Freddie Mac appoints financial attorney as general counsel

Freddie Mac announced the appointment of a new general counsel, whose hiring comes amid ongoing speculation about the future of the government-sponsored enterprises. 

The GSE this week named Matthew D. Abrusci executive vice president, general counsel and corporate secretary. With a career across banking, capital markets and securities law, Abrusci joins Freddie Mac after recently serving as general counsel at Mitsubishi UFJ Financial Group Americas. He previously held senior legal roles in a three-decade career at international financial firms, including Royal Bank of Canada, Credit Suisse Securities and Merrill Lynch.

"Matthew Abrusci brings deep experience across the legal spectrum, and I have no doubt he will quickly become a valued member of Freddie Mac's executive team," said Freddie Mac President and Interim CEO Mike Hutchins in a press release.

In a separate filing, the McLean, Virginia-based GSE also announced that Hutchins had agreed to extend his term as interim CEO until the earlier of Dec. 19 or the appointment of a new permanent leader. Hutchins stepped in to fill the role on an interim basis following a wave of leadership changes at Fannie Mae and Freddie Mac, including the ouster of former CEO Diana Reid at the latter company in March. In 2024, Hutchins also held the same position for several months prior to Reid's arrival.

What this could suggest about Freddie Mac's future

Abrusci's appointment comes following several moves made by the Trump administration over the summer alluding to changes or reforms ahead at both Fannie Mae and Freddie Mac.

While no firm decisions have been declared, several announcements and social media posts hint at what possibly may be in store, including some form of collaboration or more formal union between the two GSEs and their joint venture platform U.S. Financial Technology. Among recent moves was the rebranding of the JV platform previously known as Common Securitization Solutions by Bill Pulte, director of the Federal Housing Finance Agency, the government department that regulates both Fannie Mae and Freddie Mac. 

The Trump administration also unveiled on social media this summer a video showcasing an entity dubbed the Great American Mortgage Corp. featuring the logos of both GSEs. 

Home finance industry experts and analysts have floated changes that include the probability for both Fannie Mae and Freddie Mac to be privatized and exit FHFA conservatorship, which they have operated under since 2008. Also raised was a possible consolidation of the two GSEs, although such a move has already been met with industry pushback and would encounter likely legal hurdles.  

President Trump this summer also proposed the idea of a 2025 initial public offering for both government-sponsored enterprises following their release from conservatorship.