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 Using a similar restructuring approach as mortgage lender Fannie Mae, Freddie Mac is streamlining top management.The new structure eliminates the need for a chief business officer. As a result, Patricia Cook will be leaving the company.
Freddie's three business lines -- single-family credit guarantee, headed
by senior vice president Donald Bisenius; multifamily sourcing, headed
by senior vice president Michael May; and investments and capital
markets, headed by senior vice president Gary Kain -- will report
directly to Freddie Mac CEO David Moffett.
Senior vice president and corporate controller David Kellermann becomes acting chief financial officer, reporting directly to Moffett, while Freddie looks for a permanent CFO. Current CFO Anthony Piszel is leaving Freddie. All of the company's credit management activities will be grouped and run by a chief credit officer, reporting directly to Moffett. Raymond Romano, senior vice president of credit risk oversight, will be acting head while the company conducts an external search for a chief credit officer. Freddie Mac recently ceased all lobbying and political activity, putting Timothy McBride, senior vice president of government and industry relations, out of a job. Both Freddie and Fannie were taken over by the U.S. government in early September. Last week, the Federal Housing Finance Agency appointed John Koskinen as nonexecutive chairman of Freddie Mac. A week before that, Carlyle Group senior adviser Moffett took the CEO job from Richard Syron. On Monday, Fannie announced it was streamlining its top management as four top dogs left the shed. - Baz Hiralal See Freddie Mac's press release Four senior execs quit Fannie Mae New hires at Freddie and Fannie, old CEOs denied 'golden parachutes' Categories Deal Video
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