Announcement marks significant step towards responsible exit from conservatorship
MCLEAN, Va., May 18, 2020 (GLOBE NEWSWIRE) -- In a major step towards the company’s next chapter, Freddie Mac (OTCQB: FMCC) today announced it has commenced a request for proposal (RFP) process to secure a financial advisor that will facilitate the company’s responsible exit from conservatorship. The chosen entity will advise the company on a range of issues, from capital considerations to the company’s business plan, and may ultimately play a role in any potential recapitalization transactions in the future.
“Even as we work to stabilize the housing markets during this unprecedented pandemic, Freddie Mac has remained focused on exiting conservatorship responsibly,” said David Brickman, Freddie Mac CEO. “Today we begin the competitive selection process for a financial advisor that will ultimately facilitate our return to full private capital ownership. This is a significant milestone, and we look forward to making a thoughtful selection quickly.”
The financial advisor will provide strategic counsel and perform a range of tasks to facilitate Freddie Mac’s exit from conservatorship. Those tasks include assessing the company’s valuation, reviewing its business plan, identifying options for raising capital and evaluating regulatory considerations during a transition period.
Freddie Mac makes home possible for millions of families and individuals by providing mortgage capital to lenders. Since our creation by Congress in 1970, we’ve made housing more accessible and affordable for homebuyers and renters in communities nationwide. We are building a better housing finance system for homebuyers, renters, lenders, and taxpayers. Learn more at FreddieMac.com, Twitter @FreddieMac, and Freddie Mac’s blog FreddieMac.com/blog.
CONTACT: Christopher Spina