Freddie Mac Reports Officer and Director Changes
Ticker: FMCKK · Form: 8-K · Filed: Dec 26, 2024 · CIK: 1026214
| Field | Detail |
|---|---|
| Company | Federal Home Loan Mortgage Corp (FMCKK) |
| Form Type | 8-K |
| Filed Date | Dec 26, 2024 |
| Risk Level | medium |
| Pages | 10 |
| Reading Time | 12 min |
| Key Dollar Amounts | $73 billion, $146 billion |
| Sentiment | neutral |
Sentiment: neutral
Topics: management-change, governance, officer-appointment
Related Tickers: FMCC
TL;DR
Freddie Mac's 8-K details leadership shakeups and compensation adjustments.
AI Summary
Federal Home Loan Mortgage Corporation (Freddie Mac) filed an 8-K on December 26, 2024, reporting changes effective December 20, 2024. The filing pertains to the departure of directors or certain officers, the election of directors, the appointment of certain officers, and compensatory arrangements for certain officers.
Why It Matters
Changes in corporate leadership and compensation structures can signal shifts in company strategy or governance, impacting investor confidence and future performance.
Risk Assessment
Risk Level: medium — Changes in executive and director roles, especially at a federally chartered corporation like Freddie Mac, can introduce uncertainty regarding future strategy and operations.
Key Players & Entities
- Federal Home Loan Mortgage Corporation (company) — Registrant
- Freddie Mac (company) — Registrant's common name
- December 20, 2024 (date) — Date of earliest event reported
- December 26, 2024 (date) — Date of report
FAQ
What specific officer positions were affected by these changes?
The filing indicates the appointment of certain officers, but does not specify which positions were affected in this summary.
Were any directors elected or did any depart?
Yes, the filing explicitly mentions the departure of directors or certain officers and the election of directors.
What is the effective date of these reported changes?
The earliest event reported is dated December 20, 2024.
Does the filing detail the new compensatory arrangements?
The filing states that it covers compensatory arrangements of certain officers, but the specific details are not provided in this summary.
What is the primary purpose of this 8-K filing?
The primary purpose is to report current information regarding the departure/election of directors, appointment of officers, and related compensation arrangements.
Filing Stats: 2,875 words · 12 min read · ~10 pages · Grade level 16.6 · Accepted 2024-12-26 09:00:34
Key Financial Figures
- $73 billion — size The 2025 Scorecard establishes a $73 billion cap on the multifamily purchase volume
- $146 billion — ach Enterprise, for a combined total of $146 billion applicable for calendar year 2025. With
Filing Documents
- fmcc-20241220.htm (8-K) — 75KB
- 0001026214-24-000112.txt ( ) — 192KB
- fmcc-20241220.xsd (EX-101.SCH) — 2KB
- fmcc-20241220_lab.xml (EX-101.LAB) — 19KB
- fmcc-20241220_pre.xml (EX-101.PRE) — 11KB
- fmcc-20241220_htm.xml (XML) — 2KB
From the Filing
fmcc-20241220 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): December 20, 2024 Federal Home Loan Mortgage Corporation (Exact name of registrant as specified in its charter) Freddie Mac Federally chartered corporation 001-34139 52-0904874 (State or other jurisdiction of incorporation) (Commission File Number) (IRS Employer Identification No.) 8200 Jones Branch Drive McLean Virginia 22102-3110 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: ( 703 ) 903-2000 Not applicable (Former name or former address, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions ( see General Instruction A.2. below): Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered None N/A N/A Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (240.12b-2 of this chapter). Emerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On December 20, 2024, the Federal Housing Finance Agency (FHFA, the Conservator) released the 2025 Scorecard for Freddie Mac (formally known as the Federal Home Loan Mortgage Corporation). Compensation for each of our named executive officers, other than our CEO, is governed by the Executive Management Compensation Program. A principal element of such compensation is deferred salary, a portion of which is subject to reduction based on corporate and individual performance. One-half of a participating officer's At-Risk Deferred Salary (or 15% of Target Total Direct Compensation) is subject to reduction based on FHFA's assessment of Freddie Mac's performance against the objectives and assessment criteria set forth in the Scorecard. The Scorecard is set forth below. 2025 Scorecard for Freddie Mac, Fannie Mae, and Common Securitization Solutions For all Scorecard items, FHFA will assess Freddie Mac and Fannie Mae (the Enterprises) and Common Securitization Solutions, LLC (CSS) based on the following criteria: 1 Assessment Criteria Each entity's products and programs foster liquid, competitive, efficient, and resilient housing finance markets that support affordable, sustainable, and equitable access to homeownership and rental housing. Each entity conducts business in a safe and sound manner. Each entity meets expectations under all FHFA requirements, including those pertaining to capital, liquidity, and credit risk transfer. Each entity continues to manage operations while in conservatorship in a manner that preserves and conserves assets through the prudent stewardship of resources. Each entity cooperates and collaborates with FHFA in developing plans, policies, and activities that align with the Conservator's priorities and guidance, as well as with FHFA's FAIR values (Fairness, Accountability, Integrity, and Respect). Each entity delivers work products that are high quality, thorough, creative, effective, and timely, while considering their effects on homeowners, multifamily property owners, renters, the Enterprises, the industry, the secondary mortgage market, and other stakeholders. Each entity prioritizes diversity, equity, and inclusion in all aspects of strategic planning, operations, and business development. Promote Equitable Access to Affordable and Sustainable Housing (50%) Conduct business and undertake initiatives in a manner that supports affordable, sustainable, and equitable access to homeownership and rental housing, and fulfill all statutory mandates. Take significant actions to ensure that borrowers and renters benefit from improvements to all stages of the mortgage lifecycle, including increased affordability in, and supply of, housing; greater efficiency in mortgage processes; enhanced resiliency of t