Government-sponsored Freddie Mac is the name anyone who’s looking for a home needs to or already know. Freddie Mac is a federal home mortgage corporation that’s been in operation since 1970. The company has helped many people get the home of their dreams, and it continues to do so under the leadership of CEO Donald Layton. Layton has been heading the company as Executive VP and CEO since 2012, and it doesn’t seem as if he’s going anywhere. The mortgage company has been experiencing a rebirth since the market crash of 2007, and the future of the company relies on Layton’s leadership. Here are 10 things you should know about Freddie Mac’s CEO Donald Layton.
1. JPMorgan Chase
Before Layton became CEO of Freddie Mac, he spent a huge chunk of his professional career at JPMorgan Chase—about 30 years in fact. He rose to the position of vice chairman during his time there, and this is essentially what would prepare him for his role at Freddie Mac.
2. E-Trade Financial
Layton has served as CEO of another financial company before. E-Trade Financial is an online brokerage, and Layton served as its leader from 2008 to 2009. Again, this experience would help prepare Layton for the CEO role that many executives would rather try to avoid.
Layton attended the Massachusetts Institute of Technology and received his Bachelor’s of Science Degree in 1972. He went on to graduate school and received his Masters of Business Administration degree from Harvard just a couple of years later in 1974. Shortly after he graduated from Harvard, he would begin his work at JPMorgan Chase to establish his career and his influence in the financial world.
It pays to know a lot about finances, and we’ve pretty much established that Layton is one of the most capable financial minds in the last few decades. This shows in Layton’s compensation. The CEO’s annual salary is $600 thousand, but he makes more in other compensation as well including stock options and money from other avenues.
5. Top executive
Layton is one of the industry’s most recognized CEOs and he has performed well during his tenure so far. He has been recognized as number 40 out of the top 1,000 CEOs as tracked by RHR International’s CEO1000 Tracker. It’s not only an honor but a true representation of how well Layton is performing as CEO of a large organization.
6. Future of mortgage financing
Layton is passionate about finding solutions for the nation with regards to the housing finance system. Layton believes that under his leadership, Freddie Mac will be at the helm of building a better system for the nation’s homebuyers, renters, lenders, and taxpayers. Layton’s efforts today have already shown a path towards a better future of mortgage solutions.
7. Community work
Apart from his work for the betterment of the housing finance system, Layton also works with an organization to help the homeless. He’s previously served as chairman emeritus of the board of the Partnership for the Homeless. This organization is dedicated to reduce the number of homeless people in New York City.
8. Low down payments
Layton supports the idea of having more low down payment products to help boost the mortgage economy. This can be made possible by having larger firms provide down payment costs to homebuyers needing the financing.
9. Marquis Who’s Who
You know you’ve made it if ever you have a chance to find yourself honored by Marquis Who’s Who. In fact, because of his accomplishments, Layton has been featured in seven volumes of Who’s Who including one in Finance and Business, American Politics, and Corporate America among a few others. These are just some of Layton’s professional accomplishments, and he continues to create successes around him in his current position.
10. Baker Scholar
We’ve mentioned Layton’s educational achievements before, but we didn’t recognize the fact that he actually graduated Harvard as a Baker Scholar. That’s a designation reserved for only the top 5% at Harvard Business School. Graduating as a Baker Scholar is a great academic distinction. We also have to mention the fact that when he graduated from MIT, he received his Bachelor’s and Master’s Degrees in Economics simultaneously.
*Don’s salary has been updated from a previous incorrect figure