Donna Corley, head of the single-family division at Freddie Mac, is stepping down from her post at the government-sponsored enterprise.
Corley will stay on until Nov. 25 as executive vice president and special advisor, reporting to Michael Hutchins, president of Freddie Mac. Hutchins will take over active management responsibilities for the single-family division until the company finds a replacement for Corley.
Hutchins won’t get a pay bump for the extra responsibilities, a Securities and Exchange Commission filing shows. In his role as president, Hutchins oversees the division heads of single-family, multifamily, investments and capital markets, enterprise operations and technology, human resources and administration. He reports to Freddie Mac CEO Michael DeVito.
Corley’s departure first was reported by Inside Mortgage Finance. Corley’s responsibilities as head of the GSE’s single-family business included managing the company’s relationships with lenders and servicers and the performance of Freddie Mac’s guarantee book of business, as well as sourcing, servicing, risk management and business operations. She has been with Freddie Mac for more than 25 years.
It was not immediately clear why Corley is stepping down; Freddie Mac has not responded to a request for comment.
Many high-level executives have left Fannie Mae and Freddie Mac in recent years.
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Fannie Mae’s CEO, Hugh Frater, and Sheila Bair, the chair of its board, both announced they would resign from the mortgage finance behemoth May 1. Fannie Mae COO Kimberly Johnson left the enterprise in April.
Former GSE officials say that a stifling work environment under conservatorship, as well as limits on executive compensation, have contributed to the executive exodus.