Freddie Mac restructures divisions, moves key management
Freddie Mac recently moved key executives into different roles as the government-sponsored enterprise begins to reorganize its overall business structure. The GSE reported the changes Tuesday, adding the personnel shift will better position the firm in an ever-changing mortgage finance industry. "The new division and leadership changes we are announcing today underscore Freddie Mac's commitment to transform ourselves and prepare for a new, competitive housing finance system," said Freddie Mac Chief Executive Officer Charles "Ed" Haldeman. "I am especially proud of the way these changes build toward the future by drawing on the exceptional experience and industry knowledge each of these executives bring to their new positions." Under Dodd-Frank financial reform, the GSEs are mandated to slowly unwind securitization operations in order to allow greater private competition in housing finance — a sector largely dead since the credit markets collapse in late 2007. Freddie Mac appointed Anthony Renzi to lead a new single-family and operations-technology division, which consolidates the previous single-family guarantee division, single-family portfolio management division, and the operations-technology division. As executive vice president of the new division, Renzi is responsible for overseeing all of Freddie's single-family line of business, including administration, sourcing, securitization, servicing, real estate-owned property management and business operations. In addition, Renzi takes responsibility for technology resources and management. Renzi previously served as executive vice president of single-family portfolio management and will report directly to Haldeman. David Brickman is being appointed as the GSE's new head of multifamily effective July 15 when current head Mike May leaves. Brickman assumes responsibility for customer relations, product development, marketing, sales, loan purchase, asset management, capital markets and securitization in the multifamily space. He transfers from vice president of multifamily CMBS capital markets and reports to Haldeman. Freddie named Carol Wambeke as its new chief compliance officer and promoted her to senior vice president. She will report directly to Haldeman as a member of the company's management committee. She will be responsible for cross-divisional integration and management of corporate compliance and regulatory examination services. Since joining Freddie Mac as a senior economist in 1997, Wambeke has held a number of executive positions most recently as the company's vice president, compliance over regulatory affairs. Wambeke succeeds Jerry Weiss, who became the company's executive vice president and chief administrative officer earlier this year. Devajyoti Ghose was named the senior vice president of investment and capital markets, where he manages all of Freddie Mac's mortgage activities with regard to mortgage-related investment portfolio liquidity, cash management, short- and long-term debt issuance and hedging. Previously, Ghose served in various senior positions at Freddie Mac in which he was responsible for managing the company's debt portfolio and the nonmortgage investments portfolio, among other roles. To support the new single-family and operations-technology division, Freddie also made three other executive changes. It named Paul Mullings senior vice president of single-family sourcing and securitization. It promoted Tracy Mooney to a new role as senior vice president of single-family servicing and real estate-owned areas. And in October 2010, it named Robert Lux senior vice president and chief information officer. Don Bisenius, meanwhile, has left Freddie. He was an executive vice president over single-family portfolio management. Write to Christine Ricciardi. Follow her on Twitter @HWnewbieCR.