Reid, who helped PNC Financial Services Group's real estate business navigate the Great Recession and led it into a subsequent expansion, will succeed President Michael Hutchins, who had filled the role on an interim basis following the retirement of Michael DeVito.

Federal Housing Finance Agency Director Sandra Thompson, who had promised to work closely with Freddie's board in its search for someone to replace the last permanent chief, indicated she saw Reid's professional background as well-aligned with the GSE's needs.

"Diana brings with her decades of experience in mortgage banking and capital markets, as well as a proven track record of executive leadership," Thompson said in a written statement. "I look forward to working with her to build upon Freddie Mac's mission to promote affordable housing throughout the country in a safe and sound manner.

"I am also grateful to Mike Hutchins for his leadership during this interim period," she added.

The Community Home Lenders of America also issued a statement indicating they are looking forward to working with Reid as Freddie Mac's chief executive.

"We look forward to collaborating with her to expand opportunities for affordable homeownership, particularly for first-time and low- to moderate-income borrowers," said Scott Olson, executive director of the group, in a press release.

Reid served as head of PNC's real estate unit for 12 years and was one of the Most Powerful Women in Banking during that period. (American Banker, an NMN affiliate, publishes the WIB ranking.) Reid left the bank in early 2019.

Most recently, Reid was an independent director at Welltower. Prior to joining PNC in July 2007, Reid was a founding partner at Beekman Advisors.

Reid also worked for Credit Suisse First Boston for more than 18 years as a managing director and senior advisor before moving on to Beekman. She got her start at CSFB in mortgage trading, later working in investment banking. Prior to that, Reid was an associate at Citi.