Freddie Mac announced on Thursday that it has hired Craig Phillips, who previously held positions at Morgan Stanley, BlackRock and the U.S. Department of the Treasury, as its executive vice president of corporate strategy and external affairs.
The hiring will be effective on Tuesday, Jan. 14. Phillips will oversee external affairs efforts, such as industry engagement, corporate communications, marketing and public relations.
Phillips will also be responsible for regulatory and conservatorship affairs and initiatives amid discussions with the Trump administration to privatize the government-sponsored enterprises (GSEs). Last week, the Treasury and the Federal Housing Finance Agency (FHFA) announced amendments to the Preferred Stock Purchase Agreements (PSPAs) with Fannie Mae and Freddie Mac, a key step in the potential privatization of the agencies.
“I expect Craig to hit the ground running, working closely with me to develop Freddie Mac’s corporate strategy and leading engagement across a diverse array of stakeholders,” Freddie Mac CEO Diana Reid said in a statement.
According to Reid, Phillips will help the GSE in its mission to provide “liquidity, stability, and affordability to the housing market.” The FHFA recently announced the affordable housing goals for the loan purchases of Fannie and Freddie from 2025 through 2027. These require, among other things, for 25% of single-family mortgages to support borrowers earning less than 80% of the area median income, down from 28% in a prior proposal.
Prior to joining Freddie Mac, Phillips was managing director and chief operating and growth officer of the private equity firm Grain Management. He served as undersecretary for domestic finance in the Treasury between 2017 and 2019, and as managing director and member of the operating committee of BlackRock between 2008 and 2017.
Phillips is Freddie Mac’s second executive change this week. On Tuesday, the company announced the appointment of James Whitlinger as executive vice president and chief financial officer, effective Jan. 1. Whitlinger has served as interim CFO since Christian Lown’s departure in June 2024.
