MCLEAN, Va. - Freddie Mac (OTC:FMCC), currently valued at $14.33 billion in market capitalization, announced on Monday the election of Jane E. Prokop, Ph.D., to its Board of Directors, a move that brings extensive financial services experience to the government-sponsored enterprise. Prokop's election, effective as of January 2, 2025, adds nearly three decades of industry knowledge to Freddie Mac's leadership, particularly in fintech, product development, and business financing.
Currently serving as the Executive Vice President and Global Head of Small and Medium Enterprises at Mastercard Incorporated (NYSE:MA), Prokop is recognized for her role in driving innovation and strategy. Her career has spanned various leadership positions, including CEO of Principis Capital and Chief Strategy Officer for Northern Leasing Systems. According to InvestingPro, Freddie Mac has demonstrated remarkable market performance, with a 421% return over the past year and maintains a "GREAT" overall financial health score.
Freddie Mac's Board Chair, Lance Drummond, expressed confidence in Prokop's qualifications, stating her strategic insights and financial technology expertise will support the organization's mission. Prokop's background is expected to contribute to Freddie Mac's goals of promoting liquidity, stability, affordability, and equity in the housing market.
Prokop joined Mastercard in 2021 after a tenure as CEO at Principis Capital since 2009. Her previous roles also included executive positions at MortgageIT and Digital Convergence Corp., as well as being an Investment Officer at AIG-Brunswick Capital Management. She holds a Ph.D. from Harvard University and a B.A. from Boston University.
Freddie Mac, established in 1970, has played a significant role in the U.S. housing market, helping families buy, rent, or maintain homes through various economic cycles. With annual revenue of $23.04 billion and a beta of 2.05 indicating higher market volatility, the company continues to be a prominent player in the financial services sector. The addition of Prokop to the Board is part of Freddie Mac's ongoing efforts to integrate advanced financial technologies and strategic planning into its operations. InvestingPro subscribers can access over 10 additional key insights and detailed financial metrics to better understand Freddie Mac's market position and potential.
This announcement is based on a press release statement from Freddie Mac.
In other recent news, Freddie Mac has experienced several significant developments. Recently, James Whitlinger has been appointed as the executive vice president and chief financial officer, a role he filled on an interim basis since June last year. The company also reported a third-quarter loss of -$0.02 per share, falling short of analyst estimates. However, its quarterly revenue significantly exceeded expectations, reaching $5.84 billion, surpassing the analyst estimate of $3.61 billion.
Furthermore, Freddie Mac has seen fluctuations in the 30-year fixed-rate mortgage (FRM), which has risen to 6.91 percent, marking a six-month peak. 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.
Freddie Mac's Chief Economist, Sam Khater, acknowledged a slight improvement in home sales but emphasized the continuing issue of housing undersupply. These are recent developments in the financial services industry, providing insight into the company's performance and market conditions.
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