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Trump appointee fires Freddie Mac CEO
Bill Pulte, heir of one of the nation’s largest homebuilders, wasted little time launching a house cleaning campaign after being confirmed as director of the Federal Housing Finance Agency (FHFA) March 13. On Thursday, Pulte fired Freddie Mac CEO Diana Reid, according to news reports. The government-backed mortgage financing provider’s website lists Freddie Mac President […]
Smooth sailing for Virginia’s publicly traded companies, except Boeing
Overall, Virginia’s largest publicly traded companies saw 2024 as a successful year, reflecting the nation’s economic upswing of about 3% each quarter. Except for Boeing and “its ghastly record,” as George Mason University’s Terry Clower memorably said late last year about the Arlington-based Fortune Global 500 aerospace and defense giant. In January 2024, a Boeing […]
Work begins on phase 2 of McLean affordable housing development
Construction has started on the second phase of the two-phase Somos at McLean Metro, an affordable housing development backed by Amazon.com, SCG Development, a Tysons real estate developer, announced last week. Work on the 231-unit first phase began in April. Phase B will add 225 new units, a mix of studio and one-, two- and […]
7 Va. companies make 2024 Fortune Global 500
Seven Virginia-based companies made Fortune magazine’s 35th Global 500 list, released Monday. Companies were ranked by total revenues for fiscal years ending on or before March 31. McLean’s Freddie Mac remained the commonwealth’s top-ranked company at No. 88 — up 45 spots from 2023. The government-sponsored home mortgage company reported net income of $10.5 billion […]
Virginia’s Fortune 500 companies
This year, 24 Virginia companies made Fortune magazine’s 70th annual Fortune 500 list, which ranks the nation’s largest corporations by total revenue. Several companies’ fortunes rose, with top-ranked Virginia company Freddie Mac moving up nine spots to No. 36 on the overall Fortune 500, posting $108.05 billion in revenue last year. Meanwhile, Virginia’s second-ranked compa[...]
These 39 Va. companies made the 2024 Fortune 1000
Thirty-nine companies headquartered in Virginia are on Fortune magazine’s 70th annual Fortune 1000 list, with 24 Virginia companies again making the elite Fortune 500. Several of the Virginia companies saw their fortunes rise this year on the list, with top-ranked Virginia company Freddie Mac moving up nine spots to No. 36 on the overall Fortune […]
Finance | Insurance 2023: MICHAEL DeVITO
Freddie Mac‘s leader since June 2021, DeVito has spent the past two years focused on advancing affordable housing, practicing risk management excellence, growing talent and delivering strong financial results. A government-sponsored enterprise that buys mortgages and packages them as mortgage-backed securities, the Federal Home Loan Mortgage Corp. reported a net revenue of $21.3 billion in [[...]
36 Va. companies make 2023 Fortune 1000 list
Thirty-six Virginia-based companies made Fortune magazine’s 69th annual Fortune 1000 list, notably including newcomers to the commonwealth Raytheon Technologies Corp. and Boeing Co. as Virginia’s second and third highest-ranking companies. Freddie Mac remained Virginia’s top-ranked company, at No. 45, and 24 Virginia companies made this year’s elite Fortune 500 list. Releas[...]
Six Va. companies land spots on Fortune Global 500
Six Virginia-based companies have landed spots on Fortune Magazine’s Global 500 list, which was released Thursday and ranks the world’s 500 largest corporations by total revenue. Walmart Inc. took the top spot on the list, reporting $572 billion in revenue, retaining its top spot from last year. Amazon.com Inc. followed behind, rising a spot to […]
Thinking big
At Virginia’s largest publicly traded companies, the past year has been a constant exercise in challenging the status quo. Some major changes could be seen at the consumer level, as Dollar Tree Inc. raised its namesake base price point to $1.25, and Capital One Financial Corp. eliminated overdraft fees for its banking customers. And the […]
Finance | Insurance
JOHN ASBURY PRESIDENT AND CEO, ATLANTIC UNION BANKSHARES, RICHMOND A native of Radford who graduated from Virginia Tech and received his MBA at William & Mary, Asbury now leads the largest regional bank headquartered in Virginia. Atlantic Union, which employs 1,839 people in Virginia, reported $677 million in revenue in 2020. It also has $19.6 […]
Freddie Mac names VP multifamily investments, portfolio management
Tysons-based Freddie Mac announced Monday that Ling Xu has been promoted as the Fortune 500 company’s vice president of multifamily investments and portfolio management. In her new role, she will oversee market risk and capital strategy, as well as manage multifamily portfolio strategy, hedging and balance sheet management. She is also responsible for expanding the […]
