Michael DeVito, former CEO of Freddie Mac, has been elected to the board of directors at building products manufacturer Owens Corning. DeVito brings extensive experience in housing finance and risk management to the company, which serves residential markets.
The appointment of a former GSE CEO and large-bank mortgage executive to the board of a building products manufacturer highlights the interconnectedness of the housing finance and construction sectors, especially during periods of mortgage rate volatility and evolving demand for new construction.
Michael DeVito, the former chief executive officer of Freddie Mac, has been elected to the board of directors at Owens Corning, a building products manufacturer. DeVito's appointment is expected to strengthen the company's connection to the housing finance sector, particularly amid current market and interest rate uncertainties.
DeVito will contribute to the board's audit committee and its finance and technology committee. He possesses nearly 40 years of experience in housing, consumer finance, and risk management. Before leading Freddie Mac, where he focused on operational performance and the company's mission to support the U.S. mortgage market, DeVito spent 24 years in senior leadership roles at Wells Fargo Home Lending, including as executive vice president and head of home lending.
He currently holds an independent director position at NVR Inc., a homebuilder listed on the New York Stock Exchange, and advises technology firms in the consumer and home lending industries. Brian Chambers, Owens Corning's chair and CEO, stated that DeVito's understanding of the housing ecosystem and market dynamics will be beneficial as the company aims to accelerate growth and deliver long-term value.