the company's quarterly revenue significantly exceeded expectations, reaching $5.84 billion, surpassing the analyst estimate of $3.61 billion. Additionally, billionaire investor Bill Ackman has predicted that the conservatorship of Freddie Mac may end under U.S. President-elect Donald Trump, potentially leading to privatization. In response to these developments, Freddie Mac's Chief Economist, Sam Khater, noted a slight improvement in home sales but emphasized the continuing issue of housing undersupply. These are recent developments in the financial services industry.
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