GMAC/ResCap Veteran Joins Freddie Mac
Freddie Mac (FRE) this week named GMAC Residential Capital (ResCap) veteran Anthony Renzi to the newly created role of executive vice president of single-family mortgage portfolio management. Renzi filled a number of roles at ResCap for 24 years, including chief operating officer (COO) of ResCap and president of GMAC Mortgage, before joining Freddie. He reports to Freddie COO Bruce Witherell and will manage and minimize losses on the company's $1.8trn single-family guarantee portfolio, according to a press release. He will focus primarily on non-performing loans and on servicer management. "Tony is a proven leader and is well rounded in all aspects of mortgage banking, servicing and mortgage portfolio management," Witherell said. "As responsible stewards of taxpayer support, we must elevate our management focus on reducing credit loss exposure, while at the same time helping keep more American families in their homes. Having our operational and strategic resources aligned under a single, senior executive is critical to achieving our goals." Renzi begins his role on April 19th. He will manage the company's relationships with servicers and its implementation of foreclosure avoidance efforts. His hire at Freddie marks one of two career moves by executive GMAC/ResCap veterans. Former executive vice president John Vella will begin on April 26 as the new COO of Equator, an automated default servicing, REO and short sale technology provider. Write to Diana Golobay.