David Moffett, who served Freddie Mac as CEO in the initial stages of the housing crisis, has been elected independent director for Genworth Financial's (GNW) board.

Moffett retired as CEO and director of Freddie Mac in March 2009. He assumed the position in mid-2008 and previously served the Carlyle Group as senior advisor from May 2007 through September 2008. Moffett's extensive career in the mortgage industry includes time spent at U.S. Bancorp (USB).

He previously served on the board of bond insurer MBIA Inc.

"As Genworth continues to execute its strategy of rebuilding value for shareholders, we believe David's extensive experience and perspectives will provide invaluable insights," said James Riepe, Genworth's non-executive chairman of the board.