Nineteen-year Fannie Mae (FNM) veteran Karen Pallotta on June 1 heads up the company's single-family mortgage business segment, taking over for 14-year veteran Thomas Lund. "I expect the leadership transition in our single-family division to be seamless as we continue to do all we can to support the market and help prevent foreclosures during this challenging time for the mortgage industry and the economy as a whole," Fannie's CEO Michael Williams said in a media statement on the promotion this week. Since joining Fannie in '90, Pallotta served in several leadership roles including an executive role at the company's marketing and lender strategies segment, where she managed a team responsible for marketing the single-family business. She takes over as Lund retires from the company effective June 30 after 14 years of service at Fannie. "Tom's leadership of our single-family division through one of the most turbulent and trying periods in mortgage market history has been exemplary, and he has left an invaluable imprint on our company and the industry as a whole," Williams said. Write to Diana Golobay. Disclosure: The author held no relevant investment positions when this story was published. Indirect holdings may exist via mutual fund investments.