Freddie Mac CEO fired in ongoing overhaul of mortgage giant
The Trump administration also replaced several board members at Freddie and Fannie Mae earlier this week.
The chief executive at the mortgage behemoth Freddie Mac was fired Thursday in an ongoing government overhaul of federal housing regulators and the firms they oversee.
Diana Reid, who took over the company in September, was let go by Bill Pulte, director of the Federal Housing Finance Agency, according to multiple people close to the company, speaking on the condition of anonymity because they weren’t authorized to discuss the matter publicly.
It is unclear what immediate impact the dismissal will have, or who will take over Freddie, which plays an enormous role in America's mortgage market. As of Thursday evening, Reid's LinkedIn no longer listed her as Freddie's CEO, saying she served in the role until March 2025.
The shake-up, which included other top roles at Freddie and FHFA in human relations and operations, appeared to further cement the government’s influence over the large mortgage guarantors. The Trump administration replaced several board members at Freddie and Fannie Mae this week, with Pulte taking seats on both boards.
The firms don’t make mortgage loans directly, but rather they buy and package them into securities. Together, the companies guarantee about half of existing home loans.
They also aren't government agencies but have operated under strict federal oversight since the 2008 housing meltdown. President Donald Trump's administration aims to release them back into the private sector, and analysts and investors are keeping a close eye on how that process will unfold. The FHFA had ultimate oversight over Fannie and Freddie, but now there is no daylight between the two firms and their federal regulators.
FHFA did not responded to a request for comment. Last week, Pulte wrote on X that he “had good conversations with the Fannie Mae CEO and Freddie Mac CEO, and I look forward to working with them!” Freddie also did not respond to a request for comment.
Industry observers weren't sure exactly what to make of the firings, but they broadly interpreted them as a sign that Pulte is extending his reach as far as he can take it.
In the board overhaul, Pulte also added other members, including Christopher Stanley, a SpaceX engineer who is also part of Elon Musk’s U.S. DOGE Service effort to cut spending. Stanley resigned a day later.