WASHINGTON - Housing finance giant Freddie Mac has hired management consultancy McKinsey & Company to advise on capital management, a spokesman said Thursday, as Freddie and its regulator start the long process of overhauling the firm and ultimately removing it from government control.
“After a competitive ... process, Freddie Mac retained McKinsey to conduct a gap assessment of our capital management capabilities and develop a roadmap to address any issues. This four-month engagement will begin in December,” said a Freddie Mac spokesman in a statement to Reuters.
The pair, which guarantee over half of the nation’s mortgages, are expected to eventually hire advisers to help them try and raise billions of dollars to rebuild their reserves, said Mark Calabria, director of the FHFA. In addition, the FHFA is working on a rule establishing new capital standards for them. Calabria expects to announce in the coming weeks if the FHFA will need to re-propose that capital rule, which he has said must be finished before the companies can begin raising funds, potentially through public stock offerings.
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