Freddie Mac announced Thursday that its current president, David Brickman, will soon be taking the reins as the mortgage giant’s new CEO.

Brickman (pictured left), who has been serving in a variety of roles at Freddie Mac since 1999, will replace current CEO Donald Layton (pictured right) following his retirement on July 1. He will also join the company ‘s board of directors.

“David is a proven business builder, having taken Freddie Mac’s Multifamily business to the pre-eminent position in the market,” Layton said of Brickman in a prepared statement.

Freddie Mac first announced Layton’s plans to retire in September of 2018 and has been conducting a search that included external candidates. Freddie Mac’s board selected Brickman while the Federal Housing Finance Agency approved the selection.

Brickman, who had previously led Freddie Mac’s multifamily business, was promoted to president in September. He takes over as the fourth CEO since the U.S. government bailed Freddie Mac and Fannie Mae out following the 2008-2009 financial crisis.

On Wednesday, the Federal Reserve announced that interest rates remained static at 2.25 to 2.50 percent – a strong sign mortgage rates will hold steady or fall even further.

“Mortgage rates fell again this week to 4.28 percent and have yet to fully account for yesterday’s Fed’s announcement,” Danielle Hale, chief economist at Realtor.com, said in a prepared statement. “Looking ahead to next week, we could see rates fall even further based on the decision to hold rates steady combined with guidance that emphasized patience.”

Email Veronika Bondarenko

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